A bridge loan is a temporary financing option designed to help homeowners "bridge" the gap between the time your existing home is sold and your new property is purchased. It enables you to use the equity in your current home to pay the down payment on your next home, while you wait for your existing home to sell.
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Qualifying for a bridge loan can be difficult, and you typically need excellent credit. Check with local lenders as well as online mortgage lenders and marketplaces to see if you qualify. Bridge loan alternatives . Because bridge loans are expensive and difficult to qualify for, they aren’t the right choice for everyone.
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In order to qualify for a bridge loan, the homebuyer must have a strong credit history. If the homebuyer is having some credit issues, they may need to seek private lending options, which often means higher interest rates and fees. A firm sale of your current home is also a must in order to be approved for a bridge loan.
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Here are some additional details to consider with bridge loans: Your current residence is used as collateral for the loan. These loans may only be set up to last for a period of six to 12 months. Interest rates are higher than those you can get for a traditional mortgage. You need equity in your.
Each borrower may have very unique circumstances, but bridge loans requirements remain pretty consistent at around 65% of the property value and a payoff.
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Qualifying for a bridge loan is less detailed than qualifying for your mortgage loan, but you must show that you have the ability to cover the monthly costs and the assets to use as collateral. The stringent FICO rules and debt-to-income ratios considered in applying for a long term mortgage are. How to Qualify for a Bridge Loan.
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