At Millennium, we know that timing isn’t always perfect when you’re buying and selling a home. That’s why we offer tailored bridge mortgage solutions to help you move forward confidently. With access to trusted bridge mortgage lenders across Canada, our experts work with you to arrange short-term home financing that fits your timeline. Whether you’re upgrading, downsizing, or relocating, our temporary home financing options make it possible to secure your next property while finalizing the sale of your current one.

What Is a Bridge Mortgage?

A bridge mortgage (also called a bridge loan in Canada) is a short-term home financing solution that:

  • Provides a temporary loan to “bridge” the time between purchasing a new home and selling your current one.
  • Allows you to access the equity in your existing property to secure a down payment.
  • It is typically repaid in full once your current home is sold.

This type of temporary home financing is ideal for homeowners who are ready to buy but need flexibility to sell on their timeline.

When to Use a Bridge Mortgage

You might benefit from a buy-before-you-sell mortgage if:

  • You’ve found your new home, but your current one hasn’t sold. A bridge mortgage helps you move forward with your purchase without delay.
  • You need quick access to equity from your existing home. Use the built-up equity as your down payment before finalizing your sale.
  • You’re in a competitive market and can’t risk losing the deal. Stay competitive with offers and avoid having to walk away from your dream home.

Why Work With Us

  • Fast Approval with Flexible Terms: Our streamlined process ensures you get the funds you need, when you need them, often within days.
  • Access to Trusted Bridge Mortgage Lenders: We work with a wide network of private and institutional lenders across Canada to offer you the best possible terms.
  • Personalized Guidance From Start to Finish: Our mortgage advisors provide one-on-one support to help you make confident, informed decisions.

Frequently Asked Questions (FAQs)

  • How long can I have a bridge loan?
    Bridge mortgages in Canada typically last between 60 and 90 days, though some lenders may offer terms up to six months. Longer options may be available through private lenders.
  • What’s the interest rate on a bridge mortgage?
    Rates usually fall between 7% and 10% with traditional lenders, and 9% to 11% or higher with private lenders. Most are based on prime + 2% to 5%.
  • Do I need a firm sale agreement on my current home?
    Yes. Most lenders require a firm, unconditional sale agreement on your current home to qualify. Some private lenders may offer flexibility if you have sufficient equity.
  • Can I get a bridge mortgage with bad credit?
    It’s possible. While traditional lenders prefer strong credit, some private lenders offer bridge loans based primarily on home equity. These often come with higher interest rates and stricter terms.