Read More about Building Your Dream Home with a Construction Loan
Designed to help remove the fear of passing on the perfect home due to financial reasons
A Bridge Loan’s name says it all: a short-term lending solution created to bridge the gap between the sale of your current home and the purchase of a new home. A Bridge Loan allows a homeowner to use the equity they’ve acquired in their current home to finance a down payment or mortgage on their new home. It can be especially helpful for buyers in competitive markets who need to act quickly on a new property while they prepare their current home for sale. With a shorter term and a fixed interest rate, monthly payments consist of interest only* until the borrower’s current home sells and the Bridge Loan is paid back in full. Compared to traditional home loans, Bridge Loans usually have a more rapid application, approval, and funding process.
Bridge Loans may be a good fit if you:
- Have equity in your current home
- Need short term financing with interest-only payments* until your home sells
- Want local, experienced mortgage lenders to guide you through the process
Ready to learn more about how a First American Bank Bridge Loan can provide much-needed peace of mind while moving between properties? Our team can walk you through eligibility, terms, and how a Bridge Loan fits into your overall home financing plan. Get in touch with one of our Illinois, Wisconsin, or Florida mortgage lenders today. Contact Cory Venditti at (630) 547-8982 or [email protected], or Melanie Jerz at (630) 547-8986 or [email protected].
Disclosures
Subject to credit approval. Standard rates apply. *Monthly payments of interest only will result in a balloon payment.
