A bridge loan takes some of the stress out of selling and buying a home. It is a temporary loan to access the equity in your existing home as a down payment towards the purchase of your new home. The term of the loan is 90 days, and there are no payments necessary during that time.
|Finance up to 80% based on current home valuation||High loan to value financing|
|The term of the loan should not exceed 90 days. If the existing home is not sold within 90 days, the credit union may allow one extension. If you have used up your one extension, you will be required to refinance the bridge loan to a conventional mortgage||No payment during 90-day note|
|Access to account information in person, by mail, iTalk and Online Banking||Convenient|
|Apply for bridge loans in person, by mail or online||Convenient|