What is a bridge loan?
A bridge loan is short-term financing that helps you buy a new home before selling your current one. It bridges the gap by using the equity in your existing home as collateral, giving you funds for a down payment or even a full purchase. Once your old home sells, you pay off the bridge loan. These loans typically have higher interest rates and fees because they carry more risk for the lender and are meant to last only a few months. They can be helpful when you need to move quickly or want to make a non-contingent offer. The specifics depend on your situation and a licensed lender should confirm, and Jon can connect you with one.
Specifics depend on your situation and should be confirmed with a licensed lender. Jon can connect you with one: text (623) 826-0888.
More on mortgages and rates
- FHA vs conventional loan, which is better for me?
- Fixed-rate vs adjustable-rate mortgage, which should I choose?
- How do I shop mortgage lenders and compare quotes?
- When should I lock my mortgage rate and how long does a lock last?
- What are current mortgage rates in Arizona?
- Should I buy mortgage points to lower my rate?
Meet Jon Hegreness
Jon Hegreness
REALTOR / Associate Broker · Howe Realty
AZ License BR540940000
Full-time Phoenix North Valley REALTOR and Associate Broker with 24 years in Arizona residential real estate. A negotiator and problem solver who works the way you would want a friend in the business to work: direct, on your side, and steady through the parts that get complicated.