Bigger Home

We are thinking of moving away from our current city. Due to the fact the schools are rather so-so here and we prefer to move to a city with better school district for my boy later. He is only 15 months but we have to get things settle down quickly before he turns to pre-school age. Furthermore, we are planning to move nearer to my husband's work office.

The homes in that particular city we are thinking to move to are rather expensive. Well to say it, some of the newer homes there are twice as much as our current home here, or the price is at least 1.5 times more for an older home. We've discussed about selling out current home but then we now planned to rent it out instead. So to gather the downpayment for our new home, we probably have to get a home equity loan on our current home. However, we still are pretty new to this type of loan and have so much to learn about HELOC (home equity line of credit).

If HELOC is not meant for our situation, we might look into selling our current home and get a bigger mortgage for the new and larger home we are looking into. That also means larger monthly payment as well. Guess I have to find part time or full time work to support the mortgage payment if we going to move on with our plan.