Because a Bridge Loan is a short-term, fixed-rate balloon loan, the remaining balance is due at maturity if your current home has not sold yet. If your purchase or sale timeline changes, the best step is to contact People Driven Credit Union as early as possible.
Extension options are not automatic and would depend on your individual situation, current credit and property considerations, and program guidelines in effect at that time. In some cases, we may be able to review possible next steps with you. In others, a HELOC, Fixed Term Home Equity Loan, or another solution may make more sense depending on your needs and eligibility.
The earlier you reach out, the more options there may be to review before the balloon payment comes due. To talk through your situation, connect with a Home Equity Specialist.
Have more questions about bridge loans? Connect with a Home Equity Specialist at People Driven Credit Union to get your questions answered.
