If you need to buy before you sell, a bridge home equity line of credit (HELOC) can help you “bridge the gap” – allowing you to use the equity in your present home as collateral for borrowing money for your new home’s down payment.
5 Thinks to know about bridge HELOCs:
- They are secured by your current home.
- They give you a revolving “line of credit” that remains available to you for a specified time period for a single draw only.
- They have an adjustable interest rate that is applied to the outstanding balance.
- Application and underwriting processes are often faster than those for traditional loans.
- There are fees associate with opening a bridge HELOC.
With Bell’s Bridge HELOC, you do not need to draw the funds you need at the time of closing, but you can wait until you are ready to make the down payment on your new home.
When applying for a bridge HELOC, we generally need:
- Personal financial information about you
- Verification of your income from employment and other sources
- Outstanding balance of your current mortgage
- Estimated value of your home
Don’t let a tight housing market keep you from making an offer on your dream home. Let me show you how a bridge HELOC can help you achieve your homeownership dreams!
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Bob Merrill |
Excelsior Office
424 2nd Street | Excelsior, MN 55331
Super Mortgage Professional 2010-2022
*Condos require an additional 5% down. Other qualifying requirements and restrictions apply. No second mortgages allowed. Available in Ariz., Colo., Fla., Kan., Minn., Mo., N.D., N.M., Tenn., Wis.
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