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Bridge Loans
How do you get the funds for a down payment to buy a home before
you sell your current home? One option you may have is to obtain a
bridge loan. A bridge loan "bridges" the gap in time between buying a
new home and selling your current home.
A bridge loan is typically a second mortgage. The amount you can
borrow is based on how much equity you have in your property. The
maximum amount you can borrow is typically 90% of your current
home value, minus your first mortgage balance.
Bridge loans are more expensive to obtain than a typical second
mortgage or equity line of credit. My advice to most clients is to
obtain an equity line of credit so that you have access to cash
whenever you need it. Typically, lenders will not fund a credit line
request if your home has been listed for sale.
How do you get the funds for a down payment to buy a home before
you sell your current home? One option you may have is to obtain a
bridge loan. A bridge loan "bridges" the gap in time between buying a
new home and selling your current home.
A bridge loan is typically a second mortgage. The amount you can
borrow is based on how much equity you have in your property. The
maximum amount you can borrow is typically 90% of your current
home value, minus your first mortgage balance.
Bridge loans are more expensive to obtain than a typical second
mortgage or equity line of credit. My advice to most clients is to
obtain an equity line of credit so that you have access to cash
whenever you need it. Typically, lenders will not fund a credit line
request if your home has been listed for sale.
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