Want to land your next home in Harvest without listing your current one first? You are not alone. Many Argyle homeowners want to buy with confidence, avoid sale contingencies, and keep life moving on their timeline. In this guide, you will learn how a bridge loan can help you buy in Harvest before you sell, what it costs, how to coordinate HOA and builder steps, and the exact checklist to keep everything on track. Let’s dive in.
Bridge loans, explained
A bridge loan is a short-term loan that helps you close on a new home before your current home sells. It can provide funds for your down payment or part of your new mortgage so you can write a stronger, contingency-free offer.
Most bridge loans last a few months, often 3 to 12 months. You repay the loan when your current home sells, when you refinance into a long-term mortgage, or by the loan’s maturity date. Some programs secure the loan with your current home, the new home, or both, depending on the lender’s structure.
Compass Bridge Loan Solutions integrates this idea into a streamlined experience with your agent, lender, title, and listing plan. Program specifics vary by lender and change over time, so focus on the core mechanics, timing, and communication steps that make the process smooth.
Why buy before you sell in Harvest
The north DFW corridor often favors clean, contingent-free offers. In communities like Harvest, move-in-ready homes and quality new-construction opportunities can move fast. A bridge loan can let you secure the right home on your schedule instead of rushing your sale or settling for a weaker offer.
If you are eyeing a builder spec home, timing can be tight. If you are building, your closing date may shift with construction milestones. In both cases, a bridge loan helps you lock in the purchase and handle the gap between buying and selling.
Eligibility and costs
Every lender has its own criteria, but most review the following:
- Sufficient equity in your current home for collateral.
- Credit score and payment history that meet the program’s standards.
- Debt-to-income that supports the short-term loan and your permanent mortgage.
- The marketability and value of both properties.
- A clear plan for repayment, such as listing timelines or a pending sale.
Common structures and terms include:
- Short terms, often 90 to 180 days, sometimes up to 12 months.
- Interest rates that are higher than standard long-term mortgages.
- Interest-only payments during the term, depending on the program.
- One-time origination or setup fees, plus typical appraisal, title, and recording fees.
Plan for carry costs while you hold both homes. That can include your existing mortgage, bridge loan interest, taxes, insurance, utilities, and HOA dues. Build room in your budget for a longer hold just in case your sale takes extra time.
Alternatives to compare:
- Home equity line of credit (HELOC) - may offer lower rates but can be slower or limited by equity and lender rules.
- Cash-out refinance - can be cheaper over time but may not fit your timing if you want to buy fast.
- Sale contingency - reduces upfront costs but can weaken your offer in a competitive setting.
Always request clear, written disclosures of interest, fees, draw terms, maturity, and payoff conditions for your specific loan.
Argyle timeline and coordination
In Argyle and Denton County, your timing depends on four anchors: your new purchase closing, your listing and sale date, HOA resale documents, and builder milestones. Aligning these pieces early keeps surprises off your calendar.
Key local coordination points:
- HOA resale documentation in Texas usually includes a resale certificate and related disclosures. Turnaround can take several business days and often requires a fee. Order this early so it does not stall your closing.
- Builder timelines vary. Spec homes can close within weeks. Ground-up builds can take months. Get deposit rules, option periods, and financing acceptance in writing.
- Title needs to know about any bridge lien so they can prepare payoffs and ensure a clean close on both transactions.
Spec home purchase timeline
If you are targeting a move-in-ready home in Harvest, the pace can be brisk. A practical flow looks like this:
- Week 0: Get bridge prequalified, sign the purchase contract, and place your builder or seller deposit.
- Weeks 1 to 2: Complete the bridge application, provide documents, and allow the lender to order valuations.
- Weeks 3 to 4: Close on your new home. Begin bridge interest-only payments if required and continue your existing mortgage.
- Weeks 4 to 12 and beyond: List and sell your current home. Title applies the sale proceeds to pay off the bridge loan at closing.
New build timeline
If you are building, consider when the bridge loan actually needs to begin. Many owners wait until the home is near completion so they do not carry a bridge for many months. Confirm in writing that your builder accepts bridge or portfolio financing and note any special lender letters or proof-of-funds they require.
