What Is A Bridge Mortgage

A bridge loan is a temporary form of financing that can help homeowners buy a new home while in the process of selling their current one.

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Like any loan, a bridge loan is subject to interest – often at a rate similar to an open mortgage or a personal line of credit. While the interest rate on your bridge loan is higher than your mortgage rate – usually Prime + 2.00% or Prime + 3.00% – it will only be charged for a short period of time, before the equity from your previous.

A mortgage bridge loan is used by the buyer of a new home, usually prior to the sale of an existing home. The mortgage loan "bridges" the sale across the time needed to close the new home purchase. Bridge loans are sometimes called swing loans. According to Lending Tree, the cost of a bridge loan may be hundreds.

Bridge loan lenders understand the importance of providing short-term financing and have no problem with funding a bridge loan mortgage against property that is currently on the market. PRO – Bridge loans do not require “ability to repay” for qualification.

Bridge Bancorp, Inc operates as the bank holding company for the BNB Bank that provide commercial and consumer banking.

A bridge loan, which you typically get through your bank or a mortgage lender, can be structured in different ways, but generally the money will be used to pay off your old home’s mortgage.

Bridge loans are temporary loans that bridge the gap between the sales price of a new home and the homebuyer’s new mortgage in the event the buyer’s existing home hasn’t yet sold before closing. In other words, you’re effectively borrowing your down payment on the new home. A bridge loan is secured by your existing home.

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Bridge mortgage costs vary from lender to lender Usually you’re looking at a rate of prime (currently 3.2%) plus 2-5%, as well as setup fees of approximately $250-500. If the mortgage is a large one, your lender may also require a collateral mortgage secured against your property.

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