Bridge Loan Services
A simple solution to bridge the gap between the home you have and the home you want.
With Compass Bridge Loan Services,
you can access bridge loans from industry-leading lenders without the burden of out-of-pocket costs. Enjoy competitive rates and dedicated service, with the exclusive option to get up to six months of your loan payments fronted when working with a Compass agent to sell your home.
Already working with a lender you love? No problem. This unique offering lets you choose the provider that works best for you.
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.
Bridge Loan Advance
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.*
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.
Does a Bridge Loan Make Sense for You?
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 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.*
*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.
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