Home and Auto Bridge loans - Page 2

**007** · 09-07-2011, 03:57 AM

Has anyone ever had one?

Basically you are purchasing a house before you have a contract to sell your existing home and this loan allows you to do that. More or less you are taking on both loans with one lender until your existing home finally sells.

Not saying I am going to do this but I would love to hear from someone who has.

The Poz · 09-07-2011, 07:06 PM

Yep, this time last year my bank gave me a bridge loan to purchase my current house. I had a buyer (we went without real estate agents) but I needed a month to renovate the new place so I keep both during that time. Both properties are in probably the most sought after hood in downtown Toronto and my mortgage agent was quite aware of that and drafted the loan without question.
I stayed in the same hood, just needed a bigger place with the kid on the way.

09-07-2011, 03:57 AM
007 Shaken. Not stirred. Join Date: Sep 2002 Location: London Casino cash: $12220126 VARSITY	Bridge loans Has anyone ever had one? Basically you are purchasing a house before you have a contract to sell your existing home and this loan allows you to do that. More or less you are taking on both loans with one lender until your existing home finally sells. Not saying I am going to do this but I would love to hear from someone who has.
Posts: 65,734

09-07-2011, 07:06 PM	#16
The Poz Enjoyer of things Join Date: Jul 2005 Location: Toronto Casino cash: $10012210	Yep, this time last year my bank gave me a bridge loan to purchase my current house. I had a buyer (we went without real estate agents) but I needed a month to renovate the new place so I keep both during that time. Both properties are in probably the most sought after hood in downtown Toronto and my mortgage agent was quite aware of that and drafted the loan without question. I stayed in the same hood, just needed a bigger place with the kid on the way.
Posts: 2,178