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How can I get the new home & apply the old home equity to the new home .... when my old home sells AND get a lower mortgage payment as a result of the old home equity monies being applied to the new home.
New home is for sale NOW ... haven't even started to sell the old home.

I was in similar situations the last two houses I sold - closing on my new house before closing on my old house. Here's what I did - got a piggyback mortgage. In both cases, I got a first mortgage for 80% of the new home's purchase price, got 2nd mortgage for 15% of the new home's purchase price and put 5% down. When my old house sold, I paid off the 2nd. You'll need to make sure your income will qualify you for payments on both properties. I was able to do this because I have little debt other than the house(s) - only my credit card that I pay off every month.

One word of caution, especially if you're not in a hot real estate market where you're selling - make sure you keep enough cash reserves so that you make mortgage payments on both properties for several months. In my first transaction, I ended up paying on both properties for 6 months.

Good luck!
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