Should I get a bridge loan?
I’m selling my primary home and looking to buy a new one. What is the best loan for my situation? My lender offered a bridge loan so that I would be able to purchase a new home and move in at once. I’m concerned about the high-interest rates though and I’m not sure if I can sell my current home quickly since the market is not that competitive here. by janetbrian467 from Alexander, Illinois. Aug 17th 2022
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
Yes, pricing on Bridge loans is higher than traditional mortgage loans and you must ask yourself if the added cost is worth it. It would allow you to obtain a home on the market that you love, and not lose it because yours is not selling as fast. Make sure that if the Bridge loan has a maximum time duration, that it is long enough to allow you ample time to sell you vacating property. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.LoansA2z.com 480-889-9000 - OR - 480-695-9300.
Ask our community a question.
Get an answer
Related Questions
