My husband and I are looking to sell our house which is valued at 400k and we owe 150k on. At the same time we want to buy a new house for around 600k. My husband says that even though we can take the 250k left from selling our current home (or a portion thereof) and use it as a down payment on the new home, we will end up having zero equity because we’ll be starting a new mortgage. I told him that’s wrong, and home equity is the difference between what the house is worth and how much you owe on it. Who’s right?
Submitted July 04, 2019 at 05:34PM by BigBrothersBrother https://ift.tt/2NB6TtC
