Is a bridge loan a bad maneuver?

[/u/Lower-Addendum7952]

Please help. We found a home we love, we realize the market is crap with rates the way they are. We found a house we absolutely love that has been on the market for over 50+ days. We ended up moving forward and are worried about the contingency of our home selling first. Our lender produced us with a couple different options, one being, doing a bridge loan with our current mortgage company to purchase the home without ours selling first. But that way we’re only able to bring 126k to closing versus the 166k we wanted to bring to keep our payment at a certain point. And also this plan requires us to almost deplete our savings until ours sold obviously. But then after all is said and done we can’t take the proceeds from the sale and put towards the new to get our payment to drop. It would go to principal and payment would remain the same. I trust the guy…but I’m on here because i need other opinions . Our current home is going to list for 375k We owe 184k. We have 40k in savings. 166k was gonna be brought to closing without bridge. 126k brought to closing with bridge.

Thank you.

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Is a bridge loan a bad maneuver?
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