What is a Bridge Loan and How Does it Work?

What is a Bridge Loan and How Does it Work?

“Bridge loans can help homeowners purchase a new home while they wait for their current home to sell. Borrowers use the equity in their current home for the down payment on the purchase of a new home. This happens while they wait for their current home to sell. This gives the homeowner some extra time and, therefore, some peace of mind while they wait.”*
A bridge loan also allows the Buyer to make a “Non-Contingent” offer which usually puts them at a competitive edge over offers that are “contingent” upon their current home selling first.

Dear Friend and Past Client,

We have been offering a competitive and accommodative bridge loan program; and of course, our end loan mortgage rates remain among the lowest in the industry.
Our ability to close quicker than the other lenders can often be an added bonus depending on your transaction. If you are contemplating moving up to a new home please reach out to me anytime and I will be happy to explain how this program works in more detail.  If you know of anyone looking to move up to their next home, please pass my contact information along. You know we Love Your Referrals!