When looking to buy a new home, it can be a pain to wait for your home to be sold before moving in. A bridge loan allows you to move into the new home while still being able to manage the other you still own. The equity from the previous home can be used as a down payment on the new home, with an interest rate determined by property value. There are plenty of reasons for choosing to go with a Chicago mortgage bridge loan.



The Different Purposes of Bridge Loans

A bridge loan is a great way to secure a new property, since it essentially ties together two assets with short term financing. Chicago residents can greatly benefit from a bridge loan for many reasons:

Moving into a new home when the current home hasn’t managed to sell

Using equity from the existing home to help finance the new one

Allowing you to finance both homes until the one you’re leaving has sold

If “contingency free” approval is needed by a builder

Preventing you from sacrificing other assets when a down payment is needed right away

The Advantages

With Chicago bridge loans, as a borrower you can make it so the profits gained from the selling of your old home are used to cover most or all of the down payment on the new property, making your move that much easier.

Another advantage is that unlike fixed rate mortgages, short term financing in Chicago will keep you from having to spend more money on high payments in the long term. This is because payment can be recast on the new home’s mortgage.

Find Out if It’s Right For You

A professional can help determine whether or not you qualify for a mortgage bridge loan in Chicago, and if you do you can get started right away in living in the new home while still taking ownership of your other home. Once the old property is sold, you can pay off the loan quickly, typically much more so with a private lender than you would with a bank. It’s a great way to make money as down payment when normally you might struggle to meet the guidelines for the new home.

If you believe you can pay off the new long term financial loans on the new home when you detach from the bridge loan and your old home, a mortgage bridge loan for Chicago residents can be the way to get you on the move without the hassle of waiting for your home to sell.


If you can make the move, why wait for your existing home to be sold when you can apply for a Chicago short term financingSelect Funding allows you to do just that, with a 60% loan-to-value with pre-qualification. Simply head over to click here to apply now.


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