Do you want to buy a home before selling? See how a bridge loan can help.
What is bridge financing? Today we’ll cover what bridge financing is all about to help with your selling and buying plans.
Bridge financing enables you to use up to 75% of the equity in your current home as a down payment for your new one. This way, you can buy the new property before selling your current home with no monthly payments for up to one year. To be eligible for this type of financing, you only need to qualify for your current home. Additionally, this will let you make a competitive, non-contingent offer on your new home, which is especially relevant in today’s hot market.
“A bridge loan lets you buy a new home before selling your current one.”
How does bridge financing work? After you get approved for a bridge loan, you’ll receive your funds. You can then find your new home, and proceed to qualify for a loan on it. You’ll then make a strong non-contingent offer that gets accepted. Once that’s done, we close on your new home so you can move and vacate your old home. We then prepare your old home for the market through staging that we provide. We will be with you from selling to closing to make sure everything goes smoothly. Lastly, you pay off the bridge loan from the proceeds of your sale.
If you want to know more details about how a bridge loan works or have any real estate concerns, don’t hesitate to call or email us. We’ll be happy to help!
If you want to know more details about how a bridge loan works, watch this video.
