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Bridge loans are temporary loans, secured by your existing home, that bridge the gap between the sales price of a new home and the homebuyer's new.
The bank is suggesting 2 possibilities: a bridge loan (which they will do but seem not to prefer) versus a home equity line of credit. Any thoughts.
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Bridge loans and HELOCs (home equity line of credit) are the usual financing tools people use for short term financing to facilitate the purchase and sale of a home. Bridge Loan. bridge loans are not used as often as they once were. They entail more risk for lenders than other types of financing.
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Bridge loan may be a useful tool in that you can borrow against the equity in your current home.
At first glance, it seems that the home equity line of credit is the cheapest option when it comes to short-term financing. In the end, your personal finances are the most important factor in determining if a bridge loan or a home equity line of credit is the right choice for you.
But bridge loans aren’t just for investors – traditional homeowners might want to use a bridge loan to help them buy a new house before selling an existing home. Bridge loans for consumers are usually mortgages backed by an existing home. Most bridge loans have terms of 12 months or less.
Mortgages and home equity loans are both loans in which you pledge your home as collateral. The bank lends up to 80% of the home’s appraised value or the purchase price, whichever is less.
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But now that values have bounced back, a bridge loan enables qualified borrowers to tap the equity in their current home to make the down payment on their next one. Bridge loans, which are available.