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\n <\/div>\n \n Yes, You Can Buy Before You Sell. Why Move Twice?<\/h3>\n
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency<\/strong>.<\/p>\n \n A <\/span>bridge loan<\/span><\/a>, also known as bridge financing, bridging loan, interim financing, gap financing, or a swing loan, is essentially a financial lifeline for homeowners like you. It\u2019s a short-term loan designed to bridge the gap during the transition period of <\/span>buying a new home while still selling<\/span><\/a> your current one. This type of loan leverages the <\/span>equity<\/span><\/a> in your existing home, providing you with the necessary funds to make a down payment and cover closing costs on your new property.<\/span><\/p>\n While they are typically more expensive than traditional mortgages, bridge loans offer a swift and convenient solution, allowing you to purchase your new home without waiting for your old one to sell. This financial tool can be a game-changer in ensuring a smooth transition between homes.<\/span><\/p>\n Imagine you\u2019re a homeowner in Indiana, ready to purchase your dream home before selling your current property. This is where a bridge loan comes into play. It uses the equity from your existing home to cover the <\/span>down payment<\/span><\/a> and <\/span>closing costs<\/span><\/a> of your new home, creating a financial bridge between the two transactions.<\/span><\/p>\n The lender handling your mortgage for the new home will often manage your bridge loan. They usually require that your current home is actively <\/span>listed for sale<\/span><\/a> and will offer the bridge loan for a duration ranging from six months to a year.<\/span><\/p>\nWhat is a bridge loan, in simple words?<\/h2>\n
How does a bridge loan work in Indiana?<\/h2>\n