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![\"homelight](\"https:\/\/www.homelight.com\/blog\/wp-content\/themes\/ccprototypev5\/images\/logo-small-cta.png\"){kind=logo}
\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 In real estate, a bridge loan is a short-term financial tool designed to aid you during the overlapping period of selling your current home<\/a> and purchasing a new one. This type of loan leverages the equity in your existing home, providing you with the necessary funds to make a down payment<\/a> and handle closing costs<\/a> on your new property.<\/p>\n While they are generally pricier than conventional mortgages, bridge loans offer a swift and practical solution for securing your new home without the delay of waiting for your old house to sell. This financial strategy can be beneficial in fast-paced markets, ensuring you don’t miss out on your ideal home in Wisconsin due to timing issues with your sale.<\/p>\n Imagine you’re a homeowner in Wisconsin, ready to purchase a new property, but your current home hasn’t sold yet. This is where a bridge loan comes into play. It uses the equity from your existing home to cover the down payment<\/a> and closing costs<\/a> for your new home, bridging the financial gap between buying and selling.<\/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 listed for sale and offer the bridge loan for a period ranging from six months to a year.<\/p>\n In assessing your application, lenders will consider your debt-to-income ratio<\/a> (DTI). This calculation includes your existing mortgage payments, the payments for the new home<\/a>, and any interest-only payments on the bridge loan. However, if your current home is under contract with a buyer who has secured loan approval, lenders might only consider the mortgage payment for your new home in the DTI calculation.<\/p>\n This consideration is crucial for lenders to ensure you can comfortably manage payments on both properties should your current home take longer to sell than anticipated.<\/p>\n In Wisconsin, a bridge loan can offer several advantages, making your home-buying process more flexible and less stressful.<\/p>\n","protected":false},"excerpt":{"rendered":" Discover how bridge loans in Wisconsin ease your home buying and selling process. Learn about costs, benefits, and alternatives.<\/p>\n","protected":false},"author":358,"featured_media":39282,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[823,771,629],"tags":[767],"class_list":["post-39281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bridge-loans","category-buying-a-house-while-selling","category-home-financing","tag-what-is-a-bridge-loan"],"acf":[],"yoast_head":"\nWhat is a bridge loan, in simple words?<\/h2>\n
How does a bridge loan work in Wisconsin?<\/h2>\n
What are the benefits of a bridge loan in Wisconsin?<\/h2>\n