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The biggest advantage of a bridge loan is that it can allow you to buy a new home without obligating yourself to two mortgage payments at once. If you can swing both payments, there are cheaper.
What Is a Bridge Loan? – SmartAsset – Bridge Loan Basics. You can do this with a home equity loan or a bridge loan. With a bridge loan, your old home is the security on the loan. You’ll pay origination fees and closing costs on the loan. Once those costs and fees have been covered, you’ll have some money left over to put down on a new home.
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