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Build a Bridge (Loan) Between Two Homes

Alerus | JUL 24, 2017

In the current housing market, many people are hoping to secure a new home before selling their current one. If you’re in that group, you may have a question: how can I access the equity from my current house to use as a down payment on the new one before my closing date?

The answer may be a bridge loan. If you have enough equity in your current home, and if you’re able to support your current house payment along with a bridge loan payment, then we can “borrow” the equity from your current home and apply it to the purchase of your new home. The bridge loan is paid back at the closing of the sale of your current home.

Bridge loans do have risks, as you could end up carrying two mortgage payments, plus a bridge loan payment for a period of time.

Please contact a mortgage banker of your choice with questions and to discuss your own unique situation.


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