Bridge Loan Sioux Falls
A bridge loan lets you buy your next home before you sell your current one. You no longer need to close on your new home at the same time as your current one, which takes a lot of pressure off the move.
Key Benefits of a Bridge Loan
Buy a new home without needing your current home to close at the same time
Negotiate more favorable terms on your new home purchase contract
No monthly payments required on the bridge loan
The bridge loan is paid directly from the proceeds of the sale of your current home (your departure residence)
How a Bridge LoanWorks
You find your next home and make an offer
The bridge loan helps you complete the purchase before your current home sells
You list and sell your current home
The bridge loan is paid off from the sale proceeds at closing
Is a Bridge Loan Right for You?
A bridge loan can help homeowners who are ready to move but don't want to wait to sell their current home. It can also help you make a stronger offer in a competitive market. A loan officer can review your situation and confirm whether it fits your timeline and goals.
HELOC Questions, Answered
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No. No monthly payments are required on the bridge loan.
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It is paid directly from the proceeds of the sale of your current home, also called your departure residence.
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No. A bridge loan lets you buy your new home without having to close on your current primary residence at the same time.
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Since you are not waiting for your current home to sell, you can negotiate more favorable terms on the contract for your new home.