How Bridge Loans Work
A bridge loan is a loan to purchase a 2nd property before you sell your 1st. This loan requires equity in the 1st property and gives a buyer the ability to buy home ...
Bridge Loan – Annual Percentage Rates Range From 6% – 35%
It’s important to review your loan offer before accepting. The rates and fees will be set by your lender. Our company is not a lender and does not provide lending services directly to consumers.
What You’ll Need
A valid state driver’s license is required for each request
Your social security number is needed to verify your identity
A home or cell phone is required to contact you
At Least 18
US citizens or permanent residents over 18 years old
You’ll need a checking or savings account
It does not matter if you rent or own
You must be employed, self-employed or receiving benefits
It doesn’t matter what your credit score is!
Bridge loans cost more than home equity loans. Buyers must be qualified by the lender to own two homes and many might not meet this stringent requirement. Making two mortgage payments plus accruing interest on a bridge loan could cause financial stress.
A bridge loan is a short-term loan used until a person or company secures permanent financing or removes an existing obligation. It allows the user to meet current obligations by providing ...
A bridge loan is a type of short-term loan, typically taken out for a period of 2 weeks to 3 years pending the arrangement of larger or longer-term financing.   It is usually called a bridging loan in the United Kingdom, also known as a "caveat loan," and also known in some applications as a swing loan.
Bridge loans can help borrowers move from one home to the next, but they can be dangerous. A bridge loan usually runs for six-month terms and is secured by the borrower's old home.
A bridge loan, which you typically get through your bank or a mortgage lender, can be structured in different ways, but generally the money will be used to pay off your old home's mortgage.