Bridging the gap for your down payment.
Bridge Loans
If you are looking to buy a new home but have not yet sold your existing home, a bridge loan from First Bank of Manhattan & New Lenox can help bridge the gap. Compared to traditional mortgages, Bridge Loans usually have a faster application, approval, and funding process. By using the equity in your current home to make the down payment for your new home, you don't have to worry about your dream home becoming just a dream.
Key features:
- Buy a new home before you sell your current home
- Temporary, short-term financing with interest-only payments
- Allows you to make an offer without a sales contingency, giving you an advantage in a competitive market.
- Once your old home sells, you use the proceeds to pay off the bridge loan in full or refinance any remaining balance.
First Bank of Manhattan & New Lenox are full-service banks with branches in Will County, Illinois.
