Okay, let’s just say you own your home and you want to move: bigger house, smaller house, etc. Let’s also say you don’t have enough money set aside to buy your new place without selling your current home.
As you can imagine, it happens ALL the time. You can sell your house, move to a rental and then look for a new home. You can make an offer on a new home contingent on the sale of your current home. OR, in some cases, you can get a Bridge Loan.
A Bridge Loan can work when you have considerable equity in your home. It is essentially taking some of the equity out of your current home to be a down payment on the home you want to buy. In some cases, it is a great solution. If you have any interest in this, let me know, and I can give you the names of a few lenders that can explain your options so you can decide if this might be a good fit for your situation.