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1st And 2nd Mortgage Refinance Loan
Refinancing a first and second mortgage requires some extra
considerations. Depending on your equity, you may find that
combining the two mortgages results in a higher interest rate.
You may also find that you have to carry PMI with the...
Deciding Whether to Refinance a Mortgage Loan
If you're considering whether or not to refinance your mortgage
loan, you may find that the decision that you make will
influence your finances for years to come. Refinancing can be a
powerful tool to save money and receive better interest...
Home Loans and Mortgages - Shop Around for the Best Deal
The real estate market has been booming in the U.S. for some five years now and a record number of Americans now own their homes. The mortgage industry has recognized the fact that people have all kinds of needs and incomes and has provided an...
Low Home Mortgage Interest Rate - Finding the Best Mortgage Rate
Interest rates are at an all time low, making now the perfect time to purchase a new home or refinance your existing mortgage. The interest rate you receive will depend largely on your credit rating, monthly debt, and your income. Mortgage loans are...
Mortgage Terms and Definitions
The mortgage process can be a little confusing if you aren't familiar with the terms used in the process. To help you out, here is a list of terms with corresponding mortgage definitions.
Broker: An independent mortgage professional that oversees...
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Bridging the Mortgage Gap with a Bridge loan
It's a common problem - money gets tight, outgoings seem to be on a relentless upward trend, but income, if anything, appears to be standing still or even falling. This can be a particular problem when you are moving house, because suddenly you have a whole raft of new expenditures and costs. You have to finance (a) your existing mortgage (b) find the deposit (down payment) on the new property and (c) arrange the loan for the new house all at the same time!
The answer? A mortgage bridging loan!
This problem doesn't just apply to individuals, it applies to companies and corporations with loans too. Short term finance can often be a problem for small to medium sized companies, because their credit status is less than perfect. If your company is trying to expand, you probably need all your resources for the expansion, and are finding it hard to come up with the cash-flow to pay for the transitional financing costs as you move to bigger premises. Is there a quick, short term answer to the problem? Yes!
A mortgage bridge loan!
So what is a bridging loan? Exactly what its name suggests - a short term aid to get you from point A to point B with the minimum of hassle. Lets look at the most common scenario - moving house. You are effectively engaging in two separate transactions when you upgrade your house. You are selling your existing home, and buying your new (better!) home. In a perfect world, these two separate transactions would mesh perfectly, and occur
at exactly the same time, and that would be the end of the affair. In the real world, however, timings often slip on one side or the other. This means that you can end up holding the costs of TWO properties simultaneously, and that can be VERY expensive. Unless you have very deep pockets, this cost will probably be beyond you. Never fear, a home bridging loan can be arranged to take the burden off your shoulders. The old home is effectively refinanced in the short term, and you are then free to pick up the reins of your new mortgage on the new home.
A mortgage bridging loan for businesses
If your business is engaged in purchasing commercial property with a view to a short term commitment, the a bridge loan is probably the right solution for you too. If your interest in the property is under say 4 years, a short term bridge will enable you to move swiftly on the purchase, at a cost not significantly higher than arranging a normal mortgage, with all the hassle that entails. You are also, of course, free to sell the property whenever you wish with this kind of loan.
As you can see - mortgage bridging finance can help 'bridge' the gap in the short term, and even though you will probably pay a few points extra in interest rates, the freedom and speed with which you can set up the loan more than compensates!
About the Author
Wilma writes for www.mortgagedown.com the web's number one site for free mortgage advice.
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