You've sold your current home and purchased your next home; but the closing dates don't line up. Fear not, Bridge Loan Financing to the rescue!
What You Need to Know...
A bridge loan is a great option for securing a down payment on a new home purchase, when your equity is still tied up in your current home. It is a short-term solution that often ranges from a few weeks to six months in length. Many lenders offer bridge loans and I'll shop around to ensure you're getting the best option for your needs; just like I would for your mortgage!
It's important to note that you do need to sell your current property in order to secure a bridge loan; and interest rates will vary lender to lender. Typically, you'll see bridge loan rates come in at Prime rate + three or four percent.