Now you don’t have to wait to sell your current home before buying your dream one. Compass released a new Bridge Loans service this month offering the exclusive option to get up to six months of your loan payments fronted when you sell your home with us.
What is a Bridge Loan?
A bridge loan is a short-term loan that is used to help buy your new home without having to rush to sell your current one.
How Does Compass Bridge Loans Work?
Compass Bridge Loans services is a unique offering that is taking bridge loans to the next level by giving people an opportunity to get 6 months of their loan fronted so they can focus on buying their next home, without rushing to sell their current one.
A simple solution to bridge the gap between the home you have and the home you want
Here is a simple step-by-step on how it works:
- Sign an exclusive listing agreement with us to sell your current home while we help you find your dream one
- Apply and get approved for a bridge loan with one of our industry-leading lenders (Freedom Mortgage or better.com) or a lender of your choice
- Get the option to have six months of your loan payment fronted
- Move into your new home while we help sell your current one
- Use the proceeds from your current home to pay back the bridge loan and any fronted monthly payments
Does Compass Bridge Loans Make Sense for You?
Here are three reasons why Compass Bridge Loans can work for you:
Is your money still tied up in the equity of your current home?
Compass Bridge Loans can provide funding for your new home such as down payments or mortgage payments. Once your current home sells, you can use the proceeds to pay back the bridge loan.
Do you need to move quickly?
A new job or addition to the family may force you to move quickly. Compass Bridge Loans allow you to move into a new home without having to wait for your current home to sell.
Does your home need renovating or other improvements?
Construction in your current home is likely easier once you move out. Compass Bridge Loans allow you to move faster so that you are out of the house when improvements are happening. Use Compass Concierge for those improvements! Learn how it works here.
If you’re ready to buy your dream home using this exclusive service, contact our team!
Call 310.230.5771 or email russellandtony@compass.com