Bridge Loans

  • We take contingent buyers and turn them into cash buyers who can close in 14 days.
  • Leverage your equity for the down payment on a new home.

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Benefits of Bridge Loan Financing

Buy a new home without selling your current residence and leverage your equity for the down payment.

Our Bridge Loan takes you from a contingent buyer to the equivalent of a cash buyer who can close in as little as 14 days. Don’t get stuck in your current home with no hope to buy a new home in today’s hot housing market. We can help!

 

With home bridge loan financing from Sammamish Mortgage, you’ll have the following benefits:

  • Utilize the equity in your home for the down payment on a new home before selling.
  • Avoid having to put your family in short term housing or live with family while trying to find/close on a new home.
  • Avoid having your offers rejected by sellers because of a contingency.
  • Become a cash buyer that can close in 14 days.
  • Be able to buy a new home without needing to sell your current home first.
  • Avoid selling your home only to have housing prices skyrocket before you buy a new home.

Not sure exactly what a bridge loan is, how it works, or how Sammamish Mortgage bridge loans are different? Here’s everything you need to know about home bridge loan financing.

What is a Home Bridge Loan?

A home bridge loan allows a move up buyer to purchase a new home without having to sell their current residence until after closing. In real estate terms, this allows you to buy a new home non-contingent on the sale of your current residence.

When you make an offer on a house that you can’t back up without selling your existing home, you usually have to include a contingency clause. This states that you can back out all the way up to closing if your current home doesn’t sell by that date.

What’s Wrong With Contingent Offers?

There’s nothing really “wrong” with contingent offers, from the homebuyer’s point of view. It lets you try and coordinate a home sale and a home purchase so you aren’t stuck in limbo after selling your house, trying to find someplace to live while you purchase a new one. It can also prevent you from closing on a new home and having to manage two mortgages until you can sell your other house.

The real issue is how sellers see your offer in a market as hot as they are right now. When the market is cold and homes are slow to sell with low competitiveness between buyers, a seller might just be glad to have an offer on the table that could come through. However, in a market low on inventory, offers for each available home are usually simultaneous and multiple, and this means sellers look at the ones with the least strings.

An offer with a contingency clause is likely to be passed over quickly, as no seller wants to tie themselves up with a buyer who reserves the right to back out at the last minute based on circumstances out of their control. This means that a contingent offer can kill your chances in a seller’s market.

Group 2029How Does a Typical Bridge Loan Work?

There are many different types of second mortgages or home equity lines of credit (HELOC) that are marketed as bridge loans. These are tied to your current home equity, and most buyers take them out to access capital for a down payment and closing costs on another home. A HELOC or second mortgage also usually can’t get rid of the necessity for a contingency.

In addition to not being particularly useful for solving the contingent offer problem, interest rates can be staggering for this kind of short term loan. A typical Seattle bridge loan lender will also take both the current and new mortgage into account for qualifying, which can significantly affect your debt-to-income (DTI) ratio and make it hard to qualify for a loan amount big enough to realistically meet your needs.

How Are Sammamish Mortgage Bridge Loans Different?

The Sammamish Mortgage bridge loan is a new short-term first lien on the new home you are purchasing. We are more flexible, and only take the new mortgage into consideration when calculating the debt-to-income ratio. This dramatically increases the reach of our home bridge loan financing as an option for buying a new home while selling your current one.

Once your new purchase closes, Sammamish Mortgage will begin the process of setting up your permanent financing. As soon as your previous property sells, we will finalize a refinance of the bridge loan into a long-term conventional mortgage. This means everything happens seamlessly and you can go from living in your previous home to living in your new one with a minimum of hassle.

Our home bridge loan financing program is currently available for properties located in Seattle as well as the rest of Washington State, Oregon, Colorado, Idaho & California. You can reach our expert team of Seattle bridge loan lenders at 425-401-8787.

Realtors: if you have buyers that are currently stuck making contingent offers, give us a call and we can discuss this option in greater detail.

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The Sammamish Mortgage Difference

Innovative programs and strategies you need to get offers accepted in today’s competitive house market.

Sammamish Mortgage vs. the Competition
Compare over 20 banks, lenders and investors from our network in seconds
No lender fees or junk fees
In-house underwriting
Real-time custom rates and costs available online 24/7
Underwritten Pre-approvals
Close in 3 weeks or less
Bridge Loans and Cash Buyer Programs
Sammamish Mortgage
Mortgage Brokers
Sometimes
Rarely
No
Rarely
No
Sometimes
Rarely
Big Banks
No
Rarely
Rarely
Rarely
Sometimes
No
No
Online Lenders
Rarely
Sometimes
Rarely
Sometimes
Rarely
Rarely
Rarely
Sammamish Mortgage vs. the Competition
Sammamish Mortgage
Mortgage Brokers
Big Banks
Online Lenders
Compare over 20 banks, lenders and investors from our network in seconds
Sometimes
No
Rarely
No lender fees or junk fees
Rarely
Rarely
Sometimes
In-house underwriting
No
Rarely
Rarely
Real-time custom rates and costs available online 24/7
Rarely
Rarely
Sometimes
Underwritten Pre-approvals
No
Sometimes
Rarely
Close in 3 weeks or less
Sometimes
No
Rarely
Bridge Loans and Cash Buyer Programs
Rarely
No
Rarely

Who is Sammamish Mortgage?

We proudly serve customers in the Pacific Northwest region. If you’re looking to buy a home in one of these states, we can help!

Transparent Rates and Costs Available 24/7

Our Reviews

Sungjun Kim
May 16, 2024
As a first-time homebuyer, navigating the mortgage process felt daunting. I initially considered going with a big bank, but Im so glad I chose Sammamish Mortgage instead. Ryan and Tonya were incredibly helpful and responsive, guiding me through every step with efficiency and care. They provided a quick pre-approval, and the entire loan process was handled smoothly. Ryan even helped me secure a better mortgage rate, saving me money in the long run. The closing process took just one month and went off without a hitch. Thanks to their exceptional service, buying my new home was a truly enjoyable experience. I highly recommend Sammamish Mortgage to anyone in need of a reliable mortgage lender.
Ariel A.
May 16, 2024
We loved working with Sammamish. Ryan was amazing at explaining what we needed and the process. Everyone was super responsive and helpful through the whole process. Buying a home can be stressful and Sammamish took away a lot of that stress! thank you!
Matthew D.
May 15, 2024
It was great. Good rates, fast turnaround, easy to use document portal.
John Parker
May 13, 2024
Sammamish Mortgage is extremely fast, experienced, and professional. They work around the clock to make sure you close when you need to. We closed over a week ahead of schedule on an already short timeline. I highly recommend doing business with them.
Jason Atwood
May 12, 2024
Sammamish set the high-water mark for mortgage experiences. Friends in the neighborhood recommended them. One of the best decisions of our entire home-buying process! Proactive and clear communication. Warm, kind, understanding, hard-working team of professionals. Fantastic technology that allows for easy to upload and review documents. The entire process felt like Sammamish was working with and for us and did so in a way that centered on relationships and care. They'll be our first call always.
Jason A.
May 8, 2024
Tremendous! The Sammamish team was exceptional, in terms of communications and management of expectations. The technology for uploading and reviewing and signing documents is the best I've experienced. The whole process was clear and easy. Thank you!
Edward Shim
May 2, 2024
We had a great experience with Sammamish! We shopped multiple lenders (NavyFed, Rocket, Envoy) and Sammamish had the most competitive rates. Ryan was very helpful and approachable for me as a first-time homebuyer and we will definitely use them in the future for our home lending needs.

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