How Does A Bridge Loan Work When Buying A Home

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So let me just explain the basics of (A) what a bridge loan is, (B) how they work, and (C) how you might use one when buying your second home. Let’s start with a basic definition. Bridge Loan – A type of short-term financing where the funds are used to "bridge" some kind of financial gap.

How can you use a bridge loan? A bridge loan in real estate can be used to buy another home before you sell your current one. A bridge loan essentially helps fund your new home purchase. For example, you might use it to cover closing costs for a new mortgage.

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A bridge loan is usually a short term loan that provide funds for purchasing an asset (such as a home) when the cash-on-hand along with the primary loan is not enough to pay for the asset. Bridge Lender caribbean bridge lender is the smart alternative to traditional lending institutions.

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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.

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To do this. you access your home equity before you sell, says Jerrold Anderson, vice president of residential lending at Alliant Credit Union. Bridge loans help you avoid making a contingent offer.

How Bridge Financing is Calculated. Let’s say the closing date for your current home is 90 days away, while the closing date for your new home is in just 35 days. A bridge loan will cover your equity over the 55-day period (90 days – 35 days).