Buyer Guides
Bridge Loans in Charlotte NC
A bridge loan can solve the timing gap between buying your new home and selling your current one. Here is how bridge loans work in the Charlotte market, what they cost, and when they make sense.
Common Questions
What is a bridge loan for real estate?
A bridge loan is short-term financing secured by your current home equity that provides funds for a down payment on your next home before your current home sells. It bridges the gap between the two transactions.
How much does a bridge loan cost in Charlotte?
Bridge loan rates are typically 1-2% higher than standard mortgage rates with origination fees of 1-3%. On a $100,000 bridge loan, expect to pay $500-$800 per month in interest. Most bridge loans have 6-12 month terms.
Who offers bridge loans in Charlotte NC?
Several Charlotte-area lenders offer bridge loans including local banks, credit unions, and mortgage brokers. Not all national lenders offer this product. Nick and Craig connect buyers with lenders who specialize in bridge financing.
When does a bridge loan make sense?
A bridge loan makes sense when you have significant equity in your current home, need to make a non-contingent offer in a competitive situation, and are confident your current home will sell within the loan term.
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