Bridge Financing assists clients with the sale and purchase of their residence when the purchase date of your new home closes before the closing date of your current residence, a bridge loan will provide you with short-term assistance to help you with the purchase of your new residence.
Bridge Financing will also incur an additional legal fee. Typically bridge financing is setup to a period of up to 90 days.
One thing to keep in mind is lenders will not offer bridge financing to clients who have not committed to obtaining financing from them in the form of a mortgage product. Also keep in mind that not all lenders offer bridge financing so be prepared to have this discussion with a mortgage broker should you possibly need bridge financing.
If you have any questions about mortgage bridge financing, please feel free to contact me by any of the methods below: