Bridge Loans
Bridge Loans
Selling Real Estate
- Introduction
- Plan Your Program. Start Early
- Should You Sell?
- Steps before the Listing
- Selecting a Real Estate Agent
- Listing Contracts
- Real Estate Commissions
- For Sale by Owner
- Getting an Offer
- Negotiating Items
- Entering Into a Contract
- Hiring an Attorney
- Financing the Deal
- Seller Financing Alternatives
- Before the Closing
- Home Inspection
- Sample Closing Costs for Items Paid by Seller
- The Closing
- Bridge Loans
- Taxes
Bridge Loans
If you are in an unavoidable situation where you must close on your new home before you close on your old home, you will probably need to secure financing to pay the difference between your new mortgage and the cost of your new home.
In this case, you need to arrange what is commonly called a bridge loan to close the gap caused in your cash flow. This is a short-term loan that you pay off once you close on your old home and now have the cash to pay off your loan.
Don't get caught by surprise. If you think you'll be in this situation, plan ahead and get your options on the table as soon as possible.Share Article:
Deposit and Loan Products are offered to qualified customers by First National Bank. See specific deposit and loan product pages on this website for more detailed information. First National Bank is a MEMBER FDIC and an EQUAL HOUSING LENDER.
Investment and insurance products and services are offered through Osaic Institutions, INC. Member FINRA/SIPC. FNB Wealth Management Services is a trade name of First National Bank. Osaic Institutions,Inc and the bank are not affiliated. Products and services made available through Osaic Institutions, Inc. are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.
NOT FDIC-INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE BANK. MAY GO DOWN IN VALUE.
