Bridge Loan
A bridge loan is a short-term financing solution that allows a homeowner to purchase a new property before selling their current one.
Bridge loans are typically secured by the borrower's existing home and are designed to be repaid once that property sells. They provide temporary access to funds so buyers do not have to wait on the sale of their current home to close on the next one.
Bridge loans are not traditional mortgages. They carry higher interest rates, shorter repayment terms, and additional risk if the current home does not sell as quickly as expected.
Why This Matters: A bridge loan can give you a competitive edge in a fast-moving market by allowing you to make a non-contingent offer. But it requires a clear exit strategy and a realistic understanding of your current home's marketability.
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