Rocket introduces buy-before-you-sell bridge financing

Rocket Mortgage unveiled a new equity-backed financing product aimed at giving homebuyers an advantage when vying for homes in competitive markets.

The Detroit-based lender’s new bridge loan offers prospective buyers the opportunity to draw into their accrued equity to put down an offer on a new purchase while still living in their existing property. Borrowers will have access to home equity for down payments or closing costs, easing many of the leading causes of stress during relocation, the company said.

“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,” said Bill Banfield, Rocket’s chief business officer and economist, in a press…