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Nobody wants to carry two mortgages on two homes at the same time. Sometimes, however, an overlap can occur between closing on a new home and closing on the old one. In this situation a bridge loan can overcome this problem and provide the money that will make everything move along  smoothly.

What to expect.
A bridge loan is a short-term loan for the amount of money needed to close on the new home for which the equity in your old home (and sometimes in your new one) serves as collateral. Various lenders charge different interest rates – often 1 or 2 percentage points above the bank's prime rate. 

Paid off when you close.
You pay the loan off when you close on your old home. At that time the bridge loan is normally replaced with a mortgage loan on the new house from the same lending institution.

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Steven Porter ABR
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Direct: 905-875-2582, Office: 905-338-9000
e-Mail: steven@stevenporter.ca

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