Bridge Loans: The Key to Buying Before Selling Your Current Home | Expert Advice from Mauricio Martinez, Mortgage Broker

Thinking of upgrading your home but worried about the hassle of selling your current one first? A bridge loan might be the perfect solution!

What is a Bridge Loan?

A bridge loan is a short-term financing option designed to help homeowners like you purchase a new home before selling their existing one. It essentially "bridges the gap" between your current mortgage and the down payment for your new home.

Benefits of Bridge Loans:

• Make a Strong Offer: Eliminate the need for home sale contingencies in your new home offer, making it more attractive to sellers in a competitive market.
• Unlock Your Home's Equity: Use the equity built up in your current home to cover the down payment on your new home purchase.
• Move at Your Own Pace: Enjoy the flexibility to close on your new home and move in at your convenience, with ample time (typically 90 days) to sell your current property.

How Does a Bridge Loan Work? (In 3 Easy Steps)

1. Equity Evaluation: We'll assess your current home's value to determine the amount of equity you can leverage for your new home purchase.
2. Strong Offer, No Contingency: With the bridge loan in place, you can confidently submit a competitive offer on your dream home without a home sale contingency.
3. Move-In and Sell: Close on your new home and move in on your schedule. You'll then have up to 90 days to find a buyer for your current property.

Costs and Considerations:

Bridge loans typically come with a one-time fee of around 2.4% of your home's sale price. It's important to note that bridge loan terms and conditions can vary between lenders.

Qualifying for a Bridge Loan:

The minimum FICO score required for our bridge loan program is 620.

Ready to Learn More?

If you have any questions about bridge loans or our other lending services, contact Intention Financial Group today! We specialize in helping homebuyers, from first-timers to experienced investors, achieve their real estate goals.

Contact Information:

• Connect with Mauricio Martinez: https://www.instagram.com/mumansky18/?hl=en
• Learn more about mortgage options: https://linktr.ee/mortgagebytony
• Looking for a professional realtor? https://kasie.realtor/

Don't wait! Whether you're thinking about buying a house in the next year or five, getting pre-approved with a lender is a smart first step. It allows you to determine your budget and create a plan to achieve your homeownership dreams.

I'm here to help! Feel free to reach out if you have any questions or want more information about the bridge loan program.

Thanks for reading!

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