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Updated about 1 year ago on . Most recent reply
Best “bridge” loan option under $100k?
We are looking to buy a new primary but want to do so without selling our current primary first. This would require an additional sum of $60-100k for 6-7 months. We have no debt but don't want to set up a HELOC or mortgage just for that sum.
What is the best product for this? Seller has opted not to do any seller financing, so that option was a dead end.
Thanks!
Most Popular Reply
I actually stopped in my bank today and asked them what they had for this scenario. I was pleasantly surprised to find they can give me a sub $100k heloc for just $400 origination, $75 per year after the first year, prime plus 1%, and it only requires a “desktop appraisal” which involves looking at our home online and pulling the deed. And of course the requisite credit inquiry and asset questions.
Not a bad setup, and I guess I solved my own question, but I’ll leave this here for the next person wondering the same.