Bridge Loans
Bridge Loans
Bridge the gap between the sale of your existing home and the purchase of your new one.
- Use the equity in your home for the down payment on a new one
- Free yourself from the rush to sell
- Confidently make offers on a new home
What are the Benefits of a Bridge Loan?
Move Fast. Confidently make offers fast. And agree to the tight closing schedules that have become so common in today’s market.
Get More. The sale of the existing home doesn’t have to be rushed. Take your time staging the home, helping the seller review the best offers, and whatever else you need to get the most out of the listing.
Non-contingent. Sellers may not want the risk that comes along with accepting a contingent offer. Bridge loans eliminate the risk entirely, making you a more favorable buyer.
What is a Bridge Loan? How Does it Work?
Bridge Loans are essentially short-term, second mortgages that allow buyers to finance a new home while waiting for their old home to sell. They have interest-only, fixed-rate payments, and the loan’s principal balance is completely paid off once your existing home sells.
Bridge loans are not offered by every lender, so if you want to know if a bridge loan is right for you, talk to an expert from UHL.
What makes a bridge loan better than other loan options?
Compared to other traditional loans, bridge loans are especially helpful to buyers in transitional periods, such as relocation. Bridge loans allow borrowers to quickly receive and pay off funds whereas other options, such as home equity loans, may have longer application, approval, and repayment periods.
