If you are an existing homeowner that is purchasing a new home, you may find yourself in a position to arrange "Interim Financing". Interim financing happens when the possession of your new home arrives BEFORE the sale of your existing home has gone through. You must have a firm sale on your current home for bridge financing to go through. Usually, the lender will be able to finance a short term loan to cover the deficiencies in the time gap. You do not need Interim Financing if your possession is AFTER the sale of your current home has gone through. Interim financing is usually done by the lender who is doing the mortgage. If that lender does not do interim financing then you have to go with another private company who does interim financing. They will charge an application fee for this procedure. Your broker will assist you in finding the best deal for you.
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