Buy Your Next Portsmouth, NH Home With A Bridge Loan
By Jim Lee, REALTOR, CRS, ABR, Buying or Selling? Ann & Jim are the local experts
(RE/MAX Shoreline)
What is a bridge loan?A bridge loan is a temporary loan that helps “bridge” a gap for you. It can allow you to buy a new home before you sell your old one. You can borrow money based on the equity in your current home to use for the down payment on your new home. Then, when you sell your old home, you can use the money to pay off the bridge loan.How does a bridge loan work?A bridge loan works by providing short-term financing to help you buy a new home before you sell your current one. Here’s how one typically works: Application: You apply for a bridge loan with a lender, providing details about your current home, the new home you want to buy, and your financial situation. Approval: If approved, the lender will determine the loan amount based on the equity in your current home and other...
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