Bridge the Gap with a Bridge Loan

Make your next home purchase easier by taking advantage of the equity in your current home.

A Bridge Loan* is a short-term loan, typically less than a year, that “bridges” the gap between the purchase of your new home and the sale of your current home. This can be a big advantage in today’s competitive home buying market!

Present the most attractive offer on your next home by:

Increasing your down payment or even bringing an all-cash offer to the table

Presenting an offer that isn’t contingent on selling your current home

Possibly eliminate paying Private Mortgage Insurance (PMI)

Gain financial security:

Avoid liquidating or borrowing against your 401(k)

Not cross-secured by the new home purchased

A Bridge Loan is not counted against you when qualifying for a new loan financed by Melrose Bank

Contact us to see if a Bridge Loan is right for you.

CONTACT US FINANCIAL ARTICLE

Give yourself an edge!

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Questions? Call 781.665.2500

* Variable rate equal to the Prime Rate published in the Wall Street Journal (currently 5.00% as of September 30, 2019) plus 1.00%. Annual Percentage Rate (APR) subject to change without notice. $100,000 Bridge Loan would result in up to 36 interest-only payments ranging from $493.15-$509.58 per month followed by a lump sum payment of $100,000. Your minimum payments will not repay the principal that is outstanding on your line. You will be required to pay the entire outstanding balance in a single payment after 36 months or upon the sale of the home, whichever comes first. Interest may be tax deductible, consult your tax advisor.