Bridge Loan

Bridge Loan – A short term loan that is designed to allow homeowners to purchase new homes with the equity in a home for sale but prior to its sale.

  • Example: If an owner of a home purchases a new home before selling their property and does not have a home sale contingency in the purchase agreement of the new home, they may need to try to get a bridge loan to bridge the gap until they have the funds from their original home.
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