Bridge Loans for Homebuyers

Bridge loans are particularly advantageous for:

• Move-up Buyers:

  Those who want to secure their dream home without waiting for their current home to sell.

• Homebuyers in a Competitive Market:

  When you need to make a non-contingent offer on a new home to stand out from other buyers.

• Relocating Individuals:

  Need to purchase a new home in a new location before selling their existing property.

• Homeowners Facing Timing Challenges:

  Experiencing delays in selling their current home or needing to close on a new home quickly.

• Equity in Existing Home:

  You'll typically need at least 20% equity in your current home to qualify for a bridge loan.

• Credit Score:

  A good credit score (generally 680 or higher) is usually required.

• Debt-to-Income Ratio (DTI):

  Lenders assess your ability to manage debt payments, including the bridge loan and your existing mortgage. A lower DTI is preferred.

• Exit Strategy:

  You'll need a clear plan for repaying the bridge loan, typically through the sale of your current home.

• Interest Rates:

  Bridge loans typically have higher interest rates than traditional mortgages due to their short-term nature and potential risk.

• Fees:

  You may also encounter origination fees, appraisal fees, and other closing costs.

Contingency Plans: It's crucial to have a contingency plan in case your home doesn't sell within the bridge loan term. This could include:

• Refinancing:

  Refinancing the bridge loan into a longer-term mortgage.

• Selling at a Lower Price:

  Adjusting your asking price to attract buyers.

• Renting Out Your Existing Home:

  Generating rental income to cover the bridge loan payments.

Your Trusted Partner:

• Expertise:

  Our experienced Mortgage Advisors understand the complexities of bridge loans and can help you make informed decisions.

• Personalized Service:

  We provide tailored guidance and support throughout the loan process.

• Competitive Rates & Terms:

  We offer competitive bridge loan rates and work with you to find the best possible terms.

• Streamlined Process:

  We leverage technology and expertise to make the loan process efficient and stress-free.

• Commitment to Your Success:

  We're dedicated to helping you achieve your homeownership goals and transition seamlessly to your new home.