Why Bridge Financing is a Great Way to Own Your Dream Home
Bridge financing is most commonly used by homeowners who need short-term financing between the sale of their current home and the closing of their new home. But many homeowners are discovering that bridge loans can also be cost-effective way to turn their new property into the home of their dreams. Here, we'll look at what bridge financing is and how it can help you own your dream home, today.
What is Bridge Financing?
In the past, homeowners who were selling their home had to have their closing date match that of the home they purchased. This has always made moving day particularly stressful, as everything had to be done within a day. Today, many banks, credit unions, and other prime lenders offer bridge loans to homeowners whose closing dates don't match. As such, bridge loans have become an increasingly popular way to take possession of and move into a home over a period of a few days or even a few weeks.
How Bridge Financing Can Help You Buy Your Dream Home
Bridge financing can be a great tool for homeowners who need the proceeds from the sale of their current home to pay for renovations on their new home while it's unoccupied. It is also a cost-effective way to finance the remodelling of your new property; while interest rates vary, they are generally Prime plus 2.00 percent (the current prime rate is 3 percent). If you plan to complete large renovation jobs, such as kitchen and bathroom remodelling, a bridge loan can save you a great deal of stress while also saving you some money.
Apply for Today
Bridge financing is a great way to get into the home of your dreams while maybe even saving a little money. Contact us today at our Edmonton office for more information about how bridge financing loans can help you own your ideal home.
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