Question

Karen and Jay need a larger home. They have two large dogs and a baby on the way. One day in the real estate section, they see their dream home. The couple view the home that very day, make an offer and it's accepted. There's only one problem: They haven't even put their home on the market. Which type of loan gives Karen and Jay their best option of paying two mortgages until their current home sells?

a. A Participation Mortgageb. A Bridge Loanc. A Sale-Leasebackd. A Contract for Deed

Answer 1

b. A Bridge Loan

Step-by-step explanation:

A bridge loan is a form of financing for a short period of time with high interest rates until the person can find another type of loan or eliminate a debt like selling the current home.