Bridge Loans/Short-term financing - My CCNB

Bridge Loans/Short-term financing

Bridge loans and short-term loans (12 months or less) allow buyers to purchase property while waiting on funds from other sources, such as the sale of other property, which will eventually pay the loan off. Both loans are typically interest only to lessen the payment burden and may or may not involve also taking a lien on a property listed for sale. These options are only utilized when the borrower has a clear, defined strategy to pay off the loan within 12 months.

 

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Here are some additional resources especially for first-time home buyers:
• The Mortgage Process
• Tips for first time home buyer
• Tips Every Home Buyer Should Know

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