Buying home with cross collateral loan

6 Replies

Hello

Are you a broker or do you know anyone who might be able to help me purchase of a home using creative financing called, "cross-collateral" loan?

I'd like to use equity of my other home as down payment for this purchase.

Thanks for reading

Hi @Julie J. this is a great question, and something I have wondered about as well. 

We were looking into some creative financing at the beginning of the year and at that time were considering using a HELOC on another mortgage as a down payment. This might be something for you to consider.

Hello Kelsey

Thanks for your feedback.

Yes HELOC is a traditional way but I am looking to use only the "equity," not cash. I wonder why there is no one who knows about this especially place like BP where lots of real estate expertise gather every day. Hmm....
If you come across anyone, do you mind sharing?  I will do the same🙂