Buying your next home before selling your current one doesn’t have to mean two moves, storage units, or sleepless nights. A Bridge Loan converts the equity in your current home into the down payment for your next purchase, allowing you to make a stronger, non-contingent offer and move once. It’s short-term, interest-only, and paid off when your current home sells.
Membership and eligibility requirements apply, with approval subject to application, credit, and property considerations. Actual APR* is based on creditworthiness, collateral, and loan amount.
Your home secures the loan. If you fail to repay, you may risk foreclosure. Request the current Truth-in-Lending (TIL) disclosure and rate sheet before applying. Rates, terms, and fees are subject to change without notice.
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Bridge Loan Details
How a Bridge Loan Works
- Use your current home’s equity for the next homes down payment and closing costs.
- Make interest-only payments during the short term; the remaining balance is due at payoff when your current home sells.
- Typically, faster than selling first and removes the home-sale contingency from your offer.
When It Makes Sense
- You need a non-contingent offer to compete in a tight market.
- You’re buying a new build and want to move once, when it’s finished.
- You’re relocating for work and can’t line up two closings perfectly.
- Your equity-rich but want to preserve cash/investments until your current home sells.
What to Prepare (Checklist)
- Estimated value of your current home and what you owe on it.
- Your target price range for the new home and desired down payment.
- A realistic listing/sale timeline for your current home.
- Comfort with two payments for a short period (bridge interest + new mortgage).
- Basic documents: income verification, homeowner’s insurance, and property details.
Start Your Bridge Loan Conversation
A Bridge Loan is a timing tool—short-term financing that helps you win the right home without juggling two moves. We’ll show you exactly how it could work for your move and what it costs before you decide. Talk with us about your plan and we’ll map out clear numbers, timelines, and next steps.
Frequently Asked Questions
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 conversation with Home Equity Specialist at People Driven Credit Union.
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 Specialist at People Driven Credit Union.
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 at People Driven Credit Union.
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 Bridge Loan conversation with Home Equity Specialist at People Driven Credit Union.
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 conversation with Home Equity Specialist at People Driven Credit Union.
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 Union.
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 People Driven Credit Union.
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 Equity Specialist at People Driven Credit Union.
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? Start your Bridge Loan conversation with Home Equity Specialist at People Driven Credit Union.
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 conversation with Home Equity Specialist at People Driven Credit Union.
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