Selling a current home while trying to buy a new one can feel like a juggling act — and it doesn’t always go as planned. If you sell before you buy, you might scramble to find temporary housing. And if you buy before selling, there’s the issue of two mortgage payments.

This is where a bridge loan could help.

How Does a Bridge Loan Work?

A bridge loan is a short-term loan that “bridges the gap” between selling your current home and buying a new one.

Like many sellers, you might use the equity from a sold property as down payment on your new home. But the timing might not work in your favor. In this case, a bridge loan can give you access to cash before your current home is sold.

So instead of being stuck in limbo while your home sits on the market, you can use those funds to make a competitive offer on your next home, cover your down payment or handle moving costs.

Benefits of FirstBank’s Bridge Loan

FirstBank Mortgage offers a flexible bridge loan designed to help you buy your next home on your own timeline. Features of this loan include:

• Access up to $750,000 of the money tied up in your current home. That means you don’t have to wait for your house to sell before searching for the next one.

• Put as much as 50% toward the down payment on your new home. That gives you a leg up in a competitive market, especially if you’re trying to avoid a contingency offer.

• Get up to $35,000 to get your home ready to list (updates, fresh paint or staging). You can boost your home’s value without draining your savings too much.

• No mortgage payments on your current home for six months. Gives you time to settle into the new place without doubling up on housing costs.

Who Can Benefit from a Bridge Loan?

A bridge loan is ideal for homeowners who have equity but can’t wait for their home to sell before buying the next one.

Maybe you found your dream home but haven’t listed your current one yet. Or maybe you want to make a strong, non-contingent offer that stands out. A bridge loan helps you act quickly without the added stress of finding temporary housing or feeling stuck between two major transactions.

Ready to Make Your Move?

If you’re preparing to sell and want to make the transition to your next home as smooth as possible, a bridge loan could be the answer. Contact the mortgage experts at FirstBank Mortgage to see if