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You found your new dream home. There’s just one problem: you haven’t sold your old home yet! Many homeowners find themselves in this sticky situation. How do I afford a new mortgage when I still have my old home loan? The answer is a mortgage bridge loan. With a Bridge Loan, you can make the down payment on your new loan and move into your new home. Once you’ve made the transition to your new home, you can focus on staging and selling your old house. Town and Country Bank and Peoples Prosperity Bank are  here to help you "bridge the gap" from listing to relaxing.

What is a Bridge Loan?

Bridge Loans are short-term loans with terms of nine months or less. Home bridge loan lenders help to cover the gap between two long-term financing options, such as two mortgages. Bridge loans are paid off in a lump sum at the end of the financing term.

Benefits of a Residential Bridge Loan?

Anytime you require short-term financing for a residential project, you need a bank that offers Bridge Loans. Town and Country Bank and Peoples Prosperity Bank may be able to help. Some examples of situations that benefit from Bridge Loans include:

  • Renovating and flipping a home
  • Financing the down payment for a new house by creating a second mortgage on your old home
  • Rehabilitation of a multi-unit dwelling
  • Paying off your current mortgage and funding the down payment for a new home

Why Choose Us?

The Town and Country Bank mortgage division is consistently the top housing lender in our market. We close most home purchase mortgages in 30 days or less. Locally owned and operated, we treat our clients like family. Benefits of a Bridge Loan from Town and Country Bank and Peoples Prosperity Bank include:

  • Competitive rates to upgrade your home
  • Financing for existing mortgage payments and new down payment
  • Interest-only payments available
  • Terms up to 9 months
  • No prepayment penalty

We Can Help!

Town and Country Bank and Peoples Prosperity Bank serve and empower local communities in Central Illinois and Metro East, one person at a time. Request a consultation with our local mortgage team or visit a local office today. Our friendly and attentive staff welcomes you to any of our branch  locations in Springfield, Buffalo, Jacksonville, Lincoln, Decatur, Mt. Zion, Edwardsville, Fairview Heights, and Quincy, and our loan production office in Bloomington.

  • Competitive rates to upgrade your home
  • Financing for existing mortgage payments and new down payment
  • Interest-only payments available
  • Terms up to 9 months
  • Pay principal in full at end of term
  • No prepayment penalty
  • Local Central Illinois decision-making and processing
  • Attentive, friendly service from start to finish