Beverly Hills luxury real estate | Erik Brown
Beverly Hills luxury real estate | Erik Brown
BRIDGE LOAN SERVICES
BRIDGE LOAN SERVICES
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
BRIDGE THE GAP BETWEEN THE HOME YOU HAVE & THE HOME YOU WANT
HOW IT WORKS
1: Inquire directly with a bridge loan lender, such as Better Mortgage or Freedom Mortgage, to see financing options and if you qualify.
2: Apply to get pre-approved for a bridge loan with the lender of your choice, while searching with your Compass agent for your next home.
3: If approved for a bridge loan, learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable, an independent lender.
4: If needed, use your approved bridge loan to strengthen your bid on a new home.
5: Move into your new home while your Compass agent works to sell your current home.
Use Compass Concierge home improvement services to sell your home faster and for more money.
6: When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance.
DOES A BRIDGE LOAN MAKE SENSE FOR YOU?
IS YOUR MONEY TIED UP IN THE EQUITY OF YOUR CURRENT HOME?
If you want to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you can use the proceeds to pay the bridge loan back.
DO YOU NEED TO MOVE WITHIN A SPECIFIC TIMEFRAME?
If you’re relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
WHO IS ELIGIBLE FOR THE BRIDGE LOAN ADVANCE?
Whether you’re using Compass Concierge to increase your home’s value, or are making improvements on your own, it may be easier to have construction work done when you’re out of the house. A bridge loan can help you move faster so you’re out of the house while those improvements are being completed.
How to find a lender offering bridge loans?
When looking for a mortgage, it’s important to find a company that specializes in mortgages above all else, and to find a lender that can address your unique home buying or refinancing needs, regardless of how unique your circumstances may be. We can help.
Freedom Mortgage
The Mark Maimon Team
855-MM-BRIDGE (855-662-7434) Bridgeloans@njlenders.com
Company NMLS #35286 Licensed In: CA, CO, CT, DC, DE, FL, GA, MA, MD, NC, NH, NJ, NY, OH, PA, RI, SC, TN, TX, VA, WA (more coming soon)
855-MM-BRIDGE (855-662-7434) Bridgeloans@njlenders.com
Company NMLS #35286 Licensed In: CA, CO, CT, DC, DE, FL, GA, MA, MD, NC, NH, NJ, NY, OH, PA, RI, SC, TN, TX, VA, WA (more coming soon)
