If you are selling one home and buying another in 2024, there is a good chance that bridge financing will come into play.
Because if the house your living in now (the sale property) is set to close AFTER you take possession/ close on your next home (the purchase property) – then how are you supposed to come up with the down payment for the purchase property?
We are assuming you need to sell your current home, to get the down payment for the new home. So for example, if your new/ purchase property closes on July 1, and your existing/ sale property closes on August 1 – where are you going to get the down payment so that you can close on July 1?
The answer? Bridge Financing.
Bridge Financing will lend you the DOWN PAYMENT on the new home so that you don’t have to wait for your sale property to close first.