When it comes to buying a new home, timing is everything—but what happens if you find your dream home before selling your current one? This is where a bridge loan can be a game changer.

In a recent conversation, Mike Love of Great Move Realty and Mike Bernhart from Armor Mortgage discussed the ins and outs of bridge loans. A bridge loan is a short-term financing option that allows you to buy a new property while still owning your current home. Essentially, it "bridges" the financial gap until you can sell your existing property.

Here’s how it works:

• Access to Funds: With a bridge loan, you can tap into the equity of your current home to finance the down payment on your new one.

• Flexible Terms: Most bridge loans are structured for 6-12 months, giving you time to sell your home without rushing.

• Avoid Selling Pressure: This option allows you to secure your new home without feeling the pressure to sell quickly or settle for less.

Mike and Mike emphasized that bridge loans are ideal for homeowners who have significant equity in their current property but don't want to miss out on purchasing their next home. However, like any financial tool, it’s important to understand the terms and consult with a mortgage professional to see if it’s right for you.

If you're considering a move and want to explore bridge loan options, reach out to Great Move Realty or Armor Mortgage for expert guidance.