Bridge Mortgages – Save money and time by refinancing your loan online. Visit our site to view your personalized rate and loan term option.
Bridge loans are temporary loans that bridge the gap between the sales price of a new home and the homebuyer’s new mortgage in the event the buyer’s existing home hasn’t yet sold before closing. In other words, you’re effectively borrowing your down payment on the new home. A bridge loan is secured by your existing home.
The bridge loan lender will decide to offer you a loan on the basis of whether it makes financial sense for you to get a bridge loan. Bridge loan lenders will also determine if you can qualify for.
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Commercial mortgage bridge loans can also be used to purchase and develop raw land, to demolish existing structures and rebuild, or for purchasing, renovating and selling existing properties, (aka fix-and-flip loans). Unlike blanket mortgages, commercial bridge loans apply to a single property and have a due-on-sale clause.
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A bridge loan is a mortgage with a term up to 12 months and interest only payments. Our bridge loan is designed to help prospective home buyers that do not have cash savings for a down payment, but want to get into that new home quickly.
Cons of a Bridge loan. bridge loans carry some serious risks, however. The biggest one is the risk of foreclosure. Because your old home is the security on your bridge loan, the lender could foreclose on the home if you default on your loan.
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This is where a bridge loan can be used. The new home mortgage will be $640,000 (800,000 – 160,000 = 640,000). The selling price less the cash on hand and the mortgage money available leaves a short of $110,000. This is the amount covered by the bridge loan.
Bridge Loan Mortgage – Refinancing your mortgage loan is easy, just visit our site and check how much money you could save up on your monthly payments. Thus, the loan program under the FHA – a division of the Department of Housing and Urban Development – is ideal for beginners and those who have limited funding.