Bridge Loans in the Long Beach Island Real Estate Market

Bridge Loans in the Long Beach Island Real Estate Market

Long Beach Island Real Estate Bridge Loans

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Long Beach Island Real Estate

A Bridge Loans in the Long Beach Island Real Estate Market is a type of short-term financing commonly used to purchase a home while waiting to sell an existing home. This loan, usually up to 1 year, will “bridge” the gap between receiving proceeds from the sale of a house that may be needed to acquire another home.

By : Nathan Colmer | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

Bridge Loans in the Long Beach Island Real Estate Market

Bridge loans can be a good idea in specific applications. While not very common in the LBI real estate market, they do have a place. Home sale contingencies are all but unheard of on Long Beach Island, so a bridge loan can make a buyer more competitive in the market. Generally speaking, a bridge loan will have a higher interest rate, so this must be accounted for. Additionally, because they have a short timeframe, there is a risk of the home not selling before the end of the loan period. Bridge loans are best utilized in fast-moving markets where a home is not likely to spend a long time on the market. Like any loan, it is best to speak with a licensed mortgage lender to understand the best lending options for a given scenario.

Long Beach Island Real Estate Bridge Loans

Buying a home is a significant step, and when financing is needed, a smart buyer will understand all the options available to him or her. A Bridge Loans in the Long Beach Island Real Estate Market can make sense if the conditions are right, or it may be best to seek an additional type of financing, for example, a cash-out refinance, to free up some capital. If you have any questions about buyingselling or investing in the LBI real estate market, please do not hesitate to contact me.

By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group

Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com

www.BuyLBI.com

Click here to search all homes for sale in the Long Beach Island NJ real estate market

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