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Chris Nooney March 15, 2023

Bridge Loans: What You Need To Know

Bridge Loans: What You Need To Know Are you in the process of selling your home? You probably want to buy a new one right now to ensure you have another house to move into, but what happens if you do not have the cash to buy a home right now? You might need to cash from your current home before you can purchase your next home, but can you really wait to sell your house before buying another one? A bridge loan can help you fix this issue. What is a bridge loan, and how does it work?

What Is A Bridge Loan?

A bridge loan has been specifically designed to let you tap into the equity you have in your current home and use that equity to buy another house. Essentially, you will borrow against the equity in your home, giving you the cash you need to buy your next house. Then, when you sell your current house, you will use the cash from the sale to pay off the bridge loan. That way, you don’t have to worry about selling your current house before you can buy your next one.

How Does The Repayment Process Work?

Like any other loan, you will have to make regular payments on the bridge loan even before you sell your current house. On the other hand, you might not have to pay down any of the principle until your sell your first home. Generally, you need to pay back the loan in a few months, and there is typically a balloon payment at the end that you pay when you sell your house.

Is It Right For Me?

Generally, you should consider getting a bridge loan if you need more flexibility when buying a house. Keep in mind that the loan will come with a slightly higher interest rate when compared to a mortgage, but it could make it easier for you to buy your next home.

Consider Getting A Bridge Loan If You Are Buying A Selling A House

If you are looking for some additional flexibility during the buying process, a bridge loan could help you. You should think carefully about whether you can qualify for a bridge loan and whether it is right for you. Consider reaching out to an expert who can help you.

Filed Under: Mortgage Tagged With: Bridge Loans, Mortgage

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Pursuant to the requirements of Section 157.007 of the Mortgage Banker Registration and Residential Mortgage Loan Originator License Act, Chapter 157, Texas Finance Code, you are hereby notified of the following: CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. © 2021 Draper and Kramer Mortgage Corp. All Rights Reserved.
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Christopher James Nooney (NMLS ID # 179371 (www.nmlsconsumeraccess.org) TX:179371) Roger G Ryman Jr. (NMLS ID # 180704 TX:180704) Michele Domenico Zugheri (NMLS ID # 179379 TX:179379) are agents of Draper and Kramer Mortgage Corp. (NMLS:2551) an Illinois Residential Mortgage Licensee located at 1431 Opus Place, Suite 200, Downers Grove, IL 60515, 630-376-2100. TX: Draper and Kramer Mortgage Corp. NMLS ID 2551.

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