Can I use a home equity line of credit to purchase another home?

asked by lamontnow - 2 Answers

I want to open a home equity line of credit. I have 100% equity in my house and an excellent credit rating. I am planning on moving, but would like to buy another house first, and then sell my current house (which would sell for a higher price than the one I would buy). If I use the equity line to buy a house, would the bank permit me to sell my current house and pay them off at the closing? Kind of a bridge loan without the fees.