Jeff Bridges
Bridge Mortgages Facilitate New Home Purchase
Even when you already own a comfortable home that serves your needs well, you may still want to move to a better house. Perhaps a home much closer to your kids’ school or your office, or one with lots of space to accommodate the future needs of a growing family. But it’s not easy to find that perfect home. And when you do spot the right property, you cannot let the deal slip away just because you haven’t sold off your current house yet and can’t fund the new house’s down payment. Bridge mortgages can be very effective in dealing with such situations.
How it Works
A bridge mortgage is a loan that acts as a bridge to fill the time and money gap between the acquisition of the new home and the sale of your current one. With the funds from this loan, you can pay off the mortgage balance on your current house and also make a down payment on the new one to secure the deal. Such a loan makes use of your current home as collateral, and you repay the loan when the home is sold off.
Typical Terms and Conditions
You would usually have to pay a higher interest rate on such a mortgage. The lender may even collect the interest for a predetermined period in advance. As a borrower, you should be wary of the high interest rates because in case the current home does not get a suitable buyer quickly and the house stays on market for a long period, you will end up bearing a much bigger burden than what you would have expected. It is advisable to be prepared for paying interest for a few extra months at the outset, rather than defaulting on repayments and facing penalties. If the home sells earlier, the lender will refund the excess interest paid by you.
General Trends
Most people prefer to take a bridge mortgage from the same lender who is financing the new home purchase. This makes it easier to negotiate terms and to manage payments because they are being made to the same party. It also gives the borrower the opportunity to build a relationship extending beyond the bridge mortgage, which may be of help in case of delays in sale of the previous home.
Process Time
Because of the purpose that bridge mortgages typically serve, lenders make sure that these loans are processed quickly to provide you the funds as soon as possible. The fast processing time ensures that you get the home of your choice without running the risk of losing out to other buyers while you are waiting for funds.
Bridge mortgages are the best option for homeowners who want to buy a new home before selling the old one. As long as you time the purchase and sale of the two properties carefully, and make sure that you’ll be able to pay the high interest, these loans can be very useful for buying a new property.
About the Author
Jeff Livingston is a Canadian financial writer specializing in bridge mortgages and mortgages in Canada.
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