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Financing in Wausau : Real Estate Advice

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Wed Jan 28, 2015
Tim Moore answered:
A bridge loan is a second loan that allows you to buy the home you want while trying to sell your current home. You are basically buying two homes so your credit and incomes vs debt have to be just right. You are bridging the gap between the new home and a single loan on it with the current loan as you try to sell your home. The down side is that if you don't sell your current home you will be making 2 payments on two homes. Often you can structure the bridge loan so that it does not kick in for 60 or 90 days giving you a chance to sell the current home but not loosing out on the new home by not offering a contingent offer that might get refused.

Speak to your loan officer for more details.
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