To see an alphabetical site map click here
- Bridge Loans Explained
Bridge Mortgage Loan Information Cennter
- What is a Bridge Loan
A bridge loan is a loan that helps a homebuyer successfully transition from one home to another. The new home is used as collateral for the loan and secures the loan of the new home even before the old home is sold. Getting a bridge loan is comparable to working with a hard money lender.
- Bridge Mortgage Loans vs Home Equity Line of credit
If you are thinking about relocating from one home to another, there are so many things to consider. In addition to all the decisions you'll need to make, you'll also need money. There are times when you might need to purchase a new home before you've sold your old one.
In this case, you will need to find a way to transition smoothly. There are two options you can consider -- the bridge mortgage or the home equity line of credit. Both of these choices offer their own advantages and disadvantages.
- Bridge Loan Alternatives
A bridge loan serves as a financial bridge between one home and another. These loans are short term loans with high interest rates. They are risky for both borrowers and lenders. There's no doubt that there are certain benefits to bridge loans. For individuals relocating or for anyone who is in an unexpected rush to purchase their ideal home a bridge loan can be very helpful. However, there are times when a bridge loan can go wrong.
- Bridge Loan Lenders
You can find bridge loan lenders and brokers most anywhere mortgage loans are given. Banks, credit unions and mortgage loan companies often offer bridge loans as well. Another place to look for a bridge loan would be a hard money lender. Getting a bridge loan is much like getting a hard money loan.
- Bridge Mortgage Terms
A bridge loan, as its name suggests, is a bridge that can get you from one home to another. For example, if you are living in one home but want to buy another right away, the bridge loan can provide you with the funds you need.
| 
