Bridge Loans

Bridge loans are loans that allow you to borrow against the equity in your current home to receive the cash needed to make a down payment on a new home your planning to buy. Bridge loans allow you to bridge the gap while you sell your current home.

Bridge loans are typically offered at higher interest rates than conventional mortgages, have a shorter term, e.g. 1 year, may require the prepayment of up to 6 moths of interest and often involve points that are paid on closing of the loan.

Bridge loans are often used by home buyers who plan to close on their new home prior to actually selling their current residence.

Home owners who find themselves in the tight situation of buying a new home prior to closing the sale of their existing home are the most likely candidates for Bridge Loans.

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