A simple solution to bridge the gap between the home you have and the home you want.
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BRIDGE LOAN SERVICES
A simple solution to bridge the gap between the home you have and the home you want.
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
If you want to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you can use the proceeds to pay the bridge loan back.
If you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
Whether you're using Compass Concierge to increase your home's value, or are making improvements on your own, it may be easier to have construction work done when you're out of the house. A bridge loan can help you move faster so you're out of the house while those improvements are being completed.
How it works
1. Work with your Compass agent to search for your next dream home.
2. Get pre-approved for a bridge loan with a lender of your choice, such as Better.com or Freedom Mortgage.
3. Learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable.
4. Sign an exclusive listing agreement with your Compass agent to sell your current home.
5. If needed, use your bridge loan to purchase and move into your new home while your Compass agent works to sell your current home.
6. When your old home sells, simply use the proceeds to pay back the bridge loan and any fronted monthly payments.
While Compass clients are encouraged to find the best lender for them, RoundPoint Mortgage Servicing Corporation is a well established industry lender who offers short-term financing and has years of experience working with Compass agents and clients.
When looking for a mortgage, it's important to find a company that specializes in mortgages above all else, and to find a lender that can address your unique home buying or refinancing needs, regardless of how unique your circumstances may be. We can help.
The Mark Maimon Team
at RoundPoint Mortgage Servicing Corporation,
(A Freedom Mortgage Corporation Subsidiary)
855-915-850
[email protected]
Available to serve customers in all states except MA. Coming soon.
Success story
Information regarding lenders which offer short-term Bridge Loan financing is provided for informational purposes only and does not constitute an endorsement of the particular lenders referenced. Compass cannot guarantee that these institutions will be able to assist and does not assume any responsibility as to the performance of services to be provided by these institutions. There are no requirements that you participate in the Compass Bridge Loan Services or obtain a loan from these providers to participate in any other Compass programs (such as Compass Concierge). Speak to your Bridge Loan lender about all the costs you may be responsible for in connection with your Bridge Loan.
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