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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 DISCLAIMER: As a friendly reminder, this post is intended for educational purposes, not financial advice. If you need assistance navigating the use of a bridge loan in Atlanta, HomeLight encourages you to reach out to your own advisor.<\/em><\/p>\n A bridge loan is a practical, short-term financing solution<\/a> designed to \u201cbridge the gap\u201d for homeowners like you. This type of loan leverages the equity in your existing home, providing you with the necessary funds for a down payment and to cover the closing costs of your new property.<\/p>\n While bridge loans generally carry higher costs than traditional mortgages, they offer a quick path to purchase your new home without the wait and uncertainty of selling your old home first.<\/p>\n Imagine you’ve found your dream home in Atlanta but haven’t sold your current house yet. This is where a bridge loan comes into play. It uses the equity from your previous home to cover the down payment<\/a> and closing costs<\/a> for your new home, acting as a financial bridge between the two transactions.<\/p>\n The same lender handling your new mortgage will usually manage your bridge loan. They’ll expect your existing home to be on the market, offering the bridge loan for a period ranging from six months to a year.<\/p>\n An important aspect of this arrangement is your debt-to-income ratio (DTI). This calculation will include the mortgage on your old house, the mortgage on your new Atlanta home, and any interest-only payments on the bridge loan. If your old home is already under contract with a buyer who has secured loan approval, your lender might consider only the new mortgage payment in the DTI calculation.<\/p>\n Lenders use this approach to ensure that you can comfortably manage payments on both properties in case the sale of your old home takes longer than expected.<\/p>\n Bridge loans offer several advantages, making them a smart choice for Atlanta homebuyers in transition:<\/p>\n","protected":false},"excerpt":{"rendered":" Discover how bridge loans in Atlanta can simplify your home buying and selling process. Learn how you can \u2018Buy Before You Sell.\u2019<\/p>\n","protected":false},"author":358,"featured_media":39628,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"cybocfi_hide_featured_image":"","footnotes":""},"categories":[823,192,771,629],"tags":[767],"class_list":["post-39626","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bridge-loans","category-for-buyers","category-buying-a-house-while-selling","category-home-financing","tag-what-is-a-bridge-loan"],"acf":[],"yoast_head":"\n