Blackmon Home Loans offers competitive rate bridge loans in Las Vegas. Traditional bank mortgages aren’t always the right fit for everyone in every circumstance. Find out more about this lending option, and how they can make it easier to access the funds you want.
- Access Funds Faster
- No Repayment Penalties
- Hold Two Loans
- Put Your Home On The Market Without Restrictions
- Access Your Home Equity Before You Sell
- Purchase A New Home Quickly In A Hot Market
- Cover The Down Payment On A New Purchase
What Is A Bridge Loan?
Bridge loans – also referred to as interim financing, gap financing, or swing loans – allow you to “bridge the gap” between the money you need and the cash flow you currently have.
- Get The Equity From Your Current Home Before It Is Sold
- Get Money To Cover Closing Costs For A New Mortgage
- Present An Offer Without A Financing Contingency
- Speed Up The Process Of Buying A New Home
- Combine Two Loans Into One
Free Up Home Equity
This type of loan can allow you to access your home equity before your current house officially gets sold. It allows you to buy the property want before your current home sells without forcing you to make a contingent offer (i.e. an offer that allows you to back out of a purchase if your house doesn’t sell in time).
Bridge Financing— A Competitive Advantage
In a competitive market, you may be at a disadvantage if you have to make a contingent offer because the seller may fear that you’ll back out of the contract if your house doesn’t sell. If there are multiple offers for the same house, the seller might choose someone who already has the cash on hand and is ready to make the purchase immediately.
Short Term Financing, Long-Term Benefits
Bridge loans are secured by your current mortgage. Terms can range from 6 to 12 months. They give you the flexibility to buy in areas where homes may be selling quickly, securing your future house when it’s available instead of when your own house sells.
We can walk you through the unique benefits of this type of lending for your specific circumstance and find out if it’s a good fit for you. We can also help you with the mortgage on your new home so you don’t have to juggle multiple lenders.
Get A Bridge Loan Today
Blackmon Home Loans can help you secure a bridge loan to help make your home purchase less stressful. Contact our mortgage brokers in Las Vegas today. We can help you get the money you need.