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Financing Your Home >Bridge Loans

What if you hear one day that the house you have coveted for years is on the market. Out of curiosity, you might call your real estate agent and arrange to see if the inside of your dream house is as terrific as the outside. It is, and you fall in love with the place. The sellers need a relatively fast settlement, and are not in a position to accept an offer that is contingent on selling your home before closing on the new one. While you are confident your house will sell fairly quickly, you cannot be sure in a fluctuating market.

A bridge loan might be your solution. Many lenders specialize in providing short term loans for just this type of situation. The principal and interest is paid back when you close the sale of your present house. If the market in your area is strong and there is a good possibility of selling your home quickly, or if you are willing to offer your home at a price that will make it attractive in a sluggish market, then a bridge loan is a tool that could make the home you love a real possibility. A good real estate agent and a knowledgeable loan officer are the team you need to work it out.

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Q	Into what category do forty-four percent of home buying households fall?
A	Forty-four percent of home-buying households are made up of married couples with dependents.
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The Jim Barr Real Estate Team, REALTOR®, real estate agent and broker for Peoria, Dunlap and Germantown Hills, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Jim Barr Real Estate Team
RE/MAX Unlimited
3622 N Knoxville
Peoria, IL 61603
309-657-9341
Fax: 309-687-4970
jimbarr@NUMBER1EXPERT.com

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