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The Basics of Bridge Mortgage Loans
from:Many people who are looking to buy a home have never owned one before. They are looking for classic mortgage loans that can help finance those dreams. Then again, there are many people who already own a home but who are looking to trade up or move to a new area of the country. In this circumstance, you can end up making a lot of money through selling your old house. Unfortunately, you can't always sell your first house before buying the new one. In this instance, you may need help with bridge mortgage loans.
In a perfect world, you would be able to sell your old house just at the same moment that you buy your new one. This way, you can use the profits from your sale to help pay your new mortgage. Unfortunately, it rarely happens this way. Most people find that their current house isn't selling fast enough, and they need to buy their new house promptly. This causes the home owner to not have enough money for the new transaction. This is where bridge mortgage loans come in.
Bridge mortgage loans are financed by the company handling your new mortgage loan on the new house. Not all banks offer this option, so you should make sure that yours does even before starting any of your other plans. After all, things like this rarely go as you wished. You can then use the bridge mortgage loans for the purchase of your new home. They use your previous home's mortgage as collateral until it sells. There is a time limit to this, though. Each bank is different, but you usually need to sell your old house within six months to a year of buying the new one.
There are some negative aspects of bridge mortgage loans, though. Depending on the bank, you may encounter some very high fees. These fees usually only come with bridge loans. You may also have to pay some of the interest on the loan in advance. This can be upwards of six months interest, which can really add up. Because of these fees, bridge loans tend to be a bit unpopular with some people. Still, if you find the right mortgage company, you likely won't have many or any of these problems.
There may come a point in your transactions where you will have to use bridge loans. Although it may be a bit of a hassle, you'll need to do it if you want to be able to get the home that you want. Sometimes we are really just slaves to time.
Local Mortgage Refinance Loans News
BofA Said to Put Off Refinancing Clients as US Spurs Deman - Bloomberg
 Bloomberg | BofA Said to Put Off Refinancing Clients as US Spurs Deman Bloomberg (WFC) and New York-based JPMorgan Chase & Co., the biggest US mortgage lenders, said they aren't stalling customers. The delays may push borrowers to other lenders or discourage them from taking advantage of record low interest rates. More refinancing help may be on the way Feds Expand Mortgage Loan Modification Eligibility Under HARP BofA Faulted by US Senator Boxer for Refinancing Delays |
Obama's refinancing plan contains elements that don't need approval by Congress - Washington Post
 Bloomberg | Obama's refinancing plan contains elements that don't need approval by Congress Washington Post Though it was pronounced dead-before-arrival by opponents on Capitol Hill, President Obama's new mortgage refinancing package contained far more than legislative proposals. In fact, significant portions of it require no approval from a hyperpartisan ... Mass Refi Plan Would Hit Pensions While Easing Mortgage Payments Mortgage Bonds Face Eye of Storm as Refinancings Decline: Credit Markets Questions and answers on mortgage settlement |
Lenders say mortgage refinance deal will bolster Manatee market - Bradenton Herald
Lenders say mortgage refinance deal will bolster Manatee market Bradenton Herald By JOSH SALMAN - jsalman@bradenton.com MANATEE -- A new refinance program to help underwater homeowners will uplift the local economy by putting extra cash into the pockets of those who will spend it, area lenders predict. The deal struck with five of ... |
Mortgage rates inch up from record lows this week - Las Vegas Review-Journal
 e-wisdom.com | Mortgage rates inch up from record lows this week Las Vegas Review-Journal By POLYANA DA COSTA Mortgage rates inched up from record lows this week after signs of improvement in the employment market. Borrowers who are eligible to refinance have kept lenders busy as the homeowners try to take advantage of the historically low ... 30-year mortgage rate stays at record 3.87 percent Mortgage rates hit lowest mark ever |
Refinancing Plans Still Fail to Help the Neediest - MainStreet
Refinancing Plans Still Fail to Help the Neediest MainStreet But when it comes to low-income American homeowners, those refinancing doors are closed, with little or no relief in sight, even as the White House trumpets its new mortgage refinancing plan. To banks and lenders, the issue isn't about those ... |
The Deal Is Done, but Hold the Applause - New York Times
 Los Angeles Times | The Deal Is Done, but Hold the Applause New York Times They will also help homeowners who are underwater on their mortgages by reducing the principal on their loans by a combined $17 billion over the next three years. Borrowers who qualify will get $3 billion in refinancing arrangements. Deal will mean $648 million for those with troubled mortgages in the state Pros and Cons of a Mortgage Refinance $25 Billion Mortgage Agreement Doesn't Let Lenders Off Hook |
Three Thoughts: Will Obama's new mortgage proposal help? - Bakersfield Californian
 ProPublica | Three Thoughts: Will Obama's new mortgage proposal help? Bakersfield Californian Only 25 percent of those who applied, or 700000 loans, were modified. In Bakersfield, only 5000 out of 110000 housing units qualified for these programs -- despite 50 percent of local homeowners owing more than their houses are worth. Incremental housing help Capps Urges More Action on Housing The New Homeowner Rescue May Come After Home Price Recovery |
Lenders to send $47.1M to Miss. - Jackson Clarion Ledger
 Legal News Line | Lenders to send $47.1M to Miss. Jackson Clarion Ledger Mississippi's share of the landmark settlement with the nation's top mortgage lenders should be about $47.1 million, according to Attorney General Jim Hood. The national $25 billion settlement between the lenders and 49 states was announced Thursday. Mississippi to receive $47.1M in mortgage fraud relief |