Financial Planning, Mortage, Trends

New Bridge Loan Available

With the market heating up again for those good properties that are priced right. If you want one of those, making an offer contingent on your present house selling probably won’t get you the house you want.

The good news is that the bridge loan is back! If you have high equity in your present home, this new product cross-collateralizes both properties, or finances both of them in one loan. This lets you buy your new home, and pay off part of the loan when the older house sells. The payments are high of course when you are carrying both homes, then they come down with the partial payoff.

Contact me for names of lenders who offer this.