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What exactly is a Bridge Loan?
A short-term, interest-only loan that taps the equity in your current home to fund the down payment and costs on your next home. It’s paid off when your existing home sells. Have more questions about a Bridge Loan? Start your Bridge Loan...
Continue ReadingDo I make two payments?
Yes—briefly. You’ll make the interest-only bridge payment and the payment on your new mortgage until your current home sells and the bridge is paid off. Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home Equity...
Continue ReadingHow long is the term?
This program is designed as a short-term solution. (We’ll outline the specific term, payment type, and payoff expectations during your consult.) Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home Equity Specialist...
Continue ReadingIs the rate higher than a regular mortgage?
Usually, yes—because it’s short-term financing. Most members carry the bridge only for a few months, trading a slightly higher short-term cost for a stronger purchase offer and a single move. Have more questions about a Bridge Loan? Start your...
Continue ReadingWhat if my home doesn’t sell before the bridge loan matures?
We set expectations up front with a realistic timeline and listing plan. If the sale is delayed, contact us immediately to discuss options. The remaining balance is due at maturity. Have more questions about a Bridge Loan? Start your Bridge Loan...
Continue ReadingCan I use a Bridge Loan with a new-construction home?
Often, yes. It’s a common way to live in your current home while your new build is completed—then move once. Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home Equity Specialist at People Driven Credit...
Continue ReadingHow much can I borrow?
It depends on your equity, credit, and program limits (like CLTV and DTI). We’ll review your numbers and give you a personalized estimate. Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home Equity Specialist at...
Continue ReadingWhat fees should I expect?
You’ll pay standard third-party closing costs and an origination fee if applicable to your program. We’ll disclose all estimated costs before you proceed. Have more questions about a Bridge Loan? Start your Bridge Loan conversation with Home...
Continue ReadingHow is a Bridge Loan different from a HELOC?
A HELOC is a revolving line you can draw on over time (often variable rate). A Bridge Loan is a one-time, short-term loan specifically to span the gap between selling and buying, with a balloon payoff at sale. Have more questions about a Bridge Loan?...
Continue ReadingIs this a good fit if I need the lowest possible cost?
If cost is the only priority and you can comfortably sell first, that may be cheaper. A Bridge Loan prioritizes speed and certainty—winning the home you want and moving once. Have more questions about a Bridge Loan? Start your Bridge Loan...
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