Buy before selling with a bridge loan. Buying a new home when you have a home to sell can be complicated, both financially and logistically. A bridge loan can simplify the transition. Learn more in this video. The cross-collateralized bridge loan discussed in this article is available in Arizona, Idaho, Nevada, New Mexico, Oregon, Utah and Washington. But other bridge loans are available as well.

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00:00 - Introduction
00:20 - Why would I want a bridge loan?
00:34 - Option 1: List & hope timing lines up
00:52 - Option 2: Move to interim housing
01:04 - Option 3: Contingent offer
01:28 - The ideal: separate the sale & purchase
01:49 - Here is where Bridge loans come in
02:24 - Cross-collateralized loans
03:01 - An example of a cross-collateralized bridge loan
03:42 - Why is this desirable? Logistical simplicity
04:08 - Recast: lower your payment after selling your old home
04:31 - Cross-collateralized bridge loans are regional, just FYI
04:45 - Questions? Contact me using the link!

Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate, Inc.; NMLS #2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy

Branch address: 1300 S.E. Stark St. Suite 111, Portland, OR 97214; 503-799-3711
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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