Introducing Loan Pronto’s Dream Home Bridge Loan
Planning to move? Our Dream Home Bridge Loan lets you use the value of your current home to buy a new one. This strategy lets you stand out in a competitive market by making a clean offer on the new house that’s not dependent on selling your old one first.
Let us help you bridge the gap! Here’s how it works.
what is a bridge loan and how does it work?
Imagine you’re transitioning, like moving homes or relocating for work, and need a quick solution. That’s where a bridge loan comes in. It’s a short-term financing option that helps cover the expenses of buying a new home, like the down payment or closing costs.
For homeowners aiming to buy a new house while their current one’s still unsold, bridge loans are a lifesaver. You use your current home’s value to make the down payment on the new one, buying time for your current home to sell. Typically, you can borrow up to 80 or 90 percent of your current home’s value.
When you apply for a bridge loan, your lender will check things like your income, debts, home value, and credit score. If you’re a good match, approval can be quicker than the usual mortgage route. With Loan Pronto, it can happen in just 5 days.
dream home bridge loan program highlights
Loan Pronto’s Dream Home Bridge Loan offers a range of advantages that can make your transition smoother and more lucrative:
- Utilize the loan for your primary residence, second home, investment, or rental property.
- Benefit from short-term financing that provides flexibility.
- Borrow up to 90% Loan-to-Value (LTV) on your current primary residence.
- Maximize the sales price of your current home.
- Gain a competitive edge in a seller’s market with a contingency-free offer.
- Experience a fast closing process, potentially sealing the deal in just 5 days.
- Enjoy the perk of no prepayment penalties, ensuring more financial freedom.
- Minimal paperwork required.
- In some cases, no appraisal necessary.
does a bridge loan make sense for you?
If you want to buy a new home quickly, even before selling your old one, a bridge loan could be a smart move. You can use the money from your current home to make a down payment on the new one and pay back the loan when you sell your old home. This makes the whole buying and selling process easier.
For a smoother home buying experience, check out Loan Pronto’s Dream Home Bridge Loan. And if that doesn’t quite fit your needs, remember that Loan Pronto has other options to help you make the most of your home’s equity.
Questions? Live chat with one of our loan consultants for personalized advice.