Timing the sale of your current home while purchasing a new one can be stressful. A Bridge Loan helps ease that transition by allowing you to use the equity in your existing home to buy your next home — without having to buy and sell at the same time. This is a unique offering from MCCU that many lenders do not provide.
- Designed for members who need access to their current home’s equity while purchasing a new home
- Up to 80% loan to combined loan-to-value based on Property A and Property B
- Appraisals ordered on both properties to determine value
- Monthly interest-only payments during the bridge term (up to 12 months)
- Closing costs vary based on loan amount
- End-loan terms available once the bridge period is complete
- Competitive rates and closing costs
- Local servicing retained by MCCU — payments, payoffs, and inquiries handled locally
- Escrow for taxes and insurance available at the end of the refinance
- Potential tax advantages¹
- Attentive, friendly service from start to finish
