Finance
A 'bridge loan' is sometimes used by North Dakota homeowners who are:
ABuying investment property for rental income
BBuying a new home before their current home sells, using equity in the current home as collateral✓ Correct
CRefinancing to get a lower interest rate
DApplying for first-time homebuyer assistance
Explanation
A bridge loan is short-term financing that allows homeowners to use equity from their current home as collateral to purchase a new home before the old home sells. It 'bridges' the gap between buying and selling. These loans carry higher rates due to their short-term, transitional nature.
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