Quote:
Originally Posted by Polar Bear
A bit off topic, but it was touched upon...
Has anybody used a "bridge loan" to facilitate a buy-home-first-then-sell-existing-home-after? No guarantees of course how quickly your home will sell, but the bridge loan is supposed to help you temporarily own two homes while you wait for your home to sell. It would surely be nice to leisurely shop for a house, act quickly when you find the right one, then sell your existing home even if it took a little while. It would certainly beat having to buy quickly after selling, or renting for a while or any similar scenario.
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Yes, we used a bridge loan when we sold our first home and built our second home. Closing on the first was delayed about a week, so the bridge loan was used to cover that period. Ended up paying just interest for those days used before the sale and purchase was completed.