If you are eager to begin shopping for your next home, but feel weighed down waiting for your existing property to sell, a bridge loan may be able to meet your needs.
A bridge loan replaces your existing property, so that you can shop and buy your next home before your current one sells. Bridge loans are able to “bridge” the gap until your existing property is sold, and until it sells, you only pay interest on the bridge loan. This frees a borrower up to purchase a new property before selling a previous one, and once your previous property sells, the funds are used to pay off your bridge loan on the property.
If you find yourself in this scenario, or have questions as to how you can make a bridge loan work for you, contact one of our Mortgage Originators and they can help determine if this is the right fit.