for Every Homebuyer
Bridge Loans
Bridge loans meet a pervasive problem in the housing market with an effective solution. Each year, millions of Americans find themselves in a situation that calls for them to relocate. Whether a new job has been secured, downsizing is in order, or any other variety of compulsions, life changes can have your home being listed on the market in a blink of an eye. A rushed sale is sloppy, less profitable, and leaves you highly vulnerable to any complications that may slow the closing process, potentially even rendering you temporarily homeless. Sell on your terms and on your schedule with our bridge loan programs.
Bridge loans are a form of temporary financing that serves homeowners who intend to sell their home and relocate, but do not wish to sell their current home right away, or cannot wait out the potentially lengthy process of listing, marketing, and closing their home sale before making their move.
Let's browse some of the highlights:
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Quick Turnaround Times, Quick Approval
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Interest-Only Or Deferred Payments
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Typical Coverages of 12 , 18, or 24 month terms.
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However, this is not a program that automatically suits anyone and everyone that finds themselves in a buy now, sell later situation. As a form of short term financing, bridge loans typically carry higher interest rates and closing costs than long term financing programs. If you sell your home in significantly less time than your bridge loan term, you won't be paying much interest though.
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Contact us to explore whether a bridge loan or cash out refinance is the best solution for your scenario.
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Getting Prepped for Approval
Documentation requirements for bridge loan programs vary sharply from lender to lender as a unique financing program, unlike the standardized requirements of government and conventional loans. Traditional income and asset requirements may not be applicable depending on your scenario. For the most part, bridge loans are stated income, and tend to be relaxed in doc requirements but strict in LTV limits.
Upon reviewal of your application, you will be sent a comprehensive list of the documents you will need to successfully qualify for bridge financing. If you have any questions regarding what these requirements may look like, visit our prior to approval checklist page, or reach out to one of our licensed loan originators.