Bridge loans aren’t exactly new, but here’s why they’re game-changing.
Today I’m joined by Eduardo Rodriguez of Fidelity Bank to talk about an important lending program that can help many home sellers-turned-buyers in this fast-paced, low-inventory market of ours: bridge loans. Most Realtors don’t know much—if anything—about the magic of bridge loans, but the flexibility they offer can unlock tons of opportunities. Given the lingering presence of COVID and the subsequent lockdowns, it’s still very difficult to show houses from a safety and convenience standpoint; a bridge loan enables you to qualify for, purchase, and then move into a new house before selling your current one as vacant, which means you won’t have to be bothered by showings.
Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message or use these timestamps to skip to topics that interest you most:
0:37 — Bridge loans are the perfect solution to some characteristic problems of today’s market
1:40 — Eduardo offers more background on how this lending program works
2:40 — How bridge loans enable you to leverage the equity in your current home
4:11 — Homes in the Triangle area appreciated significantly from fall 2019 to fall 2020
5:55 — The new 12-month loan is an interest-only loan that you’ll pay off with your proceeds
7:36 — Why the pace of our Triangle market decreases the risk of a bridge loan even further
8:08 — Wrapping up today’s topic
I hope you found this discussion helpful; if you have further questions about bridge loans or want more information regarding any other real estate topic, don’t hesitate to give me a call or send an email. I always look forward to hearing from you.
