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Selling Real Estate
Bridge Loans
If you are in an unavoidable situation where you must close on your new home before you close on your old home, you will probably need to secure financing to pay the difference between your new mortgage and the cost of your new home. In this case, you need to arrange what is commonly called a bridge loan to close the gap caused in your cash flow. This is a short-term loan that you pay off once you close on your old home and now have the cash to pay off your loan. Don't get caught by surprise. If you think you'll be in this situation, plan ahead and get your options on the table as soon as possible.Share Article:
Investment and insurance products and services are offered through Osaic Institutions,Inc. Member FINRA / SIPC. Osaic and Friend Bank are not affiliated. Products and services made available through Osaic are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.  |