| Focus | A homeowner decision |
| Review | Lender requirements apply |
Review the purchase and equity request together
Tell both lending teams where the purchase funds would come from. A home-equity inquiry on one property does not establish approval for the next purchase. Ask how the proposed borrowing affects the purchase application and which documents are needed.
Model an overlap period
List both properties' payments and ownership expenses for a period when the current home has not sold. Add moving and transaction costs. If the plan only works with an immediate sale, identify that dependency before committing to a purchase deadline.
Check the exit plan
Compare paying the line after a sale with keeping it longer if the sale is delayed. Ask about closure costs and property-use requirements. Do not assume borrowing for a down payment makes an otherwise unaffordable purchase workable.
Prepare the next conversation
Use the home equity planning worksheet to organize your assumptions. Leave anything you do not know blank for discussion. The worksheet does not check eligibility or obtain a lender offer. You can request a broker conversation when you are ready to review your estimated home value, mortgage balance, and requested amount. Do not send account numbers or financial documents through a public inquiry form.
Read the source guidance. Provider examples describe that provider only. This guide is educational. A home-secured loan puts the property at risk if repayment fails. Program availability, documentation, costs, and approval depend on the lender and your circumstances.