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Found my dream home before mine went on the market

Like the title says, we went to an open house to get an idea of the area and to get an idea of how much or little space we actually need. We fell in love with this house. I have contractors at my house now getting it ready to go on the market. With all of that being said, can you explain to me like I'm a 5th grader how a HELOC loan works? My current home is expected to sell at 370k. I owe 155k. The new house is going for 530k. Do I get a HELOC to cover the down payment and get another loan for the actual mortgage? Then pay off the HELOC loan when my house settles? Can I still get a 6.15% intetest rate on a 30 year mortgage or does the HELOC change that? What if I get outbid on this house, do I still have this HELOC loan sitting there collecting interest?

submitted by /u/lookingforuni6789
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source https://www.reddit.com/r/RealEstate/comments/1nlwnrh/found_my_dream_home_before_mine_went_on_the_market/
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