Bridge loan.
Buy your next home before your current one sells. How a bridge loan covers the gap, what it costs and how it is repaid, explained before anything is offered.
Buy your next home before your current one sells. How a bridge loan covers the gap, what it costs and how it is repaid, explained before anything is offered.
A short-term loan secured by your current home that funds the down payment on the next one. It is repaid when your current home sells.
Winning a home in a competitive market, avoiding a temporary move, or buying on your timeline rather than the buyer of your current home.
For a stretch you carry both homes and the bridge. Short-term financing costs more, and your loan officer maps out the months.
What your current home is worth and what you owe, and the home you want to buy.
How much it covers, what it costs each month and how it is repaid, against a contingent offer or a HELOC on your current home.
The bridge funds your purchase. When your current home sells, the bridge is paid off. Support continues after.
Enough to fund the next down payment.
Offers with a sale contingency are losing.
You would rather not rent in between.
Your current home should sell within the bridge term.
If you can open a HELOC on your current home before listing it, that may cost less. Your loan officer compares both.
It depends on the equity in your current home. Your loan officer gives you the figure.
Short-term loans carry higher rates and fees than a mortgage. They are itemized for you in advance.
Programs vary. Some require monthly payments, some defer them until the sale. Your loan officer explains yours.
Extensions are sometimes available, and your loan officer plans for it with you up front.
A HELOC on your current home is often cheaper if you can open it before listing. A bridge loan is built for the gap when a HELOC is not an option. Your loan officer compares both.
Tell us about both homes. A loan officer structures the bridge and compares it against the alternatives before anything is offered. Pre-qualifying will not affect your credit score.
Pre-qualify for a bridge loan
