What Is A Bridge Loan For A House

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Pat and Kay Catapano waited until the late ’50s to make their move to the suburbs, buying a house in East Northport on the.

Put simply, a bridge loan is a short-term financing tool that helps purchasers to "bridge" the gap between old and new mortgages by allowing them to tap the equity in their current residence as a.

Bridge Loans for Home Purchases. A bridge loan is a type of short-term loan offered by lenders that allows you to "bridge" the gap between the sale of your old residence and the long term financing of your new residence. A bridge loan may give you the funds necessary to purchase and close on your new house. However, it’s only a temporary solution.

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Cons of a bridge loan. bridge loans carry some serious risks, however. The biggest one is the risk of foreclosure. Because your old home is the security on your bridge loan, the lender could foreclose on the home if you default on your loan.

What Is A Bridge Loan For A House – Lake Water Real Estate – A bridge loan is a short term loan where the equity in one property is used as collateral for the bridge loan which is then used as the down payment toward a loan. A "bridge loan" is basically a short term loan taken out by a borrower against their current property to finance the.

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