Rocket Mortgage, the nation’s largest mortgage lender and a part of Rocket Companies, announced the launch of bridge loans – a strategic solution designed to help buyers wrestle back control in today’s competitive housing market. This new product allows current homeowners to use equity to compete shoulder-to-shoulder with cash buyers – allowing them to purchase their next primary residence before selling their current one. This provides both financial flexibility and eliminates the uncertainty and reluctance of home sellers that often comes with so-called ‘contingent’ offers. With high home prices and tight housing inventory, many buyers struggle to compete without first selling – leading to delays and missed opportunities. Yet the average homeowner has $181,000 in untapped equity, a powerful resource to make a strong offer.¹ Rocket Mortgage’s bridge loan unlocks that equity upfront, providing funds for a down payment or closing costs in the interim. Bill Banfield, Chief Business Officer and Economist at Rocket says “Rocket Mortgage’s new bridge loan alleviates this by helping people purchase on their terms – not the market’s. It removes one of the biggest barriers to moving: immediate access to the equity in their current property. With this new flexibility, buyers can quickly and confidently secure their next home.” Rocket Mortgage’s bridge loan gives clients up to six months to sell their home, with interest-only payments throughout that period. To qualify, clients must have their home listed, be under contract with a listing agent or have a guaranteed buyout agreement in place. The client must also have an associated Rocket Mortgage purchase loan to be eligible.