Bridge Loans, Can I use a bridge loan to buy a house before I sell?

"I want to buy a house but don't want to list my property for sale until I find a property I want to buy  OR  I want to write an offer without the subject to sale, can I get a Bridge loan so I can buy without having to sell first?"

First off an explanation of what a Bridge loan or Bridge Financing is.  A Bridge loan is a loan that makes available the sale proceeds of your home which you intend to use towards a new purchase BEFORE you sale has completed.  You must have a FIRM agreement for your sale (all subjects removed) AND and FIRM agreement for purchase on the property you wish to buy.

So in short the answer is" no" to the above questions.  You cannot obtain financing when you do not already have a purchase and sale lined up.  The time in which you would obtain this type of loan is when your date for your purchase closes before the date of your sale.  

Typically the only time you would be able to buy real estate without selling your current residence is if you had a down payment from an alternate source (not coming from your sale) and your income was sufficient to carry both mortgages.

 If you are interested in finding your options for a purchase we would love to help you!

harmonymortgage@gmail.com

604-705-2999