Need equity from your existing home to1furchase a new home? Get approved in 24 hours!
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
- Monthly payments are interest only
- In many cases, The Busch Team of First Savings Mortgage 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
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 house is sold.