Compass has announced the newest addition to their suite of services exclusive to Compass clients.
The new Bridge Loan Services Program will provide purchasing power for homesellers looking to buy their next home before selling their existing one. Here's how it works.
What's a Bridge Loan?
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
After months of research, Compass has selected lenders that are offering competitive rates and dedicated service for Compass clients. Already working with a lender you love? No problem. This unique solution lets you choose the provider that works best for you.
No out-of-pocket costs. Work with The Bushari Team to sell your current home and get up to six months of your bridge loan payments and other associated costs fronted - an exclusive offering for Compass clients.
Does a Bridge Loan Make Sense for You?
• Is your money tied up in your current home? If you need to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home - such as for a down payment or mortgage payments.
Once your current home sells, you'll use the proceeds to pay the bridge loan back.
• Do you need to move within a specific timeline? If you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
• Does your home require renovations or other work? Whether you're using Compass Concierge to increase your home's value, or are making improvements on your own, it may be easier to have construction work done when you're out of the house.
A bridge loan can help you move faster so you're out of the house while those improvements are being completed.
How it Works
1. Sign an Exclusive Listing Agreement with The Bushari Team to sell your current home - while you work with us to find your next dream home.
2. Apply and get approved for a bridge loan with the lender of your choice.
3. Ask us about getting the first 6 months of your bridge loan payments fronted.
4. Move into your new home while we sell your current home.
5. When your old home sells, simply use the proceeds to pay back the bridge loan and any fronted monthly payments.
“We thought our former home would sell quickly. When it didn't, the bridge loan became the crucial piece that allowed us to close on the purchase of our new home. We were surprised at how quickly everything went through — it was a no-brainer.”
Next Step - Reach Out and Get Started!
Get started on bridging the gap between the home you have and the home you want. Reach out to us for more information.