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Construction Loans: Bridge Loan

 
Want to access equity in your current home
...as down payment on your dream home?
 
Q. What is a Bridge Loan?
A. A Bridge Loan is designed for homeowners planning to construct a new owner-occupied primary residence. The Bridge Loan allows the homeowner to access the equity in their current owner-occupied residence, and use it as the down payment on a Construction-to-Permanent Loan.

Q. Is there a way to use the equity in my existing home as down payment on my dream house?
A.

Yes, you may obtain a Bridge Loan. This enables you to use the equity in your home as the down payment on our Construction-to-Permanent Loan. And during construction, there are no monthly mortgage payments on the Bridge Loan. This lets you live in your existing home while you're building your dream home. Your Bridge Loan is not due until your new home is finished or you sell your existing home.

Or you may prefer to secure a Home Equity Line of Credit on your existing property. Ask a Sales Representative for more information.

 

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Note Glossary LO? Become a Partner! Stop Foreclosure!
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