What Is a Bridge Loan When Buying and Selling a Home in Winnipeg and Surrounding Areas?

Buying and selling at the same time doesn't always line up perfectly.

Maybe you take possession of your new home on June 1st, but the buyers of your current home don't take possession until June 15th.

So what happens for those two weeks? That's where a bridge loan can help.

A quick note before you watch: The rates, costs and dollar amounts we talk about in this video were current when we recorded it. Those numbers will change over time, so always check with your lender or mortgage broker for the current costs and what applies to you.

Want to connect with Shannon?
Shannon Gray with RBC can answer questions about bridge financing, mortgages and what options may be available to you.

SHANNON GRAY – RBC MORTGAGE SPECIALIST 

Basically, a bridge loan lets you use the equity from the home you've sold before you actually receive the money from that sale.

And sometimes it's not just about needing the money. It can also buy you a little time.

Maybe you want possession of the new house a week early so you can paint, clean, have the floors done or just move without trying to do EVERYTHING in one day.

We've done the same-day possession thing. It can be done, but it's definitely not always fun.

A bridge loan isn't for everyone and there is a cost to it. Your lender or mortgage broker can tell you whether it's an option for you and exactly what it would cost.

If you're thinking about buying and selling around the same time, it's worth talking about the timing early. There are usually a few different ways we can structure possession dates, and sometimes giving yourself even a few extra days can make the whole move a lot easier.

Karen & Jeff
Girard Smith Team | Real Broker
Excellence with Every Move