If you’re a homeowner ready to move, you may have good reasons for wanting to buy your next house before selling your current home. Perhaps your property isn’t selling as fast as you hoped, but you need to relocate. Or maybe you’ve found your dream house and want to make an offer before someone else takes it. A bridge loan can help with this buy-sell timing conundrum. Bridge loans offer temporary financing that allows sellers like you to buy a new home before selling your old one. In this guide, we’ll explore who offers bridge loans, how they benefit sellers, and alternative solutions that can offer even greater flexibility.
Bridge loans are offered by many different kinds of financial institutions, both large and small, national and local. Here’s where you might find one: The cost and approved amount of these loans will vary based on factors such as home equity levels and credit scores, debt-to-income ratios, and preexisting borrowing relationships.Who offers bridge loans?
