A bridge loan is a short-term loan designed to provide financing during a transitionary period – as in moving from one house to another. Homeowners faced with sudden transitions, such as having to.
A mortgage bridge loan is used by the buyer of a new home, usually prior to the sale of an existing home. The mortgage loan "bridges" the sale across the time needed to close the new home purchase. bridge loans are sometimes called swing loans.
In many cases, the lender that issues your bridge loan will insist that you use them for the mortgage on your new home, too. Pros of a Bridge Loan. A bridge loan can make it possible for you to break into a competitive real estate market or make a move quickly, without having to rent while you wait for your home sale to go through.
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What is a bridge loan? It’s a mortgage that allows you to purchase new property by using the home you currently own as collateral.
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Bridge loans for consumers are usually mortgages backed by an existing home. Most bridge loans have terms of 12 months or less. The balance of the loan has to be paid off (as a balloon payment) at the end of the term. Most borrowers pay off the loan by using money from selling their existing home.
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Because bridge loans are so common, all of the big banks – including TD, CIBC, Scotiabank, RBC and BMO – offer bridge financing to their mortgage customers. Some smaller lenders may not be able to offer you bridge financing though, so it’s always a good idea to discuss your options with your mortgage broker .
A bridge loan would provide the short-term funding required to purchase the new home quickly, buying you time to get your current home ready for sale. Ideally, you would move into your new home, sell your old property, then pay off the loan.