What is a Bridge Loan? Q&A with Lender Scott Davis

As a Seller in a competitive market, it is almost impossible to get under contract for a purchase when you have a home sale contingency. If you are serious about moving, and are not willing to sell your house first and couch-surf while you wait for the right listing to come up, then you need to watch this video!

In this video, I interview a local lender who does "Bridge Loans." A bridge loan is a way to cash out the equity in your current property so you can use it as a down payment on your new house, without selling your house first. It's a great way to become a more competitive buyer. It may sound intimidating, so watch this video to get some questions answered!

0:36 Introduction to Scott Davis
1:18 Introduction to Cross Country Mortgage
2:00 What is a bridge loan?
2:36 Why do you see people use bridge loans?
3:50 How does a bridge loan work?
4:30 Are there monthly payments on the loan amount?
5:27 How do you qualify for a bridge loan?
5:48 Drawbacks of Bridge loans
6:25 Are bridge loans expensive?
7:10 What are the closing costs?
8:09 What are rates like for bridge loans?
8:55 Why Sellers choose to use bridge loans
9:38 What happens if you can’t sell your current house
11:00 Other options besides bridge loans
11:33 When to get approved for a Bridge loan

Scott Davis, Lender
Cross Country Mortgage
503-816-4456

Leslie Simpson, Real Estate Broker
Professional Realty Services
360-904-4688