A bridge loan is a mortgage product that offers a bridge between financing options. Bridge financing is often used to provide funding in the period between the sale of one property and the purchase of another.
It is a short term financial solution that can allow you to continue the process of moving or buying a home, despite your need to complete the sale of the existing property.
There are a number of reasons why getting a bridge loan can offer you greater financial freedom throughout the home purchasing process. A Brokers For Life mortgage associate can go over the benefits specific to your situation.
When you are buying one home while selling another, it can be hard to determine how to handle the down payment for the next property. A basic loan or even a second mortgage may take too long to get approved for, and the interest rate might be quite high.
This is where bridge financing can help immensely. A short-term funding solution, bridge financing can ease the gap between the sale of one home and the purchase of another.
There are a number of advantages to bridge loan financing:
Brokers For Life can assist with the bridge financing process. There are many different types of bridge loan products available and choosing the best one for you requires experience and the ability to negotiate with banks and lenders.