If you are using the equity from the sale of your old home to complete the purchase of the new home, the only way to guarantee that the purchase will close is to have a bridge loan. The purchase of your old home may be delayed because of processing issues at the bank or because a courier is too busy. If you are relying on these funds and they do not arrive, you may not get possession of your new home as you will be unable to pay for it. Bridge financing prevents the stress of these delays.
Posted in: Real Estate FAQs