Why would someone need a bridge loan?
A bridge loan is a short-term loan used to bridge the gap between buying a home and selling your previous one. Sometimes you want to buy before you sell, meaning you don’t have the profit from the sale to apply to your new home’s down payment.
- Avoid having to sell to buy
- Temporary financing
- Can apply funds toward a down payment *not to be used for your earnest money deposit
- Buy your next home without home sale contingency
- Interest only – pay for only the days you need
- Reduced closing costs
- No points
Talk to one of our Mortgage Planners today to see if a Bridge Loan is meant for you.Questions? Contact OnTo Mortgage Today!