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Interest only myths

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Bridge Loan

 

What is a bridge loan?

A bridge loan allows you to use the equity in your current home as a down payment for your new home purchase.

 

How does it work?

You can borrow up to 90% of your current home value less the mortgage balance to use for the down payment of your new home purchase.  For example: the home your selling is worth $200,000 and you owe $120,000.  $200,000 X 90% = $180,000 minus mortgage of $120,000 = $60,000 is your maximum loan amount for the bridge loan. You can borrow less than this if you choose.  There are no payments due on a bridge loan for the term that you choose.  You can choose a term of 6 months, 9 months, 12 months, or even 18 months. The longer terms are good for those building a new home. The bridge loan is paid off in full when you sell your current home. A bridge loan closes simultaneously with your new home purchase.

 

Benefit of a bridge loan

Using the equity in your current home should allow you 3 main benefits. The first is that you will get better terms on your new home purchase with a larger down payment (up to 20% down). For example, If you put no money down on the new home purchase your fixed mortgage rate may be 7.00%. But with 5% down your rate might be 6.25% with mortgage insurance, but put 20% down and you'll get the low rate without mortgage insurance thus giving you the best mortgage terms on your new home purchase. Second, the next benefit is that you don't have to make payments on the bridge loan for the term you choose. This makes the transition from one home to the other easier financially. Third, Get into your dream home when its on the market. The home you want may not be on the market for very long.  You may want to make an offer right away even though your home isn't sold yet. Check into this possibility here.

 

Bridge Loan FAQ's

 

Question: Do I have to pay interest on the bridge loan?

Answer: Yes, interest will accrue but no payments are due. All interest plus the balance will be paid off in full when your home is sold within the bridge loan term.

 

Question: When will the interest on my bridge loan start?

Answer: Interest will not start until you have closed on your new home purchase.

 

Question: Can't I just get a line of credit for my down payment?

Answer, Yes you could. This is one alternative however, there are pro's and cons to this. Talk to one of our experts to determine which one is right for you.

 

Question: Will I still have to pay my current first mortgage payment?

Answer: Yes, however we do provide solutions to reduce your first mortgage payment while your home is on the market. Find out more about our innovative alternatives to a bridge loan. Compare bridge loans and alternatives.

 

Bridge loan rates

Today's bridge loan rates

Today's rates for alternative bridge loan programs

 

Alternatives to a bridge loan

There are other ways to accomplish the same goal of using the equity in your home to use as a down payment without the use of a traditional bridge loan. These options include, a line of credit, refinance 1st mortgage to pull cash out, etc.  Mortgage Search Experts has access to so many programs that allow you to make the transition to your new home as easy and low cost as possible. Compare all of your options to using the equity in your home by starting here.

There are many options when leveraging equity in your home for a new    purchase. A bridge loan expert will provide you with the options that   benefit you the most, absolutely free.

 

      

 

       

 

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Get quotes for your all of your home purchase or refinance needs.

Mortgage Quotes   Real Estate Agents    Mortgage Lenders    New Mortgage Programs   Mortgage Refinance Rates

Bad Credit Mortgage   Online Mortgage Quotes   Compare Mortgage Loans    Better Mortgage Rates

Mortgage Lenders Online   Jumbo Mortgage Loans   Option Arm Mortgage

Mortgage Marketing   Ohio Mortgages

Mortgage Lenders

 

Get quotes for your all of your home purchase or refinance needs.

Mortgage Quotes   Real Estate Agents    Mortgage Lenders    New Mortgage Programs   Mortgage Refinance Rates

Bad Credit Mortgage   Online Mortgage Quotes   Compare Mortgage Loans    Better Mortgage Rates

Mortgage Lenders Online   Jumbo Mortgage Loans   Option Arm Mortgage

Mortgage Marketing   Ohio Mortgages

Mortgage Lenders

 

Get quotes for your all of your home purchase or refinance needs.

Mortgage Quotes   Real Estate Agents    Mortgage Lenders    New Mortgage Programs   Mortgage Refinance Rates

Bad Credit Mortgage   Online Mortgage Quotes   Compare Mortgage Loans    Better Mortgage Rates

Mortgage Lenders Online   Jumbo Mortgage Loans   Option Arm Mortgage

Mortgage Marketing   Ohio Mortgages

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