What is a Bridge Loan? Why should you use your equity up front to make sure your offer is accepted without first selling your home? A bridge loan is an advance of your equity…..remember when you asked your parents for your allowance before you did your chores because you desperately needed that money immediately for the video game, bike, ice cream truck or whatever it was!!! Well, a bridge load gives you that equity up front so you can make the offer on your next home purchase without first selling your current home. Why is this a good option – The seller of the home you want, may have multiple offers and frankly doesn’t want to wait for your home to sell. The other competing offers may not have a home sale contingency. Get the Bridge loan to make yourself more competitive against non-contingent offers. Does it cost more???? Of course it does – the lender will provide you with the figures…..it will cost a few more thousand dollars ($2k-$4k) but if you want that house, it’s a feasible option. It will also help you avoid selling your current home without knowing where you are going -imagine selling your current home and you don’t know where you are going because there isn’t a great replacement……..the money for moving twice, short term rental, that can far exceed the $2k-4$k cost. When you finally sell your current home, you can instruct the bank on how much your final Conventional 30 year fixed rate mortgage will be (you control the amount to be financed based on the down payment). Please send me your questions and comments……a bridge loan is not for everyone but it does provide some solutions…..and it’s important to pick a great lender. Wes Stearns,Associate Broker, Mo Wilson Properties – 13496 Minnieville Rd Woodbridge, VA 22192 (703) 675-2836 www.CALLWES.com / www.MOWilsonProperties.com