If you are trying to sell your home while simultaneously buying a new one, an Arizona bridge mortgage might be an option that you need to look into. A bridge mortgage is a short term loan that can help you purchase a new home while yours is still on the market.
Selling a home while you still live there can be stressful. Many homeowners feel they do not have the option to buy a new home before they sell theirs because they are relying on the sale of their home to finance the down payment on a new home. If you find yourself in this situation you may want to evaluate the risks and benefits of an Arizona bridge mortgage.
A bridge mortgage, or bridge loan, is a short term loan that is designed to bridge the gap between an expense (like a new down payment) and expected income from the sale of your home. Bridge loans are quickly gaining popularity among borrowers because they are low risk and high reward. With an Arizona bridge mortgage you can borrow the down payment on a new home using the equity in the home you currently own. It is similar to a home equity loan but it can be taken out on a home that is actively on the market.
One of the key advantages of an Arizona bridge mortgage is that it allows you to move while your home is still on the market. This is ideal for families with kids whose homes may not show well, or can also be ideal if you need to move quickly for work. Once your home sells you use the proceeds to pay off your bridge loan.
What You Need to Know If You are Considering an Arizona Bridge Mortgage
Once you have evaluated the risks and benefits of an Arizona bridge mortgage, find an Arizona private lender to get the loan process started today.
Dennis Dahlberg Broker/RI/CEO/MLO
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027
111 Congress Ave |Austin | Texas | 78701