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 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. 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.
Ready to learn more about how a First American Bank Bridge Loan can provide much-needed peace of mind while moving between properties? Get in touch with one of our Illinois, Wisconsin, or Florida mortgage lenders today.
Subject to credit approval. Standard rates apply. *Monthly payments of interest only will result in a balloon payment.