mortgage

What is a bridge loan?

 

What is a bridge loan?

The Bankrate.com financial term of the day is: "Bridge Loan"

Let's say you're ready to move, you've found a home you want to buy, but you still haven't sold your current residence. A bridge loan provides in-between financing in these situations. Your old home is used as collateral to close on the new one. Bridge loans are short-term -- typically running for six months.

A bridge loan helps you bridge the gap if you need to buy your next home while you're still hanging on to the last one.

To find a great rate on a home loan, visit the Mortgage section at Bankrate.com.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CAR & MONEY NEWSLETTER

Get cost-cutting tips for buying, selling and maintaining your wheels. Delivered monthly.

advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Cheap gas boosts holiday travel

With gas prices at the lowest they have been for Thanksgiving in five years, holiday travel this year will be up significantly, says AAA.  ... Read more


Connect with us