By FrontDoor.com | Published: 1/28/2008
If your current home hasn't sold and you have to move immediately, a "bridge loan" is a short-term loan that can give you the cash for a new home. This should help ease the burden of two mortgages, should you end up in that situation.
A homeowner with good credit and decent income may be able to borrow as much as the full amount of equity in the home. The loan can then be used for the deposit and down payment of a new home.
Another option is to take out a home equity line of credit secured by your current residence. Banks can loan up to 80 percent of the home's market value.
Interest rates have crept up, but refinancing may make sense for you.
Purchase price, interest rate, taxes and PMI determine your monthly payment.
Find out if owning a home will save you money.