With A Bridge Mortgage, Arizona Buyers Can Move Before They Sell!

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With A Bridge Mortgage, Arizona Buyers Can Move Before They Sell!

Selling a home while you still live there is less than ideal and often leads to frustration and accepting a low ball offer just to get it over with. There is a better way. With a bridge mortgage, Arizona sellers can buy a new home before their current home sells. 

 
Moving is stressful. Between packing up all of your belongings, deciding on a new neighborhood, finding a new school for your kids, and finding your next dream home, you have a lot on your plate. Add in needing to sell your current home and many sellers find themselves completely overwhelmed. This can lead many to accept a lower offer for their home out of frustration or the need to move quickly. Rather than losing money, with a bridge mortgage, Arizona buyers and sellers can purchase a new home before their current home sells.
A bridge loan can help you make a down payment on your new home by giving you a short term loan for your down payment amount. A bridge mortgage Arizona is similar to a home equity loan in that it capitalizes on the equity built up in the home that you are selling. Unlike a home equity loan, you can take out a bridge loan on a home that you actively have on the market.

How A Bridge Mortgage Arizona Works

If a bridge mortgage sounds like a good option for you, it is important to understand how it works. If you are selling your home and still owe $200,000 on your mortgage but your home is worth $250,000 you can use a bridge loan to borrow against the equity in your home. This will allow you to make a down payment on a new home before you sell your current home. Once your home sells, you use the proceeds from the sale to pay off your bridge loan.

There are a few risks with a bridge mortgage Arizona borrowers need to be aware of. Since a bridge loan is a short term loan, you will pay a higher interest rate than you would on a home equity loan or traditional mortgage. You can minimize this risk by selling your home quickly and paying off your bridge loan before any interest comes due. You can work with your lender to determine a grace period that would be long enough to avoid accumulating interest.

A second consideration with a bridge mortgage is that they are financed through a private lender. Most banks will not loan money on a home that is actively listed for sale so a private lender is a better option. There are many, many reputable private lenders but there are some that are not. Do your homework, check reviews, and ask family and friends for recommendations. Finally, make sure that your lender has a licensed mortgage broker because you know that he will play by the rules and keep your money safe.

Finally, keep in mind that while a bridge mortgage is a great way to finance your down payment, you still will need to get a mortgage on the property. Since you will own both properties for at least a short time, you will need to be able to qualify for two mortgages.

Stop waiting for your home to sell. With a bridge mortgage, Arizona sellers can buy their dream home today!

A bridge mortgage can be a great way to purchase the home of your dreams today! Learn more and apply for your bridge loan so you can stop living in limbo.

 

Dennis Dahlberg Broker/RI/CEO/MLO

Level 4 Funding LLC
Arizona Tel:  (623) 582-4444 

Texas Tel:      (512) 516-1177 
dennis@level4funding.com
www.Level4Funding.com

NMLS 1057378 | AZMB 0923961 | MLO 1057378

23335 N 18th Drive Suite 120 | Phoenix | AZ | 85027

111 Congress Ave |Austin | Texas | 78701    






 
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About the author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true.
Dennis has been married to his wonderful wife for 38 years. They have 2 beautiful daughters 4 amazing grandchildren. Dennis has been an Arizona resident for the past 32 years.

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