Buying a new home can be a challenge when all or part of the money to purchase it comes from the sale of an existing residence. A buyer could wait until there is a solid offer on the existing residence, but the new home could be sold before that happens. At MortgageDepot, or mortgage loan originators have the solution with a bridge loan.
What is a bridge loan?
Bridge loans offer buyers the opportunity to borrow the money they need for a down payment on a new home while awaiting the sale of their existing residence. Sellers can be reluctant to take an offer from a buyer who must make it contingent on the sale of an existing property. Rather than lose the deal, buyers can obtain a bridge loan for the money they need to make the offer and complete the purchase. The loan is repaid upon the sale of the buyer’s current residence.
Bridge loan advantages
Our mortgage loan professionals help buyers obtain bridge loan financing offering the following benefits:
- We use existing appraisals that are less than nine months old on loans with a loan-to-value ratio at 65 percent or less.
- Loan terms are delivered to our buyers within 24 hours.
- We do not charge any upfront fees.
- We limit our buyer’s out-of-pocket costs.
We’ve worked with buyers throughout the country to secure bridge loan financing on all types of properties. Our knowledge of the mortgage industry and the real estate marketplace allows us to offer borrowers a variety of loan options and terms, including:
- Purchase and refinance
- Cash-out financing and fix-and-flip financing
- Loans amounts up to $20 million
- No minimum credit score
- LTVs as high as 80 percent
Contact MortgageDepot today
Speak to one of our loan officers at MortgageDepot for more information.