Bridge Financing: Bridging the Gap between Homes

Bridge financing, also known as bridge loans or bridge mortgages, provides homeowners with a practical solution to buy a new home before selling their current one. In this article, we will explore the concept of bridge financing and how it can assist individuals in managing the transition between homes seamlessly.

Bridge financing serves as a temporary financial tool that allows homeowners to bridge the financial gap between the purchase of a new home and the sale of their existing property. This type of loan is particularly useful when timing is crucial, ensuring that homeowners can secure their dream home without the need to wait for their current home to sell.

Bridge financing works by leveraging the equity in the homeowner’s current property. Lenders provide a short-term loan that covers the down payment and closing costs for the new home. The loan is secured against the homeowner’s existing property and is repaid once the sale is finalized. Bridge loans typically have higher interest rates and shorter repayment terms compared to traditional mortgages.

Bridge financing offers several advantages for homeowners. Firstly, it allows individuals to purchase a new home quickly, avoiding the stress of finding temporary accommodations or missing out on desirable properties. Additionally, homeowners can negotiate better terms and prices when buying a new home since they are not under pressure to sell their existing property swiftly. Bridge financing also provides the flexibility to move into the new home before the current one is sold, enabling a smoother transition. While bridge financing can be beneficial, it is essential to consider potential risks. If the homeowner fails to sell their current property within the bridge loan’s term, they may face higher interest rates and penalties. Additionally, if the current property sells for less than expected, it could result in financial strain. Homeowners should carefully assess the real estate market, consult with financial professionals, and develop a contingency plan to mitigate these risks. Bridge financing is a practical solution for homeowners who wish to purchase a new home before selling their current one. By bridging the financial gap, individuals can secure their dream home, avoid temporary accommodations, and navigate the transition between homes with ease. However, it is crucial to approach bridge financing with caution and seek professional guidance.

Minnie Rzeslawski has been both a real estate broker/owner and investor for the past 34 years. She can be reach at Minnier@remax.net or (619) 804-5373 with any real estate related question. DRE#01019749

Iwas excited to open two new Pickleball courts and do a ribbon cutting ceremony for the Norman Park Senior Center, which is located at 270 F Street. This was part of a $2.4 million investment in the Senior Center. It included adding three Bocce Ball courts and two Pickleball Courts for our seniors to have active healthy recreational opportunities.

The Norman Park Senior Center was built in 1963 after Chet Norman, the City’s first park supervisor. As a lifelong resident, I remember as a young child singing Christmas carols to seniors at the center.

After 60 years we wanted to upgrade the Senior Center to make it more accessible and worthwhile for seniors to enjoy. The City renovated the flooring, cabinets, kitchen, and added ADA accessible restrooms. Additionally, the Center added a second floor deck, new paint, more furniture, and a new air conditioning system. All these renovations are our commitment to supporting our seniors.

Meals On Wheels Serving Our Seniors

I am proud to have the Meals on Wheels South County service center located in Chula Vista at the Norman Park Senior Center. The Meals on Wheels office is on the second floor of the Senior Center. I was happy to help reopen the newly remodeled Meals on Wheels Center a few months ago. This nonprofit has done a tremendous amount of work serving our seniors by providing nutritious meals and activating their volunteers.

The Center serves more than 300 seniors and has over 90 active volunteers. Along with meal delivery, Meals on Wheels focuses on providing community for those seniors who might be isolated and might not have much interaction with their community.

I appreciate all the work that Meals on Wheels does for our City and County. If you would like to volunteer for the Meals on Wheels, please call (619) 420-2782 or go to meals-on-wheels.org/volunteer

HONORING OUR SENIORS

According to the last U.S. Census of 2020, the City of Chula Vista has a population of over 277,000. Of the Chula Vista population, 202,468 are adults and 32,391 are seniors over 65 years old. As Mayor, I intend to represent everyone and do good for my constituents of all ages.

I believe we need to respectfully honor our seniors. Many of our older adults served in our military forces and many played a role in shaping our great City, and it’s my honor to do good for our senior population and repay them for all that they’ve done for our community. As a four-term Councilmember and now your Mayor, I will continue to support and honor our seniors.

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