Bridge Home Loan

Many people have no clue what a bridge home loan is, or how it can help you get a new home before you may end up selling your old one. Most people don’t know about the huge fees that come with that home loan and it could really cause problems.

So, what is a bridge home loan, how can it help… and how can it hurt?

The Basics of a Bridge Home Loan

You really want to move on up in the world, sell your home and get a new one. Maybe you just want to get a little smaller home and maybe get something cheaper as well.

So you’re idly looking, while talking about putting your home up, and you find it. The perfect place – it’s cute, the right size, great colors, amazing potential, beautiful neighborhood… you get the drift. And the price is right in your range.

There is really just one problem. You haven’t sold your home yet and you need that money to buy the house that you really want. The seller isn’t just going to stand by until your home has sold and you really don’t want to wait for that perfect place again.

So you have an issue, clearly.

That’s why you want the bridge loan. You have enough equity to get cash from your home right now, so you can use that cash to put down on the new home that you are in love with.

While this sounds great, and it can be, there are also some serious factors to consider that could be negative.

The fees they don’t want to tell you about

There are a ton of fees are associated with this convenient loan type, which is no surprise. Anything that helps that much has to have a catch!

This is because only a few people will get a bridge home loan and the interest rates are very high. Much more then an average loan as well as having high fees that you may not expect. If you have enough money to pay off your loan early, you will definitely be happier about it and save time and money.

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.

Overall…

A bridge home loan can help you a lot, and make your life a lot easier… and let you get that nice, new home before you thought you could. Talk with a financial advisor if you’re not sure, and see what your loan officer things about the possibility.

For All of your INCORPORATING needs contact Samuel Wierdlow Inc. (www.SamuelWierdlowInc.info)