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A bridge loan helps a potential homebuyer who wants to buy a new home before selling their current home. Most homebuyers plan to use the proceeds from selling an existing home as a down payment for a new home. Therefore, they will include this stipulation in the purchase and sale agreement when submitting an offer as a home sale contingency. However, some Connecticut Homebuyers desperate to win the bidding war for the limited supply of homes are waving contingencies. A bridge loan can eliminate the need to waive the home sale contingency.<\/p>\n
At Mortgage Equity Partners-Glastonbury, our bridge loan program or Instant Equity Loan Program<\/a> allows homebuyers to purchase a new primary residence using the equity in their current home for the down payment and closing costs making their offer more competitive.<\/p>\n MEP’s Instant Equity program is a type of short-term financing that helps you “bridge\u201d the financial gap between the time it takes to sell your present home and buy a new one.<\/p>\n \u201cWe were able to get the funds for the down payment and closing costs using the MEP\u2019s Instant Equity\/Bridge Loan Program, and my borrowers finally got a home they loved after many months of searching! My borrowers were looking in Glastonbury, West Hartford, and Farmington, where the competition was fierce. However, using the Instant Equity\/Bridge Loan Program and waiving the home sale contingency, their offer became more competitive, and they got the house they wanted,” said Jennifer Barone, Mortgage Loan Officer located in the Glastonbury office.<\/p>\n MEP\u2019s Instant Equity\/Bridge Loan<\/a> uses your current home as collateral for a type of \u00a0“second mortgage” for the down payment and closing costs on a new home. A borrower will often pay the loan off quickly once their home sells with no prepayment penalties.<\/p>\n Positives:<\/strong><\/p>\n Negatives:<\/strong><\/p>\nHow does MEP’s Instant Equity\/Bridge Loan work?<\/h2>\n
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