If you’re trying to buy a home while also selling your current one, you are probably wondering, ‘Where am I going to live in between?’ Even with the best negotiating (and we’re good), the closing date of one home may not line up with the closing date of the other. Of course, even if they did line up, you would then only have a day or two to move your worldly possessions. Who wants that?
Enter bridge financing. Instead of placing all your things in storage for a week or a month, you may be able to get temporary financing that allows you to carry two homes—and two mortgages. This is a sanity saver for families who want to avoid ‘moving twice’ which, let’s face it, sounds like a nightmare. More details in my video below.
Of course, always consult your mortgage broker directly and well in advance of making an offer, to arrange for bridge financing.