What happens if we get near closing on my new house, but my old house hasnt sold?
Bridge loans can close the timing gap. When buying a new home while selling the old, the timing of closings may not coincide. For buyers who need the money from the sale of their home to close on the new one, a bridge or "swing" loan can be the answer. A bridge loan is a short-term loan in which the buyer can borrow against the equity in the old house, and thus have money to put down on the new. When the old house sells, the loan is repaid.