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Bridge Mortgage Loan |
| Bridge mortgage loans are also popular as the swing loans and are primarily used incase you have an old house for sale and may require cash to purchase a new home. If you were worried about selling off your old/ existing home, you could definitely opt for the bridge mortgage loans. Besides paying off the old mortgage loans, the bridge loans also takes care of the down payment of the new home of the borrower. |
The bridge mortgage loans are characterized by a one year term and prepaid interest. They are also featured by interest payments beyond the term, just incase the old house is not sold and incase they have been sold before time, the borrower may receive interest payments back. In the case of bridge mortgage loans, the old home is treated as collateral and options are opened to close on the new house.
This particular loan type is especially beneficial for people who have existing property and would want to treat it as a bridge for purchasing a new one.
Bridge mortgage loans are offered to by several renowned mortgage companies from all over the world and the variety, owing to its reach is becoming popular by the day.
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