Newsflash: [UT] Bridge Loan?

We have been under contract with a builder for a new house since about late May with the home scheduled to be completed at the end of this month.Our current home has been under contract 4 times! during the same time frame and the last buyers backed out last week. All were due financial issues on the buyer’s end. Since then we have had around 8 showings and 2 open houses with lots of people through, but no new offers. We have another open house scheduled for Saturday.Our builder is willing to extend to the end of next month, but he wants us to pay his interest for August which will be about $1200. Our current house payment is $1254 + utilities.Would it be wise to take out a bridge loan? I’m thinking I would rather make a payment on my mortgage to bring down principal and also increase interest payment for taxes.Any advice? Is this a good idea?

Read more at https://www.reddit.com/r/RealEstate/comments/6pyfjj/ut_bridge_loan/?utm_source=ifttt

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