What is Bridge Financing?

Let’s say you have a home that you’ve outgrown, it’s time to make a move to something more suited for your family. So you list your current home and hope the dates of possession on your new home and the sale of your existing home match up! 

But what if you need the money from the sale of your existing house to come up with the down payment for your next house? This is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home, and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property to be used towards the down payment on the property you are purchasing.

There are many options for financing a purchase while selling your current home. If you are thinking this may be in your future, reach out and let us help you find the best way for your situation!!