Bridge Loans
- We take contingent buyers and turn them into cash buyers who can close quickly and efficiently.
- Leverage your equity for the down payment on a new home.
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
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 transforms you from a contingent buyer into the equivalent of a cash buyer, enabling you to close quickly and seamlessly. 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!
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What you get with bridge loan financing from Sammamish Mortgage
Use Home Equity
Utilize the equity in your home for the down payment on a new home before selling.
No Temporary Moves
Avoid having to put your family in short term housing or live with family while trying to find/close on a new home.
No Contingencies
Avoid having your offers rejected by sellers because of a contingency.
Cash Buyer Power
Become a cash buyer with the ability to close quickly and confidently.
Buy Before Selling
Be able to buy a new home without needing to sell your current home first.
Price Protection
Avoid selling your home only to have housing prices skyrocket before you buy a new home.
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?
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.
The real issue is how sellers view your offer in today’s hot market. With low inventory, homes often get multiple offers at once, so sellers prefer the ones with the fewest conditions.
Offers with contingency clauses are often passed over, since sellers don’t want buyers who can back out due to factors beyond their control. In a seller’s market, this can significantly reduce your chances.
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How 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 short-term first lien on the new home you’re buying. Only the new mortgage is counted in your debt-to-income ratio, making it easier to buy a new home while selling your current one.
Once your new purchase closes, Sammamish Mortgage will start setting up your permanent financing. After your previous home sells, the bridge loan is refinanced into a long-term conventional mortgage, making the move smooth and hassle-free.
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.
A New Way for Buyers to Compete: Skip the Home-Sale Contingency
Sammamish Mortgage has introduced a single‑loan, buy before you sell solution that gives buyers the freedom to move into their next primary home without their current mortgage weighing down their debt‑to‑income ratio.
In a market where sellers expect clean, confident offers, the revolutionary Departure Home & Buy Before You Sell Program – All in One approach gives borrowers the ability to act quickly — even if their existing home hasn’t been listed or gone under contract. By removing the need for a home‑sale contingency, buyers can present offers that stand out.
What makes this program especially appealing is its simplicity. Many “buy before you sell” options require a temporary bridge loan and then a second permanent loan. This program eliminates that extra step, allowing borrowers to complete everything through one seamless mortgage.
When the Current Home Is Close to Selling
Borrowers may leave the payment on their departing residence out of their DTI calculation if they meet one of the following sets of criteria:
1. If the Current Home Is Not Yet Under Contract
Borrowers can qualify by providing:
- A listing agreement or a written statement confirming the home will be listed within 90 days of closing on the new property
- An AVM or full appraisal (within the last 6 months) showing 20% or more equity
- Twelve months of additional reserves
2. If the Current Home Is Under Contract
Borrowers can qualify by providing:
- A signed, arm’s‑length purchase agreement for the departing home
- Documentation showing the sale is expected to close within 60 days of the new home’s closing
- Six months of additional reserves
FAQ
A bridge loan is a short-term financing solution that allows you to purchase a new home before selling your current one. It “bridges” the timing gap between transactions by giving you access to funds—often based on your home equity—until your existing property sells.
Unlike many lenders that factor in both your current and new mortgage, Sammamish Mortgage typically evaluates only the new home loan when calculating your debt-to-income ratio. This can make it easier to qualify and increase your purchasing power.
No. A bridge loan allows you to move forward with purchasing your next home without waiting for your current property to sell, helping you avoid temporary housing or rushed decisions.
Yes. One of the key advantages is the ability to submit a “clean” offer without a home-sale contingency, which can make your offer more attractive in competitive markets.
Bridge loans are short-term by design. Most are structured to last from a few months up to about a year, depending on how quickly your current home sells and long-term financing is finalized.
After closing on your new home, the bridge loan is later replaced with a permanent mortgage. This transition usually occurs once your existing home is sold, using the proceeds to refinance into a long-term loan.
No. Sammamish Mortgage’s bridge loan is structured as a short-term first lien on the new property, not a second loan on your current home like a HELOC or home equity loan.
Yes. Many borrowers use funds from a bridge loan to cover the down payment and closing costs on their new home, leveraging the equity from their current property.
Potentially, yes—temporarily. However, Sammamish Mortgage’s approach may reduce qualification challenges by focusing primarily on the new loan, rather than both obligations.
Generally, yes. Because they are short-term and carry more risk, bridge loans often have higher interest rates compared to standard long-term mortgages.
Bridge loans are ideal for homeowners who:
- Have built significant equity in their current home
- Want to buy before selling
- Need flexibility in timing
- Are competing in a fast-moving real estate market
The main risks include:
- Carrying two housing payments temporarily
- Market uncertainty when selling your current home
- Higher short-term borrowing costs
Planning your timeline and working with an experienced lender can help mitigate these risks.
A bridge loan allows for a smoother transition by eliminating the need for temporary housing. You can move directly from your old home into your new one with minimal disruption.
If your home takes longer to sell, you may continue carrying the bridge loan longer than expected. That’s why it’s important to plan for holding costs and work with a real estate strategy that supports a timely sale.
It depends on your financial situation, home equity, and goals. If you want flexibility, stronger purchase offers, and a smoother transition between homes, a bridge loan can be a powerful option—especially in competitive markets.
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