Use A Home-Equity Loan If Your Credit Score Is Excellent

"Question: In January, I will put my condo on the market for sale. It should bring about $325,000. With the proceeds from the sale, I want to pay cash to buy a patio-garden home for about $150,000.

If I find a property to buy before my condo sells, what type of loan should I seek? I have no mortgage and have an excellent credit rating. I was told by a loan officer to apply for a mortgage on my condo, but the settlement costs seem outrageous. What should I do?"

Answer [Orlando Sentinel]