Will a credit line need to be closed to purchase a new property

[Shanel Dial]

I have a home and want to get a credit line and then use the credit line to purchase a new owner occupied home.  Will there be any issues/items I should be aware of on this? My husband thinks we will need to close it before doing a new purchase.  

[Ben Scott]

My first thought is would the bank be cool with borrowing against your current home to buy a new home. Because you could easily walk on the debt of your current home because you're already in your new home. In my experience, banks would only do HELOC or line of credit if you planned to occupy the property being borrowed against.