Where Can I Get A Bridge Loan

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The second option is to get a loan to pay a down payment for the house before the sale of the first house goes through. You can take a bridge loan and use the old house as collateral for the loan. The proceeds can then be used to pay a down payment for the new house and cover the costs of the loan.

A bridge loan would provide the short-term funding required to purchase the new home quickly, buying you time to get your current home ready for sale. Ideally, you would move into your new home, sell your old property, then pay off the loan.

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The main purpose of a bridging loan is to “bridge” the finance gap so you can buy your new property before you find a buyer for your property. Ideally, you’ll want to sell your property first before buying a new property but sometimes you need to act fast to buy and you can’t wait 2,3 or even 6 months for your home to be sold.

Short Term Low Interest Loans Short-term loans work like traditional term loans: predictability is the name of the game. Overall, it’s a straightforward loan product. You receive a set amount of cash upfront that you agree to pay back, along with the lender’s fees and interest, over a predetermined period of time.

Whether you should get a bridge loan or not "depends on the market you’re in," says Steve Goldman, a real estate partner with Kurzman Eisenberg, Corbin & Lever LLP in White Plains, NY. As a general rule of thumb, it’s a good gamble if your home is situated in a hot seller’s market,

You may be able to find "promotional" bridge loans from institutional lenders. These bridge loans carry low fees and low interest rates. lenders that offer this type of loan don’t earn much profit off the bridge mortgage; instead, they use the bridge loan as a way to promote other products for the bank.

The length of your short-term bridge loan will be set by your lender. Shop around for the banker or mortgage broker who can best help you attain your bridge loan. fees will vary, and this should be a consideration, but you should focus primarily on the points they each charge, as this is where you pay a premium. Have your assets appraised.

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