How can you buy and sell a home at the same time? Jared Bahr is here to discuss the benefits of a bridge loan.
Today, I have a special guest with me: Jared Bahr of Arvest Bank. He’s here to give us some advice on bridge loans.
A lot of folks right now want to either upsize or downsize into another home, but they also have a home to sell. How can they buy and sell a home simultaneously?
Arvest Bank is one of the very few lenders that still offer a true bridge loan. Bridge loans allow you to pay off your existing loan, take cash out, and allow you to use that money for a down payment on your new home, all the while reducing your monthly payments so that you can afford to have two mortgages at once. Once you sell your existing house, then your loan is paid off and the bridge loan is gone.
It’s very important to make sure that you qualify for both mortgages. Even though you’re reducing your monthly mortgage payments, you still want to make sure that it’s in your best financial interest to use this product.
If you have questions about bridge loans or real estate in general, feel free to reach out to me by phone, text, email, or by visiting www.billandrhonda.com. We would be happy to help you!