Buy Your Next Home Without Having To Sell Yours!
Tom and Gisselle
Meet Tom and Gisselle. They have been living in their home for just over four years now. When they first moved in, they were parents to one child. And now, they are parents to two children with a third one on the way. They have quickly outgrown their current home.
Recently, they have been thinking about moving up to a larger home to accommodate their growing family.
They are thinking about selling their current home and use the net proceeds from the sale of their home to buy their new home.
There is a pressing issue. Because Tom is obsessively committed to his job, he asked Gisselle to take on the house hunting project. And that is exactly what she did. She has already identified the perfect home to accommodate all their family's needs. But...
Gisselle has found the perfect home and she is concerned that they need to act swiftly before another buyer makes an offer.
How can Tom and Gisselle move forward with an offer when they haven't sold their current home yet? They need to access the equity in their home which far exceeds what their home equity line can provide.
Tom and Gisselle are anxious about losing this home. They decide to call their Mortgage Advisor at USA Mortgage. They present the scenario and this was the response.
"I know you are feeling a little anxious. You want to sell your home now, but you're worried that you won't find a buyer in time. Or your home might end up sitting there for weeks with no offers.
What if I told you there was a way to buy your new dream home without having to sell your old one? USA Mortgage can help you with that. We offer bridge loans which allow current homeowners to buy a new home before they sell their old one. This way, you don't have to worry about missing out on the perfect house because of timing issues. Plus, our bridge loans come with competitive interest rates and no prepayment penalties so you can always stay ahead of the curve."
Tom and Gisselle are elated that they don't have to sell their home to buy their new dream home. They proceed with the process and successfully buy their new home with a USA Bridge Loan.
A "bridge loan" is a short term loan that uses equity from your current home to finance the purchase of your new home. Bridge loans empower you to purchase your new home while your current home is listed or pending sale!
How Do Bridge Loans Work?
A bridge loan is similar to any other mortgage. Your lender reviews your income, assets, debt, and current residence to determine whether you qualify for a loan. An appraiser then confirms your home’s worth.
Bridge loans are usually used by people who are in a tight spot or want to make a sudden change in their location. Bridge loans' interest rates, repayment periods, and loan application processes can vary significantly from one lender to another. There are several different types of financing vehicles available for people who want to refinance their mortgages. Lenders may charge different interest rates, and bridge loans may be structured differently. Some companies may require you to pay for their services upfront, while others may be set up so that you pay them back at different times.
There are several common reasons why people choose to get a residential bridge loan.
Benefits of a USA Mortgage Bridge Loan
Bridge loans are generally taken out when a borrower is looking to upgrade to a bigger home, and haven’t yet sold their current home.
Make An Offer Now
Make an offer that does not require you to sell your home first.
Preserve Your Investment Accounts
Avoid having to liquidate 401(k) or other investments
Favorable Lending Terms
An interest only 2nd mortgage to minimize your expenses + no prepayment penalties.
Three Simple Steps
Consult With A Mortgage Advisor
A USA Mortgage Advisor will review your scenario, and will develop a financing strategy to meet your goals.
Submit Your Application
Applying for a USA bridge loan is the same as applying for a traditional mortgage.
Get started below!
Close and Access Your Funds
Your new bridge loan will close prior to the new mortgage loan for your funds to be made available for the new purchase.
Are there any pre-payment penalties?
The USA Mortgage bridge loan does NOT have any pre-payment penalties.
How much equity can I access?
The maximum amount you may borrow is 85% of the appraised value which includes bothy our existing first mortgage and the bridge loan combined.
What credit score is required?
In order to qualify for a bridge loan you must have a minimum FICO credit score of 680.
How much time do I have to find a new home?
Once your bridge loan is funded you have between 90 days and up to a 12 months.
Still have questions?
We are here to help!