Bridge Mortgage Loans, California Bridge Home Lenders, Florida Bridge Home Equity Rates

Bridge Mortgages Help With Home Sale Timing

One of the toughest aspects of moving is trying to sell one house while buying another. A bridge mortgage is designed to help you coordinate between these two transactions. If you buy a new house before your old one is sold, you may well be stretched to come up with the ready cash for a down payment and closing costs. On the other hand, if you sell first and then look to buy, you may be left without a residence in between -- thus incurring the added upheaval and expense of finding temporary housing.

Get Competing Quotes From Top Mortgage Lenders -- Strict NO SPAM policy, BBB Approved

What type of loan do you need?
Refinance Home Equity Debt Consolidation Home Purchase

In what state is the property located? What is the property type?
- Select One - Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Single Family Residence Multi Family Residence Condominium Mobile Home Manufactured Home

How would you rate your credit?
Excellent Good Fair Poor
All information is encrypted and secure.

How Bridge Loans Work

As the name suggests, a residential bridge loan is designed to get the borrower across a specific gap in time--i.e., the gap between when one expense is due, and another source of capital is received. Bridge loan financing is common in business, but a mortgage bridge loan makes perfect sense to anyone who has tried to sell one house while buying another.

In the case of a bridge loan, you would use the home equity in your current house as collateral for a bridge loan. This bridge loan could then be applied to the down payment and closing costs on your new home. The bridge loan would typically be for a term of a year or less, giving you extra time to sell your existing home.

 

Bridge Loan Pros and Cons
Mortgage bridge loans are often the only solution to a timing problem, but it is not a cost-free solution. This additional loan means another set of interest and closing costs, and bridge loan rates are relatively high for short-term loans. Even so, if a bridge mortgage is the only way to facilitate your move, you may deem these costs well worth it.

 

California Bridge Loan Rates & Lenders
California bridge loans will typically carry higher interest rates and up front points than most bank loans. Oftentimes, a bridge mortgage lender is a private lender who can supply a loan quickly; the major concern of a borrower in need of a bridge loan. Due to this fact, private California bridge lenders can charge higher loan rates and points. Bridge loan terms can be set up to pay off a home or other project's existing debt, while other deal add the new debt obligation to the previous California mortgage loan.