HOW TO BRIDGE A MORTGAGE

Clients frequently ask: “Can I purchase a new property before selling my current one?” The answer is yes, but it’s contingent upon several factors. These transactions involve “bridge loans.”

Bridge loans offer various closing options and differing transaction costs. Choosing the right program or lender depends on the borrower’s intentions and circumstances. Some buyers seek to purchase a new property, sell the old one, and then secure a smaller loan after paying off the bridge loan. Others prefer to retain the original property.

Qualification requirements vary; some loans necessitate income verification, while others rely solely on property equity. To navigate these complexities, it’s essential to work with a professional lender.

Recently, Pacific Bay Financial hosted Cari Anderson from Axos Bank at our Daly City office. She delivered an insightful presentation, which we recorded with her permission. A video excerpt is available at this link.

With any questions on the subject, please call me at (415) 225-7920. Or send me an email at [email protected].

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602