Bridge Loans for Home Sale Timing in North Miami

In a competitive market like North Miami, homeowners often face a classic dilemma: they find their dream home before they've sold their current one. Making a contingent offer (one that depends on your current home selling) is often a non-starter for sellers. This creates a need for a financial "bridge" to secure the new property.

When faced with this timing issue, homeowners have three main options:

• Get a Bridge Loan: A short-term loan that leverages your current home's equity, allowing you to make a strong, non-contingent offer on the new home.
• Sell First, Then Buy: Sell your current home and either move into temporary housing or negotiate a "rent-back" agreement with the new owners while you search for your next home. This is the safest but least convenient option.
• Access Equity Differently: Use a HELOC or personal loan for the down payment on the new house, which may have lower fees than a bridge loan but can be harder to qualify for while carrying an existing mortgage.

A bridge loan is a short-term financing tool secured by your existing North Miami property. It provides immediate cash that can be used to purchase your next home, removing the need for a home sale contingency in your offer.

Once your original home sells, you use the proceeds to pay off the bridge loan. These loans typically have higher interest rates and fees than traditional mortgages and are intended to be paid back quickly (usually within 6 to 12 months).

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