Is a Bridge Loan good when you're buying a property, while selling yours?

Bridge loan can help buy a new home before selling the old one

Absolutely! A bridge loan is an exhilarating financial solution that can empower you in the short term. It delivers the cash you need for a down payment, moving expenses, and new furniture, all while you eagerly await the sale of your house and the funds it brings! Or perhaps you've sold your house, but the closing date is later than your purchase date—no worries!

What is a bridge loan?

A bridge loan is a short-term loan designed to "bridge" the gap between buying a new home and selling your current one. It provides temporary financing so you can purchase the new property without waiting for your old house to sell. Typically, these loans last from six months to a year and come with higher interest rates compared to traditional mortgages.

For example, if you find a home you want but haven’t sold your current house yet, a bridge loan can cover the down payment or even the full purchase price. Once your old home sells, you use the proceeds to pay off the bridge loan.

For more information contact us by calling us on (514) 574-5472, and consult with our specialist, or visit our website at www.mortgageccl.com