Who Offers Bridge Loans? Tips for Sellers Who Want to Buy, Then Sell
Discover who offers bridge loans and explore modern, seller-friendly alternatives like HomeLight’s Buy Before You Sell program to purchase before selling.
If you’re a homeowner ready to move, you may have good reasons for wanting to buy your next house before selling your current home. Perhaps your property isn’t selling as fast as you hoped, but you need to relocate. Or maybe you’ve found your dream house and want to make an offer before someone else takes it.
A bridge loan can help with this buy-sell timing conundrum. Bridge loans offer temporary financing that allows sellers like you to buy a new home before selling your old one. In this guide, we’ll explore who offers bridge loans, how they benefit sellers, and alternative solutions that can offer even greater flexibility.
Yes, You Can Buy Before You Sell. Why Move Twice?
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
Who offers bridge loans?
Bridge loans are offered by many different kinds of financial institutions, both large and small, national and local. Here’s where you might find one:
- Banks and credit unions: Many large banks and regional credit unions offer bridge loans.
- Mortgage lenders: Some lenders who offer traditional mortgages also provide bridge loans, depending on the product mix and state regulations.
- Private lenders: These lenders may offer more flexible terms and faster approvals, but tend to charge higher interest rates and fees.
The cost and approved amount of these loans will vary based on factors such as home equity levels and credit scores, debt-to-income ratios, and preexisting borrowing relationships.
