Bridge the Gap Between Your Current & New Home

If you need to buy before you sell, a bridge home equity line of credit (HELOC) can help you “bridge the gap ” – allowing you to use the equity in your present home as collateral for borrowing money for your new home’s down payment.

5 things to know about bridge HELOCs:

1 2. 3 4. 5

They are secured by your current home

They give you a revolving “line of credit” that remains available to you for a specified time period for a single draw only.

They have an adjustable interest rate that is applied to the outstanding balance

Application and underwriting processes are often faster than those for traditional loans

There are fees associated with opening a bridge HELOC

With Bell’s Bridge HELOC, you do not need to draw the funds you need at the time of closing, but you can wait until you are ready to make the down payment on your new home.

When applying for a bridge HELOC, we generally need:

• Personal financial information about you

• Verification of your income from employment and other sources

• Outstanding balance of your current mortgage

• Estimated value of your home

Don’t let a tight housing market keep you from making an offer on your dream home. Let me show you how a bridge HELOC can help you achieve your homeownership dreams!