Residential Bridge Financing
Need Equity from your Existing Home to purchase a New Home?
Get Approved in 24 hours!
Residential bridge loans are temporary in nature with maturities ranging from 30-120 days secured by the equity in your existing home to free up your cash to purchase a new home. Bridge loans help homebuyers win contracts by eliminating the need to offer contingent contracts. First Savings typically goes into second lien position to save you closing costs. With a residential bridge loan, monthly payments are interest only. In many cases, First Savings will not require an appraisal. We can approve your bridge loan in less than 24 hours and close in as little as 10 days. Bridge loans give you time to fix up your existing home to help you sell for top dollar.
How Does It Work?
Bridge loans are also an excellent choice for homeowners downsizing who have substantial equity in their homes. First Savings would provide a bridge loan to acquire the new home which would be paid off in full when the existing home is sold.
If you’re looking to move and need a Bridge Mortgage Loan from First Savings please call or schedule an appointment today! Contact us at 202-256-777.