Are you interested in obtaining a bridge loan to buy a new home before selling your current home? If so, that’s possibly a good option for buying a new home without waiting for your current home to sell.
Pro
A bridge loan is secured by your current home. The loan helps pay for your new home in case closing occurs before your current home sells. You just have to repay the loan once someone purchases your old home. Although this loan is perfect for some homeowners, there are things to consider.
Speak with a professional mortgage loan provider to determine if this type of loan is right for you. To learn more about bridge loans in Massachusetts residents can contact Harper Financial.
Con
The biggest concern most homeowners have about bridge loans is if they can handle two mortgages at once. You’ll still have to maintain mortgage payments on your old home until it sells. You’ll also have to pay the mortgage for your new home and interest on the loan.
The thought of paying two mortgages plus loan fees is stressful for some homeowners. If you think you’ll get stressed, then perhaps you should wait and sell your current home first.
Seek Professional Advice
Your best option is to discuss bridge loans with a qualified mortgage loan provider. A mortgage lender can discuss your situation in detail, and determine if a loan is a good idea. To discuss bridge loans Massachusetts residents can contact Harper Financial.
