Bridge Loan?

[keyslover]

We are potentially selling our house if a good ones in our area comes on the market.  (We are all ready to sell because we were contingent on a house that fell through.)  Our relator is suggesting a bridge loan because they fell our house will sell ASAP.  The issue is- will one come available in our area?

So, what can you tell me about Bridge Loans?

[Susie]

You might find some of these posts from the last few months helpful:

pandce.proboards.com/thread/628416/update-house-buying-listed-current

pandce.proboards.com/thread/628310/payment-options

pandce.proboards.com/thread/627361/wwyd-payment-money

We recently bought before we sold, and none of the lenders we worked with offered bridge loans.  There are a few other options though to accomplish the goal.

[badgergrl]

We did a 401k loan as a bridge loan. It was $50 and we immediately returned the money.

[puppylove64]

I also used a 401k loan, but make sure it is ok with your mortgage broker. They have all sorts of crazy rules they have to follow and you don’t want to delay closing