{"id":47648,"date":"2021-01-28T10:07:37","date_gmt":"2021-01-28T18:07:37","guid":{"rendered":"https:\/\/www.credible.com\/blog\/?p=47648"},"modified":"2023-02-14T15:11:15","modified_gmt":"2023-02-14T23:11:15","slug":"what-are-bridge-loans-and-are-they-right-for-you","status":"publish","type":"post","link":"https:\/\/www.credible.com\/blog\/mortgages\/bridge-loans\/","title":{"rendered":"What Are Bridge Loans, and Are They Right for You?"},"content":{"rendered":"<p>Bridge loans can help you finance the down payment for a new home when you haven\u2019t sold your current home yet and don\u2019t have enough cash.<\/p>\n<p>With a bridge loan, you won\u2019t have to make a purchase offer contingent on selling your home. You\u2019ll also avoid having to sell, move, buy, then move again. However, these conveniences come at a cost.<\/p>\n<p><b>Here\u2019s what you need to know about bridge loans:<\/b><\/p>\n<ul>\n<li><a href=\"#what-bridge-loan\">What is a bridge loan?<\/a><\/li>\n<li><a href=\"#use-bridge-loan\">How to use a bridge loan<\/a><\/li>\n<li><a href=\"#qualifying-bridge-loan\">Qualifying for a bridge loan<\/a><\/li>\n<li><a href=\"#pros-cons-bridge-loans\">Pros and cons of bridge loans<\/a><\/li>\n<li><a href=\"#get-bridge-loan\">Should you get a bridge loan?<\/a><\/li>\n<li><a href=\"#alternatives-bridge-loan\">Alternatives to bridge loans<\/a><\/li>\n<\/ul>\n<p><a name=\"what-bridge-loan\"><\/a><\/p>\n<h2>What is a bridge loan?<\/h2>\n<p>A bridge loan, sometimes called a swing loan or interim financing, helps you secure short-term financing to purchase a new home while you wait for your current home to sell.<\/p>\n<p>Bridge loans give you more flexibility when shopping for a new home. If you qualify for the loan, you won\u2019t have to sell your current home before you can buy your next home.<\/p>\n<p>After securing a bridge loan, you\u2019ll make interest-only payments for a short period of time \u2014 usually six to 12 months, though it\u2019ll depend on your lender \u2014 then repay all the principal when you sell your home or at the end of your loan term.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>How much can you borrow? <\/b>A bridge loan typically allows you to borrow up to 80% of your home\u2019s value.<\/p>\n<p>With some lenders, you might be able to borrow as much as 90%. <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-closing-costs\/\">Closing costs<\/a> are similar to those for other home loans.<\/div><\/div>\n<a name=\"use-bridge-loan\"><\/a><\/p>\n<h2>How to use a bridge loan<\/h2>\n<p>There are two common ways to structure a bridge loan:<\/p>\n<h3>To pay off your current mortgage<\/h3>\n<p>Let\u2019s say your current home is worth $400,000 and your <a href=\"https:\/\/www.credible.com\/mortgage\">mortgage<\/a> balance is $80,000. Like a home equity loan, you\u2019ll need to retain 20% equity in the home when you get a bridge loan.<\/p>\n<p>In this example, you could borrow up to $320,000, which you can use to pay off your $80,000 mortgage. That\u2019ll leave you with $240,000 to put toward the <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-much-down-payment\/\">down payment<\/a> of your next home, minus a few thousand for the closing costs of your bridge loan.<\/p>\n<h3>As a second mortgage<\/h3>\n<p>Again, let\u2019s say your current home is worth $400,000, your mortgage balance is $80,000, and you secure a bridge loan for 80% of your home\u2019s value ($320,000).<\/p>\n<p>You continue to pay your $80,000 mortgage, but now you have $320,000 to put toward your next home, minus closing costs.<\/p>\n<p>If you\u2019re downsizing, the bridge loan might be enough to cover the cost of your new home outright.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Keep in mind:<\/b> If you use a bridge loan as a second mortgage and you need another loan to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/how-to-buy-a-house\/\">buy your new home<\/a>, you\u2019ll be making three loan payments every month until your home sells.<\/div><\/div>\n<a name=\"qualifying-bridge-loan\"><\/a><\/p>\n<h2>Qualifying for a bridge loan<\/h2>\n<p>Compared to qualifying for a first mortgage on a primary residence, it can be tricky to qualify for a bridge loan.<\/p>\n<p>Unless your current home is already in escrow, you\u2019ll need to show the lender that you can pay for the mortgage on your existing home, the mortgage on your new home, and the bridge loan.<\/p>\n<p>That means you\u2019ll need a lot of income to manage all that debt, as well as a good <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/credit-score-for-home-loan\/\">credit score<\/a>.<\/p>\n<p>Unlike a <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/conventional-loan-requirements\/\">conventional loan<\/a> or government-backed mortgage, however, there aren&#8217;t detailed guidelines lenders must follow to determine who qualifies for a bridge loan and who doesn&#8217;t. It\u2019s up to the lender to decide.