A Bridge Loan Explained- The Secret Weapon for Home Sellers

Bridge LoanHave you heard of a “bridge loan?”  Many people have, but don’t know exactly what it does or how to get one. A bridge loan product is designed to help people “bridge” the equity from their current home to the next.   Not all mortgage lenders offer residential bridge loans because of risk, and the fact they are not as profitable to the company. Speaking with Jay Richardson, who is a Senior Loan officer with MVB Mortgage in Fairfax, Virginia…he has said that not only do they offer bridge loans in the DC metro area, but they offer a host of other temporary loan options that have helped hundreds of clients prevent the “bad” timing issues that can come up when a client moves from one home to the next.