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.