Bridge the gap between the home you have and the home you want.
BRIDGE LOAN SERVICES
A simple solution to bridge the gap between the home you have and the home you want.
Compass Bridge Loan Services gets you access to competitive rates and dedicated support from industry-leading lenders, with the exclusive option to get up to six months of your loan payments fronted when you sell your home with a Compass agent.
A bridge loan is a short-term loan that uses the equity from your current home to help you make an offer on a new one, without rushing to sell.
After months of research, Compass has selected lenders that are offering competitive rates and dedicated service for Compass clients. Already working with a lender you love? No problem. This unique solution lets you choose the provider that works best for you.
BRIDGE LOAN ADVANTAGE
Work with a Compass agent to sell your current home and get up to six months of your bridge loan payments and other associated costs fronted — , regardless of the lender you use.*
Is your money tied up in the equity of your current home?
If you want to move but your money is tied up in the equity of your current house, a bridge loan can help you secure funding to facilitate the transition to a new home — like for a down payment or mortgage payments. Once your current home sells, you can use the proceeds to pay the bridge loan back.
Do you need to move within a specific timeframe?
If you're relocating for a new job or other reason, a bridge loan can afford you the freedom to move on your own terms and secure a new house when you need to, without having to wait for your old home to sell.
Does your home require renovations or other work?
Whether you're using to increase your home's value, or are making improvements on your own, it may be easier to have construction work done when you're out of the house. A bridge loan can help you move faster so you're out of the house while those improvements are being completed.
Apply to get pre-approved for a bridge loan with the lender of your choice, while searching with your Compass agent for your next home.
If needed, use your approved bridge loan to strengthen your bid on a new home.
When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance.
What rates and fees accompany a bridge loan?
The rates and fees for each bridge loan are determined by the lender. We recommend reaching out to a bridge loan lender directly to learn more. As a reminder, the bridge loan itself can be from any lender of your choice. If you are approved for the Bridge Loan Advance, it has a 0% APR for the life of the loan and has no additional application or closing fees.*
What is covered by the Bridge Loan Advance?
The Bridge Loan Advance can equal up to 6 months of monthly payments and eligible closing costs incurred from the bridge loan.* Eligible closing costs include: (1) the dollar value of any points paid upfront, (2) origination or application fees where applicable; and (3) appraisal fees.
Who is eligible for the Bridge Loan Advance?
The Bridge Loan Advance is available exclusively for qualified clients with a traditional bridge loan who are working with a Compass agent to sell their existing primary residence.*
Scott did a terrific job representing us as new buyers in the Charlotte market. He listened to our priorities and did a terrific job presenting listings consistent with our preferences. When we settled on a house, Scott was a trusted advisor ably representing us every step of the way. He played an instrumental role in the negotiation process and effectively communicated our concerns during due diligence. Scott has also provided us several contacts in the area for home repair and maintenance professionals which is especially appreciated since we are new to Charlotte. We strongly recommend Scott to represent you if you’re interested in purchasing a home in Charlotte.
Individual results may vary. Testimonials are not intended to guarantee the same or similar results.
While Compass clients are encouraged to find the best lender for them, Freedom Mortgage and Better Mortgage are industry-leading lenders who offer short-term financing and are a part of Compass Bridge Loan Services.
When looking for a mortgage, it’s important to find a company that specializes in mortgages above all else, and to find a lender that can address your unique home-buying or refinancing needs, regardless of how unique your circumstances may be. That’s the Freedom Freedom Mortgage difference.
The Mark Maimon Team
Available to serve customers in all states.
Better Mortgage is making homeownership simpler, faster, and most importantly, more accessible for all Americans. No commission, an easy digital process, and award-winning service are just a few of the ways Better Mortgage is redefining what it looks like to get a mortgage.
Better Bridge Loan Team
Available to serve clients in all states except MA, VA, VT, NH, HI, MN and NV.
More states coming soon.
*The Bridge Loan Advance for Compass clients is a loan provided by Notable Finance, LLC, NMLS# 1824748 and is available to all eligible Compass clients working with the Bridge Loan lender of their choice. Notable's phone number for applicants only: 833-615-0249. Loan eligibility is not guaranteed and all loans are subject to credit approval and underwriting by Notable. Loans made or arranged pursuant to a California Finance Lenders Law license. Compass is not a lender and is not providing loans as part of Compass Bridge Loan Services.
Information regarding lenders which offer short-term Bridge Loan financing is provided for informational purposes only and does not constitute an endorsement of the particular lenders referenced. Compass cannot guarantee that these institutions will be able to assist and does not assume any responsibility as to the performance of services to be provided by these institutions. There are no requirements that you participate in the Compass Bridge Loan Services or obtain a loan from these providers to participate in any other Compass programs (such as Compass Concierge). Speak to your Bridge Loan lender about all the costs you may be responsible for in connection with your Bridge Loan.
Always working for you, we don’t rest on our past success. Expect your Pridemore Properties agent to employ an aggressive and well-planned marketing strategy to get you to the closing table — fast. Start your home searching journey with us!Contact Us