Bridge Loans

  • We take contingent buyers and turn them into cash buyers who can close in 14 days.
  • Leverage your equity for the down payment on a new home.

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Benefits of Bridge Loan Financing

Buy a new home without selling your current residence and leverage your equity for the down payment.

Our Bridge Loan takes you from a contingent buyer to the equivalent of a cash buyer who can close in as little as 14 days. Don’t get stuck in your current home with no hope to buy a new home in today’s hot housing market. We can help!

 

With home bridge loan financing from Sammamish Mortgage, you’ll have the following benefits:

  • Utilize the equity in your home for the down payment on a new home before selling.
  • Avoid having to put your family in short term housing or live with family while trying to find/close on a new home.
  • Avoid having your offers rejected by sellers because of a contingency.
  • Become a cash buyer that can close in 14 days.
  • Be able to buy a new home without needing to sell your current home first.
  • Avoid selling your home only to have housing prices skyrocket before you buy a new home.

Not sure exactly what a bridge loan is, how it works, or how Sammamish Mortgage bridge loans are different? Here’s everything you need to know about home bridge loan financing.

What is a Home Bridge Loan?

A home bridge loan allows a move up buyer to purchase a new home without having to sell their current residence until after closing. In real estate terms, this allows you to buy a new home non-contingent on the sale of your current residence.

When you make an offer on a house that you can’t back up without selling your existing home, you usually have to include a contingency clause. This states that you can back out all the way up to closing if your current home doesn’t sell by that date.

What’s Wrong With Contingent Offers?

There’s nothing really “wrong” with contingent offers, from the homebuyer’s point of view. It lets you try and coordinate a home sale and a home purchase so you aren’t stuck in limbo after selling your house, trying to find someplace to live while you purchase a new one. It can also prevent you from closing on a new home and having to manage two mortgages until you can sell your other house.

The real issue is how sellers see your offer in a market as hot as they are right now. When the market is cold and homes are slow to sell with low competitiveness between buyers, a seller might just be glad to have an offer on the table that could come through. However, in a market low on inventory, offers for each available home are usually simultaneous and multiple, and this means sellers look at the ones with the least strings.

An offer with a contingency clause is likely to be passed over quickly, as no seller wants to tie themselves up with a buyer who reserves the right to back out at the last minute based on circumstances out of their control. This means that a contingent offer can kill your chances in a seller’s market.

Group 2029How Does a Typical Bridge Loan Work?

There are many different types of second mortgages or home equity lines of credit (HELOC) that are marketed as bridge loans. These are tied to your current home equity, and most buyers take them out to access capital for a down payment and closing costs on another home. A HELOC or second mortgage also usually can’t get rid of the necessity for a contingency.

In addition to not being particularly useful for solving the contingent offer problem, interest rates can be staggering for this kind of short term loan. A typical Seattle bridge loan lender will also take both the current and new mortgage into account for qualifying, which can significantly affect your debt-to-income (DTI) ratio and make it hard to qualify for a loan amount big enough to realistically meet your needs.

How Are Sammamish Mortgage Bridge Loans Different?

The Sammamish Mortgage bridge loan is a new short-term first lien on the new home you are purchasing. We are more flexible, and only take the new mortgage into consideration when calculating the debt-to-income ratio. This dramatically increases the reach of our home bridge loan financing as an option for buying a new home while selling your current one.

Once your new purchase closes, Sammamish Mortgage will begin the process of setting up your permanent financing. As soon as your previous property sells, we will finalize a refinance of the bridge loan into a long-term conventional mortgage. This means everything happens seamlessly and you can go from living in your previous home to living in your new one with a minimum of hassle.

Our home bridge loan financing program is currently available for properties located in Seattle as well as the rest of Washington State, Oregon, Colorado, Idaho & California. You can reach our expert team of Seattle bridge loan lenders at 425-401-8787.

Realtors: if you have buyers that are currently stuck making contingent offers, give us a call and we can discuss this option in greater detail.

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364 reviews

The Sammamish Mortgage Difference

Innovative programs and strategies you need to get offers accepted in today’s competitive house market.

Sammamish Mortgage vs. the Competition
Compare over 20 banks, lenders and investors from our network in seconds
No lender fees, big Loan Officer commissions or junk fees
No outsourcing with in-house underwriting
Real-time custom rates and costs available online 24/7
Our team of loan officers are on call 7 days a week
Underwritten Pre-approvals
Close in 3 weeks or less
Bridge Loans and Cash Buyer Programs
Sammamish Mortgage
Mortgage Brokers
Sometimes
Rarely
No
Rarely
Sometimes
No
Sometimes
Rarely
Big Banks
No
Rarely
Rarely
Rarely
No
Sometimes
No
No
Online Lenders
Rarely
Sometimes
Rarely
Sometimes
No
Rarely
Rarely
Rarely
Sammamish Mortgage vs. the Competition
Sammamish Mortgage
Mortgage Brokers
Big Banks
Online Lenders
Compare over 20 banks, lenders and investors from our network in seconds
Sometimes
No
Rarely
No lender fees, big Loan Officer commissions or junk fees
Rarely
Rarely
Sometimes
No outsourcing with in-house underwriting
No
Rarely
Rarely
Real-time custom rates and costs available online 24/7
Rarely
Rarely
Sometimes
Our team of loan officers are on call 7 days a week
Sometimes
No
No
Underwritten Pre-approvals
No
Sometimes
Rarely
Close in 3 weeks or less
Sometimes
No
Rarely
Bridge Loans and Cash Buyer Programs
Rarely
No
Rarely

Who is Sammamish Mortgage?

We proudly serve customers in the Pacific Northwest region. If you’re looking to buy a home in one of these states, we can help!

Transparent Rates and Costs Available 24/7

Our Reviews

Lindsay B.
February 21, 2024
It was all great! The whole team was very responsive and helped us work through the entire process as easily as possible. Very appreciative of Trevor and Barb!
Tyler J.
February 8, 2024
Excellent experience. Adapted to preferred communication methods, fast, detailed responses with very competitive options.
Steven H.
February 6, 2024
It went very well. Both Trevor and Tonya were helpful every step of the way and we got an amazing rate. Above all they were flexible and worked through any challenges we encountered.
Nathalie Z.
February 2, 2024
Great team, hard work but we closed in 4 week time frame recommend everyone to future house buyers. Thank you for all of your help.
Kyrsten B.
February 1, 2024
Thank you all for your help! Communication was great (which was so helpful as first time buyers) and we really felt like you guys were looking out for us. Thank you!
Aaron Kraft
January 31, 2024
Sammamish was extremely helpful to work with! They worked diligently to get my loan processed. They were able to overcome several obstacles on my end of the transaction to ensure it was a smooth process. I would not have my house without them!
Rob Barton
January 29, 2024
I shopped around for my mortgage quite a bit and experienced car salesman like tactics to negotiate loan terms and at least one lender guilt trip me for shopping because they moved first with pre-approval. Sammamish Mortgage was upfront about the rate they could do and what I deserved within a few minutes. Throughout the whole loan process they were responsive, professional, and helpful even after my loan closed. Thank you again to the team especially Sandra and Jana! I'll be reaching out to them for any loan needs again in the future and highly recommend to others.

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