As we hit the spring market in the DC Metropolitan Area, many listings are drawing multiple offers in the double digits. When you're in a seller's market and your buyer has to sell their home to buy a home, it may seem hopeless. There are options, one of them is a Bridge Loan.
What is a Bridge Loan?
A Bridge Loan is a temporary loan typically taken against your current home in order to pay the down payment on the next home. It allows buyers to purchase a home without an home sale contingency.
As you can see in this graphic provided by Betsy Lamond, the there are several scenarios in which a buyer may benefit from such a product.
How do I know if a Bridge Loan is right for me?
If you currently own a home and are looking to purchase another home, Call Betsy Lamond to discuss the pros and cons for your situation. Then Call Me to Get Started on your home search.
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