<\/p>\n<p><b><i>Find Out: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/dti-for-mortgage\/\"><b><i>How Your Debt to Income Ratio Can Affect Your Mortgage<\/i><\/b><\/a><br \/>\n<a name=\"pros-cons-bridge-loans\"><\/a><\/p>\n<h2>Pros and cons of bridge loans<\/h2>\n<p>Bridge loans give homeowners more options when they\u2019re ready to move. But they aren\u2019t as easy to find as other home loans.<\/p>\n<h3>Pros<\/h3>\n<ul>\n<li><b>They allow you to make an offer without a sale contingency.<\/b> In a seller\u2019s market, you might be competing with other buyers for the same home. If you can offer a faster closing \u2014 one that isn\u2019t <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/loan-contingencies\/\">contingent<\/a> on you selling your home first \u2014 sellers will be more likely to accept your offer.<\/li>\n<li><b>They prevent you from having to move twice.<\/b> Packing and moving means major upheaval in your life. It also costs money, from lost work time and moving expenses to rental deposits and storage fees.<\/li>\n<li><b>They can help you avoid PMI.<\/b> The money from a bridge loan can allow you to put 20% down on your next home. That means you won\u2019t have to pay for private mortgage insurance.<\/li>\n<li><b>They give you more time to find the right home.<\/b> If you want to sell your current home first to get the cash for your next home \u2014 but you don\u2019t want to move twice \u2014 your options will be limited to whatever\u2019s on the market in the short window before the new buyer wants to move in.<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li><b>They\u2019re not a last-minute solution.<\/b> Some lenders can close in a week or two. Others require a more traditional 30 to 45 days. If you think you might want to use a bridge loan, arrange your financing in advance.<\/li>\n<li><b>Interest rates on bridge loans can be high.<\/b> You might be able to get a low interest rate, similar to one on a conventional mortgage. But rates for bridge loans can also be very high, with some exceeding 9% at certain lenders.<\/li>\n<li><b>They can be harder to qualify for. <\/b>You\u2019ll need to show that you can make an additional monthly payment on top of your existing obligations and your new mortgage.<\/li>\n<li><b>You could risk foreclosure.<\/b> Since your home is the collateral for a bridge loan, you could lose your home to <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/what-is-foreclosure\/\">foreclosure<\/a> if you become unable to repay it. However, you might be able to renew your bridge loan, at an additional cost, if your home hasn\u2019t sold by the end of the loan term.<\/li>\n<\/ul>\n<p><b><i>Learn More: <\/i><\/b><\/p>\n<ul>\n<li><a href=\"https:\/\/www.credible.com\/blog\/mortgages\/mortgage-rate\/\"><b><i>What Is a Mortgage Rate and How Do They Work?<\/i><\/b><\/a><br \/>\n<a name=\"get-bridge-loan\"><\/a><\/li>\n<li><em><strong><a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/moving-loans\/\">5 Moving Loans for Relocation Expenses<\/a><\/strong><\/em><\/li>\n<\/ul>\n<h2>Should you get a bridge loan?<\/h2>\n<p>Anyone who has strong finances and wants the flexibility to buy their next home before selling their current one is a candidate for a bridge loan.<\/p>\n<p>If you need to quickly relocate or you want to renovate your new home while living in your old one, you might also benefit from a bridge loan.<\/p>\n<div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><b>Tip: <\/b>You might be able to keep your interest rate down by getting your bridge loan and new mortgage from the same lender.<\/p>\n<p>Some bridge lenders even require you to get the mortgage for your new home from them.<\/div><\/div>\n<p>While Credible doesn\u2019t offer bridge loans, you can use our platform to compare our partner lenders. It\u2019s free and only takes a few minutes.<\/p>\n<p><div class=\"basic-box\" style=\"border: 1px solid #E2E4E6;\"><div class=\"basic-box__inside\"><\/p>\n<h3><span style=\"font-size: x-large;\"><strong>Credible makes finding a mortgage easy<\/strong><\/span><\/h3>\n<h6 class=\"accent--isGrayLight\">Compare prequalified mortgage rates from top lenders in just 3 minutes.<\/h6>\n<ul class=\"list--iconArrow accent--isGreen list--iconCheckmarkSolidCircle\">\n<li>Personalized rates, not generic<\/li>\n<li>One simple, safe TLS-encrypted form<\/li>\n<li>No spam calls from lenders<\/li>\n<li>Checking rates is free, with no commitment<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><a class=\"btn btn-warning\" href=\"https:\/\/www.credible.com\/mortgage\/form\/property-stage?utm_source=wp-credible&amp;utm_medium=mp-box-cta&amp;utm_campaign=seo\" target=\"_blank\" rel=\"noopener\">Find My Rate<\/a><br \/>\n<!