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All About Bridge home loans

May 21, 2008
Most people have no idea what a bridge home loan is, let alone how it can help the get a new home before their old home has sold. Most people also don't realize the massive fees that come with a bridge home loan, which can put them in a serious pickle.

What is a bridge home loan and how does it help? Also, how can it hurt?

The Basics of a Bridge Home Loan

You're interested in moving up in the world - selling your home, and getting another one. Or maybe you want to downsize your current home, and get something a bit smaller, or cheaper.

Therefore, you are considering putting your home on the market to sell; the process comes in finding the right home. If your home is still on the market but after looking around, you happen to find the ideal home, one that has all the features you want, the right size, and one in the right price range but without your other home being sold, you are not sure what to do.

If you are like most people, you need to get the equity out of the existing home in order to buy the ideal home you just found. Obviously, the seller of the perfect home cannot wait forever for your home to sell, especially if other offers are coming in. You on the other hand do not want to wait and then try to find another perfect home after your existing home is sold.

So you have an issue, clearly.

This is where a bridge home loan comes in. If you have enough equity built up on your current home, you can get the cash from that equity, and put it as a down payment on your newer house.

That sounds prefect right? This can have some serious problems though as well.

The fees they don't want to tell you about

There are a huge amount of fees that are with this loan and this really is no surprise to anyone. Anything that can help you that much has to have a catch of some sort.

Not very many people go with a bridge home loan due to the interest rates, which are generally higher than you would pay with other types of home loans. Then, the associated fees are definitely more. However, if you were in a position where the bridge home loan could be paid off quickly, then you might find that you save money, not to mention time.

The longer that you take to pay off your loan, the more that you will end up paying on it. Most of the time you will only need a little bit of money to buy your great looking new home. That can help you a lot.

To Conclude

With a bridge home loan, you will find a number of advantages such as helping you secure the home you fell in love with, even though the existing home is unsold. The best thing you can do is talk to a financial professional or lender to see if this type of loan is a possibility for your specific situation.
About the Author
Bridge Home loan can make your life easy. Get that nice and lovely home without any hassles. Talk to a financial advisor NOW! Low Income Home Loan
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