Below you will find the most frequently asked questions about real estate financing.
Click on the big + button to view the answer.
What is a bridge loan?
This short-term financing option can help you bridge the gap between buying a new home and selling your old one. It enables you to tap into your existing home equity before you’ve sold.
However, there are some issues to consider before you apply for a bridge loan:
👉 The interest rates and fees are usually higher than typical home loans.
👉 The equity from your current home will be used to secure the loan.
👉 The credit requirements are often greater for bridge loans than for standard financing.
If you think you may need to “bridge the gap” between buying a new home and selling your current one, give us a call. We can discuss your options and refer you to a lender who can help.
📲 865-364-0200
📩 Libby@guthriegrouphomes.com
Conventional sale: When the property is owned outright and has no mortgage.
Conventional sales are often smoother transactions than those that require financing as there is no dependence on the buyer receiving a loan to purchase the property.
