Bridge Loan
What is a Bridge Loan?
A bridge loan uses your existing property as collateral to provide funds for a down payment for a new home. Once the old property sells, the loan is paid off. These short-term loans typically last 6-12 months, with flexible repayment options.
When to use Bridge Loans:
Buying Before Selling: Secure your new home without contingencies.
Avoiding Market Timing Stress: Buy without rushing to sell.
Bidding Wars: Make competitive, non-contingent offers.