Bridge Loan Benefits
More time and flexibility.
Taking out a bridge loan gives you extra time to sell your current home. You can move right into your new house without a time gap between closings, eliminating the need to rent or store your belongings temporarily.
A bridge loan allows you to act fast so you can take advantage of real estate bargains and unique opportunities. You can also make an offer without a sales contingency, which can give you an edge in a seller's market.
You can pay off your bridge loan by making fixed monthly payments, interest-only monthly payments or no payments until your old home is sold.