A residential bridge loan is a short-term loan designed to “bridge the gap” between the time funds are needed and the time long-term financing can close. Not a permanent mortgage, residential bridge loans are used by consumers who want or need to purchase a new home before their existing home sells. The funds from the loan are used to pay off the mortgage on the existing home, allowing the buyer to secure a mortgage for the new home. The bridge loan is then paid off when the original home sells.
Many banks do not offer residential bridge loans, or do so only at a prohibitive cost. Hurst Lending & Insurance division ResidentialBridgeLoan.com specializes in these loans and is able to make the process as simple and affordable as possible. A residential bridge loan can help solve many home buying challenges:
- If you find your new dream home, you don’t have to wait until your home sells to buy (and possibly miss out!)
- Avoid the inconvenience and cost of moving twice (once to temporary housing when the first home sells, again to your new home)
- Potentially avoid a higher-cost jumbo loan by applying equity from your old home to your new one
- Minimize your long-term mortgage on your new home by applying current equity to the purchase
- Buy your new home now, while mortgage rates are at their lowest in years
Visit ResidentialBridgeLoan.com or contact us for more information, a personal quote, or a personalized pre-qualification letter to accompany your purchase offer.