A Loan to Bridge the Gap Between Your Old & New Home
A bridge loan is a short-term loan that helps you buy a new home before selling your current one. It gives you quick access to funds so you can move forward with your purchase without waiting for your old house to sell. Once your old home sells, you use the proceeds to pay off the bridge loan.
A bridge loan gives you extra time to sell your current home, so you can move into your new one without needing to rent or store your belongings.
A bridge loan lets you move quickly on real estate deals and unique opportunities. It also allows you to make an offer without a sales contingency, giving you an advantage in a competitive market.
You can choose to make fixed monthly payments, interest-only payments, or wait to pay until your old home is sold.
Estimated monthly payment for a conventional $180,000 15-year term fixed-rate mortgage with a 20% down payment at 6.692% Annual Percentage Rate (APR) would be $1,568. Estimated monthly payment for a conventional $180,000 30-year term fixed-rate mortgage with a 20% down payment at 7.246% Annual Percentage Rate (APR) would be $1,213. Payments do not include amounts for taxes, homeowner's insurance, and flood insurance (if required) and the actual payment will be greater. If the down payment is less than 20%, mortgage insurance may also be required and could increase the monthly payment and APR. Payment examples are for illustrative purposes only and are subject to change.
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