Does a Bridge Loan Make Sense for You?
A simple solution to bridge the gap between the home you have, and the home you want
No one wants to move twice, right? What a hassle! In a tight inventory environment (like now), you may be hesitant to sell for fear of finding the right replacement home to purchase. If that’s the case, a bridge loan may be just the solution you need.
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
A bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you can use the proceeds to pay the bridge loan back.
For example, if you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
If you need to make improvements to your current home to increase its value before placing on the market, or are making improvements on your own, it may be easier to have construction work done when you're out of the house. A bridge loan can help you move faster so you're out of the house while those improvements are being completed.
If you’d like more information on how a bridge loan may help you achieve your goal, please contact me for more information.
Looking forward to hearing from you,