I tried to come up with a theme song for
00:02
borrowing with bump
00:04
borrowing with bump but i couldn't come
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up with one
00:07
well you had said that there's a lesson
00:09
you wanted to tell us about
00:11
how to what leverage the equity in our
00:13
homes to get our next home
00:15
some of those options would be a cash
00:17
out refinance
00:19
or a home equity loan
00:22
or even a home equity line of credit
00:25
okay
00:26
and really the only difference between
00:28
those two is the home equity loan
00:30
is something if you have a set number
00:33
that you want
00:35
you can pull that out as a one-time
00:38
loan um and home equity line of credit
00:41
is
00:41
more so used as like a credit card and
00:44
so it's revolving so you have a
00:46
high balance limit and you can use that
00:49
or
00:49
pay it back whenever you need it
00:53
the new home i'm purchasing would you be
00:55
able to qualify that as a primary
00:57
residence
00:58
or would it qualify as a second home
01:01
for my interest rate which is typically
01:03
a little bit higher
01:04
for a second home so it depends if
01:07
you're
01:08
you're buying the new home to live in it
01:11
as
01:12
your primary residence then yes it's
01:14
your primary home and you can definitely
01:16
use it
01:16
all right that's cool that's awesome
01:18
that's great news because i know there's
01:19
a lot of people out there right now that
01:21
are
01:21
worried in this hot market that they
01:24
need that money out of their current
01:25
home to buy their next
01:27
but they don't want to go out shopping
01:29
with a contingency letter saying i got
01:31
to sell this one first
01:33
so if all the stars align and their
01:36
income
01:37
that the income ratios etc all work out
01:40
you could get them qualified with that
01:42
cash
01:43
without their selling the other home
01:46
assuming they meet all the criteria that
01:48
the lender
01:48
has set up yes that is absolutely
01:51
correct
01:52
if you just go google bethany bump
01:54
mortgage you should find her that's how
01:55
i always find her
01:58
that's an easy way too bethany thank you
02:02
thank you charlie thanks for having me
