After years of experience in the Kitchener-Waterloo real estate market, we’ve come across a lot of questions. This video is part of our Q&A video series answers common real estate questions.
Today we’re talking about bridge financing. Do you know what it is? Watch this quick video to find out.
What is Bridge Financing?
Bridge financing can come into play when you purchase a home and you’ve sold your other home first (no conditions), and the dates don’t quite line up.
Let say you want to get your new home a month early, or 2 weeks early. With bridge financing, the bank can advance you your down payment portion of what you need ahead of time.
They’ll bridge you money ahead of time before the home you’re in now closes.
You cannot bridge finance unless your current home is sold. Sometimes people think it means they can leverage bridge financing to buy a new home before their current home is sold. This is not the case.
Questions About Bridge Financing
If you have any questions about bridge financing and how it can fit into your unique scenario, we’re happy to help. Contact us today.