Youve lived in your home for some time and circumstances such as an expanding family mean you need a new one. This brings up the subject of bridge loans.
From Here to There
You have two basic options when you are considering selling one home to move to another. The first option is to sell your home, make sure it closes and then find a new one. This is by far the safest option.
The second option is to buy and sell at the same time. Typically, you try to close on your sale around the time you close on the purchase. Theoretically, this allows you to move seamlessly from one home to the next. This is an option rife with potential problems. What happens if there are problems with the sale of your home such as escrow issues or the buyer failing to get a loan? Suddenly, you are looking at being the owner of two homes. Disaster has struck since youre undoubtedly using proceeds from the sale of your old home to fund the new purchase. With no sale, you have no funds and sleepless nights follow.
Bridge loans are often touted as a solution for this problem. In theory, a lender will provide you with a loan to cover the gap in time between the sale and purchase...
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