Bridge Loans in Illinois, Iowa and Wisconsin
When trying to buy one home while attempting to sell another, timing is everything. The good news is … you have options.
As a community mortgage lender, we’ve built our reputation on responsible lending practices in the Quad Cities and Stateline regions. Our experienced mortgage lenders offer a hands-on approach to personally guide you through the home loan process. SENB team members are trained and prepared to provide you a “Smart. Easy. Notably Better.” banking experience, and you have our promise we will do everything we can to meet your unique financial challenges and optimize opportunities.
What is a bridge loan?
Bridge loans work exactly as you’d imagine: they bridge the financing gap between the home you have for sale and the new home you’d like to buy. A bridge loan provides short-term financing until you sell your old house and can pay off the bridge loan. This Bridge can allow you access to your current equity to use for down payment on your new home.
Benefits of a bridge loan:
- Flexibility. Give yourself time to move from your current home when you use a bridge loan you don’t have to move the same day as your buy.
- Make a more competitive offer when buying a home without having to make a contingent offer based on the sale of your current home.
- Use a bridge to avoid taking funds out of investments and avoid possible tax liability.
Bridge loans vs. conventional mortgages
The primary difference is that a bridge loan is intended to provide short-term financing. Interest rates on bridge loans are higher, so it wouldn’t make sense to use this type of real estate loan for long-term financing. A conventional mortgage provides long-term financing for your home at a fixed or variable rate that is lower than most other types of financing, including bridge loans.
Partner with SENB Bank for your bridge loan!
Together, we’ll find solutions that work for you. You’ll enjoy:
- Short-term financing and flexible options
- Competitive rates
- Local, Community decisions and a quick, easy application process
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