If you find a new home before your existing home sells, a bridge loan may work for you!
A bridge loan is a single pay note that pays off the current loans on your home and allows you to borrow the equity from your existing home for the down payment on your new home. This allows you to move into your new home prior to the sale of your current home.
Bridge Loan Features:
Low closing costs
Allows you to borrow up to 70% of the value of your current home
Six month note gives you up to six months to sell your home
Interest is charged and accumulates on a bridge loan. Community First Credit Union does not require payments during the six month duration of a bridge loan but does suggest that a minimum of interest payments be made on a monthly basis.
For additional information, to schedule an appointment or to begin your application please contact us today!
By phone: Contact our Call Center 920-830-7200 in the Fox Cities; toll free 866-273-2328 Monday - Friday 7 am - 6 pm and Saturday 7 am - 1 pm
In person at any of our convenient branch locations
