Updated almost 4 years ago on . Most recent reply
Bridge loan Question - New Primary Home
Hello
I will purchase new primary home (some downpayment I will use $$ from bridge loan) and once I finish the purchase, I am planning to sell current primary home and to pay off bridge loan.
Location: East Bay, CA
Current Home Price: 1.1M (Mortgage left: $640,000, Equity: around $400,000 after closing)
New Home Price Target: 1.4M
Current Available Down paymet Cash: $200,000
Bridge Loan Amount: $170,000 ~ 270,000 (For 20-30%down payment)
I am currently checking with mortgage lender(Wells Fargo) for Primary 30yr fixed mortgage (around3.0%) but haven't check bridge loan.
If I want to use bridge loan, does the primary lender (Wells Fargo) has option for bridge loan? Or I will need to check separate mortgage lender who is specialized bridge loan? Can someone advice if anyone has insight?