2006-11-08 04:34:41 · 2 answers · asked by Mike R 1 in Business & Finance ➔ Credit
Check with your current mortgage company, or with the new mortgage company. See if they offer the bridge loans. You could also ask your realtor, if there is one involved in your transaction. To find a lender, if you haven't already, try a yellow book listing, and call and interview a couple companies to find out the terms that are available for you. Good luck!
2006-11-08 08:50:33 · answer #1 · answered by abcdgoodall 4 · 0⤊ 0⤋
It allows you to use equity in your current home to buy another. The payment is differed until the bridge loan is called, normally in 6 months to a year. Most bridge loan lenders will allow you to use up to 90% of the value of your current home. Example if you r home is worth $100,000 and you owe 20,000 you can use 70,000 towrds a down payment. Then when your house sells you pay the bridge loan and original note off. Problems arise when your current home does not sell before the bridge loan period is up. You are then forced to start making 2 mortgage payments. If you live in an area where real estate is slow i would really weigh other options before using a bridge loan.
2016-05-21 22:05:07 · answer #2 · answered by ? 3 · 0⤊ 0⤋