Bridging the Gap Between Mortgages
You have options if your house hasn't sold and you've already found a new home. Getting a short-term loan — or bridge loan — will ease the financial strain of having two mortgages.
If your current home hasn't sold and you have to move immediately, a "bridge loan" is a short-term loan that can give you the cash for a new home. This should help ease the burden of two mortgages, should you end up in that situation.
A homeowner with good credit and decent income may be able to borrow as much as the full amount of equity in the home. The loan can then be used for the deposit and down payment of a new home.
Another option is to take out a home equity line of credit secured by your current residence. Banks can loan up to 80 percent of the home's market value.
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