Life doesn’t always line up perfectly, especially when it comes to buying or selling a home. That’s where a bridge loan can make all the difference.
A bridge loan is a short-term loan designed to “bridge” the financial gap between selling your current home and purchasing a new one. It provides temporary financing, allowing you to access the equity in your current home so you can move forward with your new purchase without waiting for your old home to sell.
How a Bridge Loan Works
A bridge loan gives you the funds you need for your down payment or to purchase a new home before your current home sells. Once your existing property sells, you can use those proceeds to pay off the bridge loan.
It’s a convenient solution for home buyers who:
- Found their dream home before selling their current one
- Need to act quickly in a competitive real estate market
- Want to avoid making contingent offers on a new home
Benefits of a Bridge Loan
- Flexibility: Move into your new home without waiting for your current home to sell.
- Convenience: Avoid temporary housing or multiple moves.
- Peace of Mind: Purchase confidently knowing your financing is in place.
Why Choose a Community Bank for a Bridge Loan?
At Citizens Bank & Trust Co. we understand that timing is everything. As a community bank, our lending decisions are made locally by people who know you and your community. That means faster decisions, personal guidance and a loan designed with your needs in mind.
Our experienced lenders take the time to walk you through the process and ensure your bridge loan fits comfortably within your financial goals.
Let’s Make Your Move Smoother
If you’re ready to make your next move and want to learn more about how a bridge loan can help, contact one of our Personal Banking Officers today.
