Bridge Loans: Using Current Equity to Buy a New Home

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Filed under: Qualifying for a Mortgage Loan

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Franklin Loan Center just rolled out an awesome product that I want to share with you today. It’s a legitimate bridge loan that can help by closing the gap when you are selling and buying at the same time.

What is a Bridge Loan?

What can this product do for people? There is a huge cross-section of the market right now that wants to move, but they are having a hard time getting the timing to work between selling their house and buying in a low-inventory market.

The current house has a bunch of equity that they would like to unlock to help them buy the next house. The problem is figuring out how to make it work in the interim.

Lining Up the Transactions

I work with Realtors that can make it work all the time by negotiating the moving parts to do concurrent closes. It is important to coordinate both sides of the deal so the closings can match up, giving you the equity to roll immediately into your new mortgage. If you can make that work, it’s awesome.

But, there are many instances when the timing isn’t going to line up, which is why Franklin has designed this bridge loan. What it allows us to do is do a loan against the current home, unlock the equity, and use it as a down payment on the next house. This process can be done before the first house closes.

Streamlining the Home Buying Process

A bridge loan can really help streamline the process. It’s the only type of loan that I know of on the market. This loan product is based on Franklin’s portfolio, which means that we fund it with our own money.

There is a bunch of pent-up demand for people who are wanting to move. Whether it is time to move into a dream home, downsize, or whatever it might be – this bridge loan can likely help you make the timing work out.

If you need more information, you can contact me at any time. I’m here to help you find the right loan solutions to match your individual needs.

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