Don't stress about different closing dates. In fact, take advantage of it.
Buying and selling a home most often means that at least three families’ needs must be considered when aligning important deal elements such as closing dates. The great news is that bridge financing gives you the flexibility to not worry about closing your sale and your purchase on the same day. In fact, you may want to get into your new home and do some work such as cleaning or renovations in order to get it prepared for your new life there.
Talk to us today about bridge financing and then relax and plan a less-stressful move.
Bridge Financing FAQs & Action Plan:
If the sale of your current home and the purchase of your new home don’t close on the same day, bridge financing is a temporary credit facility that helps you “bridge” the gap of time between the two closing dates.
If you’ve qualified for your mortgage, you’re qualified for bridge financing. The lenders will just need a bit more information, specific to the dates of when the deals will close and when the bridge financing will be paid in full.
That depends on the lender and the overall strength of your application. Most lenders have provisions for bridge financing between 30 and 60 days, but in some exceptional cases you may be able to arrange up to 120 days of bridge financing.
You actually don’t need to bother with this at all – it’s handled between your REVO team, your legal team and the lender. We take care of everything.
Almost all lenders do. If we’ve arranged a mortgage for you, then we can arrange bridge financing for you. If your mortgage isn’t with us yet and you’re looking for help with bridge financing, definitely still reach out right away.
READY TO GET STARTED?
We’re here to help and ready when you are.