Learn More About Bridge Loans and How They Can Support Your Home Purchase
What is a Bridge Loan?
A bridge loan from America’s Credit Union is a short-term loan that can help you bridge the financial gap when buying a home. Bridge loans are designed to help cover the time period between the purchase of the new home and the sale of your existing home, providing you with the confidence and security of having the funds to make the transition.
Applying for a Bridge Loan is Simple!
|Step 1||Apply OnlineOur online application is quick and easy. Select Home Equity Line of Credit, and simply provide your housing and income information to get started.|
|Step 2||Application ReviewalWe’ll verify your details, evaluate equity, and determine how much you may be eligible for.|
|Step 3||Get ApprovedOnce reviewed we’ll guide you through the closing process to ensure you are able to get into your dream home.|
Common Questions About Bridge Loans
A bridge loan is a short-term loan that is used to bridge the gap between the sale of a current property and the purchase of a new property. They often last between six months and a year, making them an ideal tool for homeowners who don’t want to wait until they’ve sold their previous home to purchase their new one.
Bridge loans are designed to provide you with the funds you need to buy a home while you’re still in the process of selling your existing home. With a bridge loan from America’s Credit Union, you can have the flexibility and security of knowing that you have the funds to purchase a new home before you sell the old one.
Bridge loans are suitable for borrowers who have sufficient equity in their current property and a high credit score. They are most commonly used by homeowners who are looking to purchase a new property before their current one is sold.
The amount borrowers can receive with a bridge loan depends on the value of their current home and the value of the home they plan on purchasing. Typically, the loan amount is limited to 80% of the value of the departing property, which provides enough money for the down payment on the new property.
At America’s Credit Union we offer our members competitive rates, flexible repayment terms, and low fees. We understand the value and importance of homeownership and aim to make the loan process as easy and stress-free as possible. Our knowledgeable loan officers are dedicated to assisting our members in finding a financing option that works best for them.
More Ways ACU Can Help With Your Financing
As well as bridge loans, America’s Credit Union offers our members a great range of products and services. Find out more about some of our other lending options.
Home Equity Loan
Once you reach a certain amount of equity on your home, you can access the funds for renovations, debt consolidation, and more.
Home Equity Line of Credit (HELOC)
A revolving line of credit lets you access cash to use however you like, whenever you need.
Whether you want to pay down debt, meet expenses, or take a deserved vacation, we’ve got you covered with a loan of between $500 and $25,000.
*APR = Annual Percentage Rate.
Please contact the Mortgage Department with any questions. Annual Percentage Rates, terms, and conditions offered are subject to change without notice. Limited to one to four family units. Property must be in the state of Washington, Oregon or Idaho. Property insurance required. Values based on current tax assessment or Automated Value. America’s Credit Union NMLS 449181. NCUA insured. Equal housing lender. Located at 1495 Wilmington Drive, DuPont, WA 98327.