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Top 5 Reasons To Use A Bridge Loan

Posted on February 16, 2018 by Ray Williams (NMLS #216267).

So you want to sell your home in Denver this spring? But you are concerned. You live in Denver, one of the hottest real estate markets in the nation. There is a lack of inventory, and you don’t want to have to write an offer that is contingent of selling your existing home. So, what do you do? Do you list your home, in hopes your contingent offer is accepted? How will that fare given, others may not have a contingency? So you do nothing, or do you? Did you know you can obtain a bridge loan? No, not to build a bridge across the South Platte. So you can buy without a contingency, and even tap your equity from your existing home to use as a down on the next home (before your existing sells, yup). Here are the Top 5 Reasons To Use A Bridge Loan in Denver.

  1. You can buy before you sell your existing home– Many people want to do a few quick projects to maximize their sales price, but also find the perfect next house (and poof it is gone before yours is ready to sell).
  2. You can write an offer without a contingency to sell your existing home– This will make your offer much more appealing and give you a better shot of that offer being accepted
  3. You can tap equity from your existing home to use as a down on the next home you’ll move into–  That’s right take out that golden equity to use it as a down payment. Don’t take a 401K loan, or use your rainy day money to make the down payment. Keep your 401K balance working for you!
  4. You won’t have two mortgage payments– Correct friend. There is no payment on your existing mortgage, because it has been bridged behind your new home, you even have 6 months to get your other home sold!
  5. You don’t have to qualify with both mortgage payments How the? Yes, this program has an option for you to qualify for just the new home loan payment.

As you can see there are some pretty cool reasons to think about the bridge loan when you look to sell your home and buy the next. So you ask, why doesn’t my agent/lender/friends/family talk about the Bridge Loan? Well, simply put, it is a proprietary loan program we offer, so unless they work with us, they likely don’t know it exists. Be the one who tells them you got a bridge loan, and that is how come you didn’t sell your house before buying the amazing home you just closed on! Call me with particulars, love to chat ~ Ray 303-779-0591 x101

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