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Are you searching for a mortgage in Memphis?
Are you searching for a mortgage in Memphis? Finding that perfect loan does not have to be a difficult task. You have many options to get a mortgage loan if you are living in Memphis. Basically there are 3 methods available to you. You can visit a...
Mortgage Refinance Quote Offers Flexibility to Homeowners
Over the past several years, the housing market in the U.S. has
boomed. Homeowners have watched their home equity balloon as
housing prices have soared. In many areas in the U.S., modest
homes purchased as recently as seven years ago have doubled...
Refinancing Second Mortgage
Refinancing is the process of replacing an existing loan with another lower interest rate loan for the same amount. Rate of interest is the rate in percentage charged by the mortgage lender in calculating the outstanding principal balance....
Think You Can’t Get a Mortgage?
You've finally found that dream home that you have always been searching for, but you are afraid to apply for a mortgage because you have bad credit or less than perfect credit.
Before you give up entirely, there are many mortgage programs that...
When is the right time to refinance your mortgage?
You've heard that interest rates are down and you think it could be time to refinance your existing mortgage, but the entire loan application process was so exhausting during the initial loan that you aren't sure it's worth the hassle. You could...
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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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