Step-by-step checklist
Use this checklist to keep your move coordinated and stress under control.
Step A — Early preparation (2 to 6+ weeks before target purchase closing)
- Gather documents: mortgage statements, insurance and tax details, HOA assessments, pay stubs, bank statements, and your purchase contract if available.
- Get a market valuation or broker price opinion to estimate your available equity.
- Contact your chosen bridge lender for initial prequalification to understand program limits and documents.
Step B — Confirm HOA and builder timelines (concurrent)
- Order the HOA resale and estoppel package early so it does not become a bottleneck.
- Confirm builder lot-hold, deposit deadlines, and acceptance of bridge financing. Get requirements in writing.
Step C — Formal application and underwriting (about 2 to 3 weeks, varies)
- Submit your full application and authorization for credit, plus property docs and any listing or purchase contracts.
- Expect valuations on your current home and sometimes the new property.
- Review conditional approval for rate, fees, lien position, and maturity.
Step D — Close coordination and contingency planning
- Make sure title knows about the bridge loan and has payoff instructions.
- Discuss extensions or backup plans if your home does not sell as quickly as expected.
- Budget for dual carrying costs, including utilities and HOA dues, until the sale closes.
Step E — Repayment and post-closing
- At your sale closing, direct proceeds to pay off the bridge loan through the title company.
- Confirm lien release so your title is clean.
Risks and safeguards
Every financing tool has tradeoffs. Here are the big ones with simple ways to manage them.
- Higher short-term cost: Bridge loans usually carry higher rates and fees. Compare total costs against a HELOC, cash-out refinance, or a contingency offer for your timing.
- Carry cost risk: If your current home takes longer to sell, your costs rise. Build a budget buffer and stress test for as much as six months of holding both homes.
- Valuation risk: If the market softens, your available bridge amount could be reduced. Use conservative pricing and up-to-date comps.
- Administrative complexity: You will coordinate lender, title, builder, and HOA. Use written confirmations and keep all parties aligned on dates and payoff instructions.
Practical safeguards:
- Get everything in writing from your builder and HOA, including turnaround times and fees.
- Keep your title company looped in on the bridge lien and payoff plan.
- Choose a team experienced with bridge loans and Harvest transactions so you avoid preventable delays.
How we help in Harvest
You deserve a move that feels organized and calm. The North Texas Team brings a white-glove approach backed by Compass tools to help you buy before you sell with confidence. We guide you through prequalification, order HOA documents early, coordinate with your builder, and keep title, lender, and listing timelines aligned.
When it is time to sell, we pair strategic pricing with polished presentation and, when it fits, Compass Concierge for pre-listing improvements and staging. The goal is simple: protect your timing, present your property at its best, and deliver a seamless bridge payoff at closing.
Ready to explore whether a bridge loan fits your plan in Harvest? Connect with the North Texas Team to Schedule a Concierge Consultation.
FAQs
How does a bridge loan help me buy in Harvest before I sell?
- It provides short-term funds tied to your equity so you can close on a new home first, then repay the loan when your current home sells.
What are the typical costs of a bridge loan in Argyle?
- Expect higher rates than a long-term mortgage, plus origination and standard loan fees, and plan for carrying two homes until your sale closes.
How long do bridge loans usually last for move-up buyers?
- Many programs target 90 to 180 days, sometimes up to 12 months, with repayment at sale, refinance, or maturity per the loan terms.
Will an HOA resale certificate affect my closing timeline in Harvest?
- Yes, Texas HOA resale packages take time and often require fees, so order them early to avoid delays at closing.
Can I use a bridge loan for a new construction home in Harvest?
- Often yes, but confirm in writing that your builder accepts bridge or portfolio financing and note any special proof-of-funds requirements.
What if my current home does not sell before the bridge loan matures?
- Discuss extension or refinance options with your lender in advance and build a budget buffer in case your sale takes longer than expected.
How is a bridge loan different from a HELOC or cash-out refinance?
- A bridge is short term and built for speed and sequencing, while HELOCs and cash-out refinances may offer lower costs but can be slower or less flexible for timing.
