House Buyer Tips: Why You Should Consider Bridge Loan In Calgary
By definition, bridge loans are temporary loans that can help you bridge the gap between the sales price of a new home and your new mortgage in the event that your home has not yet sold. The loan is often secured to your existing home. The funds from the loan are often used as a deposit or down payments for the new move-up home.
But why should you consider this type of loan? Well, one of the major reasons why the house buyers Calgary community is opting for bridge loans is the fact that it allows buyers to purchase new homes with a contingency to sell. In many home seller’s markets, a few sellers will accept contingency offer. If you are selling a home, therefore, this could mean that you will not be able to buy a home using any other means than without contingency.