ARE YOU CONSIDERING A BRIDGE LOAN?

 
If you have a lot of equity in your home, and want to purchase a new home before selling your current home, you may want to consider a bridge loan. A bridge loan allows you to leverage the equity in your current home to make a down payment on the new home, without selling your current home. Here’s how it works.
 
The lender will take the value of your current home and the value of the new home, and will lend up to a percentage of the total value of the 2 homes. The loan will be on both properties, thus both properties will be collateralized. When you sell your current home, the loan will be paid down, or paid off, by the proceeds of the sale. This loan allows you to use the equity in your current home prior to selling it, so you can purchase a new home.
 
There is another type of bridge loan which is like a home equity line of credit. This loan lends on your current home for the purpose of making a down payment on the new home, but is only collateralized on your current residence.
 
As you can see, a bridge loan is a temporary loan. If you are interested in a bridge loan, contact Counsel Mortgage Group, we can help you.
 
Counsel Mortgage Group®, LLC
Licensed in Arizona, California, Hawaii and Illinois
www.counselmortgage.com
480-502-1000
NMLS #178927
AZ MB #0909580
CA DBO #60DBO43873
HI-178927
IL MB.6761723
 
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