2006-10-11 13:39:28 · 3 answers · asked by golfserv2001 4 in Business & Finance ➔ Renting & Real Estate
Not while it is on the market. Many lenders will not allow any financing within 6 months of it's being actively listed. However, with the recent slow down in housing these programs are beggining to arise. I know of 2 lenders now that will loan on the property once the listing is cancelled/expired.
Hope this helps.
Tom Voli
President
GTO Financial
PS..Yes...bridge loans are available at 12 - 15% + fees. Most often the best method is to pull it off the market, refinance it, and then relist if you need to.
2006-10-11 13:43:37 · answer #1 · answered by tomvoli 1 · 2⤊ 0⤋
Yes, in some states. Don't lie about it to your bank, be aware of any early payoff terms. The title company will do a last minute search for any liens and will find the new one. The amount owed will be paid out of the sale proceeds when you've closed. A heloc with no pre-payment fee will have a better interest rate than a bridge loan.
2006-10-14 18:43:34 · answer #2 · answered by paleblueshoe 4 · 0⤊ 0⤋
You can take out a bridge loan to help buy a house while selling yours. It jsut depends on your realtor and bank.
2006-10-11 20:48:05 · answer #3 · answered by jmac_598 3 · 0⤊ 0⤋