Bridge loans are short-term loans that are typically used to assist the homeowner
financially as he buys one home while selling another. 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 more relaxed for this
type of funding, but you will pay higher point fees and a higher interest rate for the money. Carefully consider all of your options before trying to qualify for a
bridge.
Step 1
Determine the amount of loan you will need to bridge the gap
between selling your existing home and purchasing your new home or for construction. The length of your short-term bridge loan will be set by your lender
Step 2
Shop around for the banker or mortgage broker who can best help
you attain your bridge loan. Fees will vary, and this should be a consideration, but you should focus primarily on the points
they each charge, as this is where you pay a premium.
Step 3
Have your assets appraised. Qualifying for bridge loans requires
adequately valued assets for collateral. If you're selling your home and have an existing contract, contact your buyer's appraiser
for a discounted copy of their appraisal.
Step 4
Prove that you are capable of making your monthly payments. Bridge
loans are based on the assets offered as collateral and on your ability to pay the bridge along with any other monthly expenses.
Step 5
Consider other types of financing that may be less expensive
for you. Home equity loans are more inexpensive than bridges. Planning ahead will be in your best interest and may well save
you money.
A sincere effort is made at Finance Services to indulge in fast decision on loan approval so that
the funds can be availed by you at the earliest for usage. Our loan facility can assist you in navigating through the various
options available to you, and thereby help in choosing an apt deal. we comprises of a professional and experienced experts
who can extend guidance on matters pertaining to Bridge loan . For your convenience, a glossary of financial terms
has also been provided.
Enjoy the ease and comfort of getting access to loans services at Our Finance services by means
of an online application process or call , sms us. Get freedom from financial mess by availing our services right away!
Contact us by call , sms or email to apply for a Bridging Loan Today!
Mr Howard Tan @ + 65 84486429
Or
Ms Jasmine @ + 65 90962321
How to Calculate a Bridge Loan >>
