bridge loan

It is certainly a seller’s market right now, and plenty of wise homeowners are listing their properties to take advantage of high prices and high demand. But what if you want to sell the home in which you are currently living? It makes sense to purchase a new home first to provide stability and allow you to get set up so that your Realtor can properly stage your property.

There is one potential problem here, though. What if you need the equity from your current home to purchase another home?

Even if you purchase a new home after you sell your property, you may not have the funds from your home sale in time to cover your new closing costs depending on your closing dates.

If you want to secure housing before closing on your current home, a bridge loan may be the perfect solution. It can even help you waive a contingency and make any offers you place on a home more attractive to a seller. 

Bridge loans are short-term loans (6 months to 1 year) meant to “bridge” that gap between buying one home and selling another. Their interest rates are higher than some other loan types, but they can help keep you competitive in this seller’s market.

Ready to sell your current home and buy the home of your dreams? Contact me today so that we can discuss making that dream a reality.