what is bridge loan financing

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If financing for the new home falls through you will repay the bridge loan lender minus fees and interest, potential costing you thousands of dollars. If you are approved for the new mortgage but are unable to sell your old home in 6 months, the lender can foreclosed on your old home and take possession of it.

Bridge loans (also called swing loans or gap financing) are short-term, temporary loans that secure a purchase until longer term financing is arranged. The loan.

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A bridge loan is a short-term loan designed to provide financing during a transitionary period – as in moving from one house to another. Homeowners faced with sudden transitions, such as having to relocate for work, might prefer bridge loans to more traditional mortgages. Bridge loans aren’t a substitute for a mortgage.

How to Qualify for Bridge Financing . All you need to qualify for a bridge loan is a copy of the Sale Agreement from your current home and the Purchase Agreement for your new home. Note that if you don’t have a firm selling date, you may need to consider a private lender for the bridge loan, as most banks and traditional lenders require it.

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A bridge loan is intended to "bridge the gap" until you can secure more permanent long-term financing. Also known as swing loans or interim or gap financing, these loans are short-term loans with maturities generally up to one year and are usually secured by some sort of collateral .

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refinance with late mortgage payments Refinance – PERL Mortgage – Are you paying Private Mortgage Insurance on your home loan? Refinancing is when you take out a new mortgage loan with a new term and interest rate to replace your current mortgage loan. Must be current on your mortgage payments. No 30 day+ late payments in the last 6 months.

Bridge financing, often in the form of a bridge loan, is an interim financing option used by companies and other entities to solidify their short-term position until a long-term financing option can.