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Once upon a time, the housing market was so hot that you could put your house on the market and within a month, you’d be closing on the sale and collecting your proceeds. When your home sells quickly, it’s easy enough to finance the purchase of a new home that better meets your needs. Whether you want to upgrade or downsize, you’re most likely depending on the sale of your existing home to finance the purchase of your next home.
That’s not unusual — most people don’t have a house down payment just sitting in the bank! But in a slower market like the one today, it’s not unusual for houses to sit on the market for six months or longer before a sale — and that’s a long time to wait when you’re depending on the proceeds of the sale to make a down payment on your next home.
Private Money Lenders, Inc. can offer a solution in the form of a private bridge loan. A bridge loan “bridges” the time you spend waiting for your old house to sell so you can take out a mortgage on your new house. These loans are typically good for six months to a year, and they cover the cost of purchasing a new home so that you can upgrade, downsize, or be closer to work while waiting for your old house to sell.
We specialize in all kinds of real estate loans, including bridge loans, in all of California. You can use a bridge loan to pay off the mortgage on your existing, with enough left over to put a down payment on your new house. Or, you can use the bridge loan as a second — or third — mortgage that allows you to put a down payment on your new home.
Before planning to sell your home with a bridge loan, make sure you do your research, so you have a good idea of how long you might have to wait for your house to sell. Then you can be sure to get your bridge loan for enough time so that you don’t have to worry about your house not selling before the terms of the loan expire.
With proper planning, a bridge loan can make your dreams of a home upgrade come true. Contact Private Money Lenders, Inc. now to learn more.