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In this video, Jeff Traran, a mortgage professional, defines a bridge loan as short-term financing typically lasting from 6 to 12 months. It serves to bridge the gap between selling one property and purchasing another until permanent financing is secured. Given the current market conditions, where buyers may find it challenging to purchase new homes, many homeowners are considering bridge loans to facilitate the transition from their existing home to a new one. Jeff emphasizes that while the term "bridge loan" is commonly used, it is often misunderstood.
