Specialty Loan Products
These loans act as a “bridge” between your old home and your new home. Most buyers will need to use the equity from the sale of their existing home to purchase a new home. A bridge loan can help buyers access their equity before they sell their current home. A bridge loan as a short term, typically 6 months, interest only and is paid off as soon as the current home is sold.
This is the type of loan used when you are building your house. This is a short-term interest only loan. It works a little different than a standard mortgage because the house is yet to be built. You will need to have your contractor and plans ready. The lender can then review the proposal and determine if the finished home will have enough value to secure the loan. You will need to a home loan after construction is completed.