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Bridge Loans


Bridge Loan Highlights

This loan program allows you to bridge the divide between your current home and your next home.

 

What is a bridge loan?

While loan terms vary by lender, generally bridge loans are short term financing used to pay off a homeowner’s current mortgage, freeing up the home’s equity for use toward down payment/closing costs on the homeowner’s next home, prior to the sale of the current home. When the current home is sold, the proceeds are used to pay off the bridge loan.

Why choose a bridge loan?

There are countless reasons why homeowners choose bridge loans - your dream home has come on the market for sale, you need to relocate for a new job, your family is about to outgrow your current bedroom count, you don’t have a temporary housing solution between selling and buying homes, etc. The common denominator among the myriad of reasons: the need to transition into the next home. They say timing is everything, but real estate opportunities and life transitions rarely come at a convenient time - bridge loans can span the transitional divide.

Why choose Leaders’ bridge loan?

While helping you transition to your new home, our bridge loans offer interest only payments on a fixed interest rate. Our bridge loans are typically for six (6) month terms with no prepayment penalty. Our bridge loan is intended to help members smoothly navigate this all too common homeownership predicament.


 

Contact Our Mortgage Champions

 

Apply Now

731.215.6678

35 Stonebridge Blvd | Jackson

homeloans@leaderscu.com