My Closing Dates Don't Match

Relaxit happens everyday. Most people try toalign their closing dates so they close a house and move into their new house on the same day. Sometimes this tactic just cannot match. Usually this is when people go crazy and start to panic. The easiest thing to do is go to your lender who you currently hold you mortgage with andask them to bridgeyour mortgage for the time in between. If it is also a matter of not being able sell your house in three months and your houses' closing is soon approaching you might have to take a loan out for the difference. In most cases the lender will give you the bridge. In their eyes they arecharging you a premium to do that. When you are putting your house up for sale, ask your lender what your options are if you do not sell your house. If you do not have a mortgage, ask your lender for a secured line of credit. This is the best option because when your house eventually closes you pay off the line with no penalty. It will also close because the line of credit is tied to the house you are selling. 


Bridge Mortgages are common place and financial institutions are accustomed to granting them.

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Ernie Arrizza

Ernie Arrizza

Sales Representative
CENTURY 21 Kelleher Real Estate Inc., Brokerage*
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