Our Bridge Loan Can Help You Get Into Your New Home
George Mason Mortgage’s Bridge Loan1 is temporary financing that enables a buyer to access the equity in their current home, prior to its sale, to help with the purchase of a new home. In today’s market, our bridge loan can be a reasonable down payment option on a new home and funds from this type of financing are secured on the existing property.
How Does a Bridge Loan Work?
- Gives you access to the equity in your current home
- Pays off any existing liens on your current property
- Allows you to pay only the interest on the bridge loan while making mortgage payments on the new home2
- Is paid off when your current property sells3
Benefits of a Bridge Loan
1. Bridge loans are available to borrowers who use George Mason Mortgage for the new home purchase loan or all cash purchase transactions. 2. Required to qualify independently for both payments. 3. Fulfillment of bridge loan terms dependent on equity available at sale of subject property.