Bridge Loans
Buy your next home before the current one sells. Short-term financing that unlocks your existing equity so your offer doesn't hinge on a sale.
A bridge loan is short-term financing that spans the gap between buying your next home and selling your current one. It taps the equity you already have so you can move on the new place without waiting for the old one to close.
The advantage shows up at the offer table. With your down payment already in hand, you can make an offer that isn't contingent on selling first, and sellers tend to take those more seriously.
How it bridges the gap
The loan pulls equity out of your current home to fund the down payment, and sometimes the purchase, on the next one. It's meant to be temporary. You pay it off when your existing home sells, then settle into the permanent mortgage on the new house.
What to weigh
For a stretch, you may be carrying costs on two properties, so a bridge loan works best when you're confident your current home will sell in a reasonable window. Think of it as a timing tool, not a long-term loan. Gene will look at your equity and your local market before you lean on one.
A strong fit if…
- You've found your next home but haven't sold your current one
- You have significant equity in your existing home
- You want to make an offer that isn't contingent on a sale
- You need to close on the new home on a tight timeline
Worth weighing
- It's short-term financing, meant to be paid off when your home sells
- You may carry costs on two properties for a while
- It works best when your current home is likely to sell soon
Run your numbers
Compare other options
Is Bridge the right fit for you?
Gene will look at your goals and compare your options with no obligation. Get pre-qualified or call to talk it through.