Bridge Loans

Why is a Bridge loan a great tool for existing homeowners?

 

A bridge loan is a powerful tool. It allows current homeowners the ability to access equity to purchase a new home — and to buy before you sell yours!

Bridge loans are great for the right borrower(s). They allow you to make an offer on a new home without the contingency of selling yours first. This means clients can move at their own pace and have updates performed prior to moving in. For those who don’t enjoy living in a construction zone, there is no better tool.

Any existing mortgage(s) are paid in full; the bridge loan takes first lien position on the property. A bridge loan payment will likely be much less than the existing, paid-off mortgage. Your new payment is an interest-only monthly obligation and is much more affordable than you’d think; it provides increased latitude while holding two properties at once for a short period of time.

AskLocal has teamed up with the best lenders in this space. They offer no- and low-cost bridge products. If you own a home and have equity, we highly recommend taking a look at this option. It will strengthen you as a buyer in the eyes of a seller, since you don’t have to sell your property before closing on theirs.

With the free ‘Recast’ policy, your endgame could be as if you sold day 1 and bought day 2, but with all the flexibility of buying day 1 and selling day 2!

*Selling your home can be very expensive. Knowing and appreciating that fact, our real estate agent partners trim the fat and pass those savings on to you, our AskLocal Registered Users.