When a person sees an opportunity to buy real estate but are unsure how they can get the money they need in a hurry, they might want to consider applying for bridge loans. These are short term loans that people can get until they secure long term financing on a property. They can be the perfect vehicle for a person in this situation but a person should be careful. The interest rates on bridge loans is higher than on the long term loans. They can be double if not more than a traditional mortgage loan. It is important for a person to be fairly sure they can obtain the long term financing they need to retire the short term loan. If they do not get the mortgage they could end up defaulting on the short term loan. It is also possible that getting the short term loan could affect their credit which could make it harder to get a good rate on the long term loan. A person should make sure the deal they are looking at is worth the risks.