The problem – We’re living in a low-inventory, high-demand real estate market. Sellers are afraid to put their home on the market before they know where they’re going. The chance of them not finding a home could be real.
The solution – Using a bridge loan product to purchase a home before you sell your current home gives you buying power using the equity in your current home by applying it to your new purchase. In a buyer’s market, sellers generally would not consider using a bridge loan product because the risk of selling their home in a timely manner is too great. But, this is actually the perfect market situation to leverage this type of loan product while taking on less risk.
Compass Bridge Loan Services is a unique solution to help bridge this gap between the home you have and the home you want. Learn more to see if this opportunity is right for you…
What Is a Bridge Loan?
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell. As long as you are selling your home with a Compass agent, you’ll have access to competitive rates and dedicated support as well as the exclusive option of getting up to six months of your bridge loan payments fronted.
Another unique feature of this program is you have the option to work with one of the preferred lenders selected by Compass. After months of research, Compass chose to partner with these lenders based on their competitive rates and dedicated service. If you’re already working with a lender though, that’s no problem! You can continue to work with your provider through this bridge loan program if that works best for you.
Is a Bridge Loan Right for Me?
There are a few questions you should ask yourself to determine if a bridge loan is the right option for your situation…
– Is your money tied up in the equity of your current home?
If yes, a bridge loan can help you secure funding to help transition to a new home – like aiding with a down payment and mortgage payments. Then, once your current home sells, you can use the proceeds to pay the bridge loan back.
– Do you need to move within a specific timeframe?
Are you relocating for a job? Or moving closer to family? If you need to move quickly, a bridge loan can provide the necessary freedom to move on your terms. You won’t have to wait for your current home to sell in order to move into your new home and begin getting settled.
– Does your home require renovations or other work?
Whether you’re using Compass Concierge
to increase your home’s value, or making other improvements on your own, you may prefer to be out of the house while construction is underway. Here’s where a bridge loan can help you move faster so you’re already in your new home while renovations are completed.
What Are the Next Steps?
If you feel a bridge loan is the right choice for you and your family, the first step is reaching out to Mike McCurry
, Compass Agent, for more information. Mike can walk you through each step of the process – from applying for a bridge loan to receiving the funds. He can also provide expert guidance on the process of selling your current home, to ensure you have the highest quality experience possible.
In a year of much uncertainty, our team at The Mike McCurry Group is proud to offer unique options like Compass Bridge Loan Services. We are here to support you and your family as you write the next chapter in your story and move into a new home. Let us help you get there, and together we can #MakeMeaningfulMoves!
Additional Bridge Loan Services information:
The lenders listed below have teams dedicated to responding to and supporting Compass clients, but there is no obligation to work with these lenders to secure a bridge loan that meets your needs.