The lender typically requires a firm, signed sale agreement on your current home before approving the bridge, since the loan plus legal fees of $800 to $1,500 are repaid directly from your sale proceeds once that closing happens, per standard lender and Law Society of Saskatchewan closing practice.
Bridge loans usually carry a higher interest rate than a regular mortgage and are meant to be short, often weeks rather than months, which makes them a timing tool rather than a long-term financing solution.
A bridge loan only works with a confirmed sale in hand, so the first step is always getting your current home under a firm agreement. Get your hand-reviewed valuation from Joel Dyck.