While most homeowners try to time the purchase of a new home with the sale of their current home, things don’t always go according to plan. You can’t control timing, but you can keep your purchase plans on track with a swing loan from Univest.
what is a swing loan?
A swing loan, also known as a bridge loan, is a short-term, temporary solution that secures funds for a down payment on a new home using the equity in your current home, prior to its sale.
benefits of a Univest swing loan
- Cash out up to 80% of current home value
- Loan amounts up to $350,000
- Interest-only payments
- No title insurance for loan amounts less than $250,000
- No home sale contingency clause
- Minimum credit score of 640
- Current home must be listed for sale
types of properties that qualify for a swing loan
- Primary residences
- Swing loans can be in first or second lien position