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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Bridge loans???
Anyone know anything about bridge loans? We have an offer in on a house, and there is another somewhat higher offer. Those people have a contingency that they sell their house first. We said the same thing, but they said since our offer is lower, they would go with us if we get a bridge loan so they don't have to wait until we sell our house to close.
Seems risky to me - I don't know if we could afford to pay three loans at once if our house doesn't sell.
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Posted 7/12/06 8:15 PM  |
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Freddie
LIF Adult
Member since 3/06 1162 total posts
Name:
Freddie
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Re: Bridge loans???
I asked my agent about these when we were selling and buying. It seems they don't exist anymore. We came up with another down payment and sold out house 2 weeks after buying - so no double mortgage), but the people we bought from took out a HEL/HELOC before they listed and used that as their down payment for their new house.
good luck
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| Posted 7/13/06 10:02 AM |
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monkeybride
My Everything
Member since 5/05 20541 total posts
Name:
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Re: Bridge loans???
Posted by Ricki
I asked my agent about these when we were selling and buying. It seems they don't exist anymore. We came up with another down payment and sold out house 2 weeks after buying - so no double mortgage), but the people we bought from took out a HEL/HELOC before they listed and used that as their down payment for their new house.
good luck
Same here. We're taking out a second on our new house unless this house sells before we close because we can't pull our equity out of this house unless it sells in time.
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| Posted 7/13/06 11:19 AM |
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