How to Rock a Bridge Loan

By
Mortgage and Lending with Guaranteed Rate, Marin County, CA NMLS: 22343

How to Rock a Bridge Loan

  

 

If you've been lamenting how tough it is to get your offer to buy a home accepted these days, think about how much more difficult it is for those who must buy a new home BEFORE selling their existing one.  After all, it's practically impossible to make a contingent offer --- defined as one that would allow you to sell your existing home first.

 

It's usually in this stressful environment that someone well-meaning; a friend, a co-worker, even a Realtor, will swoop in and advise our buyer to "Just get a bridge loan!," as if there is a simple, ready-made solution for our otherwise complex problem. 

 

So, let's go under the bridge and learn about the waters that run the "buy before sell" dilemma.  Let's figure out if a bridge loan is the right fit for you, or if perhaps a HELOC, a cash-out refinance or some other mortgage product can help you reach the higher ground. 

 

 

 

If you don't ever wanna feel like you do right now, and you want to buy that great new place before you sell your current property, give me a like or subscribe on YouTube!

 

 

Give it away, give it away, give it away now,

 

 

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

 

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960

Berkeley Office:  1400 Shattuck Ave., Suite 1, Berkeley, CA  94709
 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department.

Comments (5)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Ron - this is certainly a tricky prospect.  I remember have a bridge loan and it was not easy.

Apr 23, 2022 03:03 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Rob. An experienced lending professional is able to look at all the possibilities and help a borrower choose the right path. Thanks for the tips! Enjoy your day.

Apr 23, 2022 04:55 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Rob:

Lot of good information here. You are so right about the challenges of having to sell before buying in today's market.

Jeff

Apr 23, 2022 10:14 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank you very much, Rob, for sharing your experience and your advice.

Apr 24, 2022 08:59 AM
Rob Spinosa

Thank you, Roy Kelley. Hope you're well!

Apr 25, 2022 07:44 AM
Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

Good morning, Rob Spinosa.  I enjoyed your video and how you worked in a little guitar riff.  Well done!  I did subscribe to your channel.  If you have a minute, my channel is Ray Henson eXp.

Apr 27, 2022 07:24 AM