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Bridge Loans

A bridge loan exists solely for the purpose of giving a borrower an equity advance on the equity in their current home, due to the fact that their current residence won't be sold prior to the closing on the new home. Typically, this is accomplished by taking out an equity line on the old home, which basically fronts the borrower the cash they would have received if they had closed the sale of the old home prior to the close of the new home. However, keep in mind that typically a borrower must qualify with the old house payment, the bridge loan payment, and the new house payment.

Have one of our mortgage specialists show you how this may help you with intermediate financing.

 
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