Bridge Loan Mortgage Lender | First Heritage Mortgage

Don’t wait to sell. Move when you’re ready

Navigating the home-buying journey can be tricky, especially when it comes to timing the sale of your current property and the purchase of your new one. That’s where bridge loans come in.

What is a bridge loan?

A bridge loan is a short-term loan that helps you “bridge the gap” between buying a new home and selling your current one. It lets you tap into your current home’s equity and use it toward your next purchase, before your old home ever hits the market.

First Heritage Mortgage offers two bridge loan options: a Bridge Loan and a Bridge-to-Purchase Loan. Both are designed to give you the financial flexibility to move forward with confidence.

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The advantages of bridge financing

While bridge loans are designed as short-term solutions (repayment is typically between 1 to 3 years), they offer several key advantages:

Buy your new home first: No more waiting to find your dream home until after you’ve sold. Bridge loans give you the funds to purchase upfront.
Make a stronger offer: Going non-contingent can be the edge you need to win a bidding war or snag an in-demand listing.
Smooth transitions: Need to relocate quickly for work? A bridge loan mortgage lender like us can facilitate sudden moves.
More negotiating power: Avoid feeling pressured to accept a low offer on your current home. You have flexibility to wait for the right buyer.

Is a bridge loan right for you?

Like any financial product, bridge loans have pros and cons to weigh carefully. On the downside, they typically come with higher interest rates and fees compared to traditional mortgages. You’ll also need substantial equity — at least 20% — in your current home to qualify.

Carrying two mortgages simultaneously is no small undertaking. Even with a bridge loan in place, you’ll need to budget for the added monthly payments until your existing property sells.

Bridge Loan FAQ

How quickly can I close on a bridge loan?

Bridge loans are designed for speed. Talk to your loan officer about timelines based on your specific situation.

What happens when my current home sells?

You use the proceeds to pay off the bridge loan. Since there are no prepayment penalties, there's no cost to paying it off early.

Can I make a non-contingent offer with a bridge loan?

Yes, that's one of the biggest benefits. You can write an offer that isn't contingent on selling your home, which makes you a much more competitive buyer.

Do I have to qualify for two mortgages at once?

That depends on which product you use. A bridge-to-purchase loan is specifically designed to help you qualify without counting both housing payments against you.

What’s the difference between a bridge loan and a bridge-to-purchase loan?

Both products solve the same core problem (how to buy a new home while you still own your current one) but they work in slightly different ways.

A Bridge Loan pulls equity out of your existing home to give you cash for a down payment, closing costs, or to pay off debt so you can qualify for your next mortgage. You can keep your current mortgage in place or pay it off with the bridge loan, depending on your situation. This is especially useful when you want to make a strong, clean offer that isn't contingent on selling your home.

A Bridge-to-Purchase Loan is designed for borrowers who are carrying their current mortgage and can't yet qualify for two housing payments at once. It solves the debt-to-income problem by temporarily removing your old housing payment from the equation — giving you a clean path to closing on your new home. It can also be paired with a bridge loan on your current property if you need help with the down payment.

Our team will look at your full financial picture to help you decide which option fits best.

The Right Loan for Where You're Headed

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Your next home is waiting

You shouldn’t have to choose between the house you have and the home you want. A bridge loan from First Heritage Mortgage can help you move forward confidently and on your timeline.

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Bridge Loans