-- TrustBox widget - Micro Combo --><\/p>\n<div class=\"trustpilot-widget\" data-locale=\"en-US\" data-template-id=\"5419b6ffb0d04a076446a9af\" data-businessunit-id=\"5536ec090000ff00057eebe7\" data-style-height=\"20px\" data-style-width=\"100%\" data-theme=\"light\"><a href=\"https:\/\/www.trustpilot.com\/review\/www.credible.com\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpilot<\/a><\/div>\n<p><!-- End TrustBox widget --><\/p>\n<p><\/div><\/div><\/p>\n\n<p><a name=\"alternatives-bridge-loan\"><\/a><\/p>\n<h2>Alternatives to bridge loans<\/h2>\n<p>Since bridge loans can be expensive and hard to qualify for \u2014 not to mention harder to find, as they\u2019re a specialty product \u2014 you might want to consider other options for funding a down payment.<\/p>\n<h3>Home equity line of credit<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best if: <\/b>You want to keep interest costs down<\/p>\n<p>A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/home-equity-line-of-credit\/\">home equity line of credit<\/a> can have lower closing costs than a bridge loan, and you\u2019ll only pay interest on the amount you need to borrow. Plus, HELOCs only require principal payments during the first few years.<\/p>\n<p>You\u2019re unlikely to be approved for one once your home is listed for sale, so this strategy requires advance planning. Some lenders specifically prohibit using a HELOC as a bridge loan.<\/p>\n<h3>Piggyback loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best if: <\/b>You have enough cash to put 10% down on your new home<\/p>\n<p>A <a href=\"https:\/\/www.credible.com\/blog\/mortgages\/piggyback-loan\/\">piggyback loan<\/a>, or 80\/10\/10 loan, is a type of second mortgage that can cover 10% of the purchase price on your new home. Combined with a 10% down payment, you\u2019ll only need to borrow 80% of the purchase price on your primary mortgage, which lets you avoid PMI.<\/p>\n<p>If you want, you can pay off this loan when your current home sells. A piggyback loan usually has a higher rate than a first mortgage.<\/p>\n<h3>Personal loan<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best if: <\/b>You want to minimize fees<\/p>\n<p>Personal loans are unsecured, so they usually have higher interest rates than mortgages, and you might not be able to borrow as much.<\/p>\n<p>Since you\u2019ll have to pay both principal and interest, the monthly payment on a personal loan could also be higher than with a bridge loan or HELOC.<\/p>\n<p>However, personal loans don\u2019t come with all of the closing costs that mortgages or bridge loans do. Underwriting tends to be fast as well, and the repayment period will usually be several years.<\/p>\n<p><b><i>Keep Reading: <\/i><\/b><a href=\"https:\/\/www.credible.com\/blog\/personal-loan\/home-equity-loan-vs-personal-loan\/\"><b><i>Home Equity Loan vs. Personal Loan: Which Is Right for You?<\/i><\/b><\/a><\/p>\n<h3>Home trade-in<\/h3>\n<p class=\"featured-box featured-box--isBlue\"><b>Best if: <\/b>You want to minimize borrowing \u2014 and showing your home<\/p>\n<p>Several companies exist that will buy your home, then give you ample time to find a new place before you have to move.<\/p>\n<p>You might pay a convenience fee or earn less than market value if you sell your home this way, and the service might not be available in your area.<\/p>\n<p>Credible doesn\u2019t currently offer bridge loans, but we can help you compare our partner lenders in the table below.<\/p>\n<div id=\"purchase-rate-table\">\n  Loading widget - purchase-rate-table\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Bridge loans can help you finance the down payment for a new home when you haven\u2019t sold your current home yet and don\u2019t have enough cash. With a bridge loan, you won\u2019t have to make&hellip; <a class=\"more \" href=\"https:\/\/www.credible.com\/blog\/mortgages\/bridge-loans\/\">Continue reading<\/a><\/p>\n","protected":false},"author":106,"featured_media":47649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"inline_featured_image":false,"footnotes":""},"categories":[1463,1556],"tags":[1524,1521,1533],"class_list":["post-47648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages","category-what-to-do-before-making-home-offer","tag-mortgage-purchase","tag-mortgage-rates-sidebar","tag-mortgage-types","what-are-bridge-loans-and-are-they-right-for-you","post_tag-mortgage-purchase","post_tag-mortgage-rates-sidebar","post_tag-mortgage-types"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are Bridge Loans, and Are They Right for You? - Credible<\/title>\n<meta name=\"description\" content=\"A bridge loan could help you transition into a new home. 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