What’s A Bridge Loan?
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 — an exclusive offering for Compass clients, regardless of the lender you use.*
Bridge Loan Services
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.
Does a Bridge Loan Make Sense For You?
Is your money tied up in the equity of your current home?
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 Compass Concierge 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.
How It Works
1. Inquire directly with a bridge loan lender, such as Better Mortgage or Freedom Mortgage, to see financing options and if you qualify.
2. 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.
3. If approved for a bridge loan, learn more about getting the first six months of your bridge loan payments fronted via the Bridge Loan Advance by Notable, an independent lender.
4. If needed, use your approved bridge loan to strengthen your bid on a new home.
5. Move into your new home while your Compass agent works to sell your current home.
Use Compass Concierge home improvement services to sell your home faster and for more money.
6. When your old home sells, simply use the proceeds to pay back the bridge loan and Bridge Loan Advance.
Your Questions, Answered
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.*
“Nobody hustles more, is more accommodating, more communicative, or transparent than Damian. I demand quite a bit of the real estate professionals I work with and Damian is up to the task. He has recently been helping me locate homes to purchase for my own portfolio and is now part of my team. I could not recommend him more highly.”
Individual results may vary. Testimonials are not intended to guarantee the same or similar results.
Next Step: Finding A Lender
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 Mortgage difference.
Available to serve customers in all states.
Available to serve clients in all states except MA, VA, VT, NH, HI, MN, NC, WY, ID, and NV.
More states coming soon.
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Our goal is to provide every client with a clear, transparent, and seamless transaction with creativity, energy and professionalism.