Introduction

You’re looking for your next house in California but too much of your equity is tied up in your existing home. We see this problem all the time. On paper you have the assets to put toward a down payment on a bigger and better home. But in the real world you’d need to sell your first house to free up your equity, move into an apartment, shop for a home that’s available, miss out on any options that were there while you were selling, and go through the hassle of moving multiple times just to move from one home to the next. If only there were a better way to go through this process…

The Problem

This scenario happens for so many homebuyers we work with in Marin County and all over California when they’re moving up to a bigger and better home. You don’t have the cash on hand for a down payment, but the home you want is sitting there just out of reach. Or maybe you have an opportunity to buy a house but you’re not going to be able to sell your home to close in time without selling it for under what it’s worth. So how do we solve this problem?

The Solution

Enter California and Marin County Bridge Loans, your best way to transition from one home to the next without having to sell too quickly, reduce the listing price on your first home, or move into an apartment in the interim. Think of it this way: a Bridge Loan in Marin Country or California more broadly is a short term loan that you use temporarily to move from House A to House B before you’ve sold House B! 

Benefits of Bridge Loans

Regular mortgages don’t solve timing challenges and always require a down payment and income verification. They can take anywhere from 21-30 days to close which can be a huge dealbreaker whenever you’re trying to move from one place to the next. Bridge loans in Marin Country or California as a whole offer the short-term flexibility that you need when you need to transition fast. It also helps you as the seller to sell on your own terms. It helps you as the buyer to have more buying power. And it empowers the lender and agent you work with to negotiate better than they’d be able to if they were limited to conventional financing options.

Conclusion

Are Bridge Loans the only solution to buying your next home in California? No! But if you’re looking to move from one home to the next without having to sell for less, have no down payment, or move into an apartment, a Bridge Loan is probably the best move for you!