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Bridge Loans
Buy Before You Sell – Buy, Move, Then Sell!
Use funds from the equity of your current house toward the purchase of the new home, without selling first
The Buy Before You Sell Bridge Loan provided by Millennial Home Loans can be the difference between having your Clients offer accepted or having to deliver the bad news that the seller went with another offer. With the Buy Before You Sell Bridge Loan your home sellers can open the equity, up to $2,000,000, in their current home prior to selling their existing property allowing them to make non-contingent offers on their next home purchase.
The benefits to you and your Clients include:
- Non-contingent offer capability:Â Your Clients can submit a non-contingent offer on their new home, particularly advantageous in competitive bidding situations
- Streamlined single move process:Â By transitioning directly from their old residence to the new one, your Clients can avoid the inconvenience and expense of relocating twice
- Departing residence preparation opportunity:Â Your Clients can vacate and prepare their old home for sale, potentially enhancing its market value.
- Potential payment flexibility:Â Your Clients can avoid having to pay two mortgages simultaneously be escrowing up to three mortgage payments during the loan period, thus alleviating their financial burden.
- Greater purchasing power:Â Your Clients can remove the monthly mortgage payment obligation of their current home from their debt-to-income ratio when making an offer on a new property, allowing greater purchasing power
- Your listing, your Client: You will be able to list your Clients home up to 210 days after your Client settles on their new home
- Quick pre-qualifications in as little as 24 hours: You and the Loan Officer will submit your Client’s departing residence for approval and confirm how much equity your Client can unlock from their current home with no fee or commitment
These combined advantages establish the Buy Before You Sell Bridge Loan as a practical and convenient financing solution for today’s buyers in need of immediate liquidity prior to the sale of their existing property.
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Make sure your Listing Presentation includes the benefits of the Buy Before You Sell Bridge Loan.
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Millennial Home Loans, LLC does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. This is not a commitment to lend. All loans are subject to credit and property approval.
