With a bridge loan from Better Mortgage you can make an offer on your new home without being rushed to complete the sale of your current one — just use our short-term loan for your new home’s down payment. Even better? Your bridge loan rate could be as low as 6% (7.039% APR). Terms and conditions apply. See FAQs for pricing and rate details.
Enjoy additional benefits when you get your new mortgage from us as well.
If you choose to work with Better Mortgage for your mortgage, you’ll save 2 percentage points on your bridge loan rate.
Getting both loans from one lender makes the entire process easier.
A smoother process with the two loans means you can close faster on your new home.
It’s the bridge loan amount going toward the purchase of your new home.
We don’t work on commission. We work to find the best loan for your needs, not ours.
It’s easy to log in at any time and check on the status of your loan.
Our team of Mortgage Experts can guide you throughout the process.
Bridge loans are usually processed faster than other real estate loans, but have shorter terms and higher interest rates. A bridge loan from Better Mortgage has a 12-month maximum term at the rates outlined below (360 months for Texas). If you work with us on the new mortgage, we offer a 2% discount on your bridge loan rate. You can also receive a 4% discount on your rate if you pay 1 point upfront, which is equivalent to 1% of the loan amount you need. It will be paid from the proceeds of your bridge loan. Terms and conditions apply*.
|Bridge Loan Points||New mortgage from Better Mortgage||New mortgage from other lender|
|1 point paid upfront||6% (7.039% APR)||8% (9.050%)|
|0 points paid upfront||10% (10% APR)||12% (12% APR)|
A non-contingent offer on a new home is one that has no conditions attached to the sale of your current home. So for example, with a bridge loan, you’ll have money for a down payment, which means you won’t need a sale contingency saying you must sell your current home first.
Non-contingent offers are helpful because they put you in a more competitive position against other buyers who are paying in cash or have no contingencies.
*The APRs listed are estimates and do not include all applicable fees. The APR on your Loan Estimate will include fees applicable to your loan and may differ.