Oftentimes, the funds from the sale of your current home are what will help you pay for closing costs, down payment, moving expenses, and more for your new home. But what if you aren't able to sell your home before you purchase a new property? What if you aren't able to use the cash from the sale of that old home to buy your new home? That's where a bridge loan can help!
A bridge loan is a short-term loan that provides home buyers the financial support they need to purchase a new home before they have sold their current home, effectively "bridging the gap" between these two properties.
Reasons for a Bridge Loan:
Bridge Loans offer major buying power in a seller's market! Home buyer’s offers will not be contingent on the sale of their existing property. So, the fear of hiccups between contract and closing is greatly reduced!