Under ideal circumstances, most consumers want to sell their existing home before they buy their new home. It makes perfect sense, for a number of reasons. In general, it’s simply wise to settle the terms of what you’ll be getting for your existing home before committing to buying the next one. Otherwise, you might be on the hook for a new home without having first sold your existing one.
What is a bridge mortgage?
That’s where bridge mortgages come in, as well as ASCEND MIC, where one of our areas of expertise is the providing of financing after you have bought a home without yet selling your existing property. That’s why it’s called a bridge mortgage, because the financing provides a metaphorical bridge allowing you to stay above water, so to speak, while you sell your existing home.
There are a variety of reasons why you might end up buying a new home before selling the current one, and why a bridge mortgage from ASCEND MIC is necessary. For example, in today’s hot housing market, with prices steadily going up, buying a new home earlier while selling the existing home later can result in a lower purchase price accompanied by a higher selling price, which is always optimal. As the saying goes, buy low, sell high, which is what a bridge mortgage allows home buyers and sellers to do.
When needed most
Of course, there are other reasons why buying a new home comes before one can sell the existing residence, including the fact that sometimes that’s just the way things work out. You find your ideal dream home before selling the existing one but, in the meantime, you need financing. A bridge mortgage loan from ASCEND MIC does just that.
However, obtaining a bridge mortgage from traditional banks and restrictive lenders can be a challenge, as is the securing of mortgage financing in general. That’s where ASCEND MIC comes. We understand that all forms of lending and finance come with risk, but we’re experts at assessing that risk. We’ll work with you to provide that bridge financing when you need it most, so that your financial situation is secure for today, tomorrow, and beyond. It’s just another part of the ASCEND MIC difference.
Contact us today to find out how we can provide you with the bridge mortgage financing you need to secure your financial situation. We look forward to it.