Also known as Bridge Financing, this represents a short-term loan required when the closing date of a sale of an existing home comes after the closing date of a planned purchase. In such a case, the buyer/seller requires funds to bridge the gap between these transactions. For most existing home owners who are moving to another location, the only way to avoid the need for bridge financing is to try to establish the same closing date for the sale of your existing home and the purchase of the new home.
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