Let’s say your current home value is $300,000 and you owe $200,000 on the mortgage. A bridge loan for 80% of the home’s value, or $240,000, pays off your current loan with $40,000 to spare.
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The most common alternative to a bridge loan borrowers consider is a home equity loan. A home equity loan is a second mortgage on your home that uses your equity as collateral for a new loan. They are similar to a cash-out refinance,but require a higher credit score. home equity loans will have lower mortgage rates than a bridge loan.
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Bridge loan rates vary but we can use Prime plus 2.00% (3.00% + 2.00% = 5.00%). Cost is around $41/day. So a bridge loan for 7 days would cost $287. Some Lenders will charge an admin fee. $200 to $500. or nothing. But you may not have enough equity in your current home for a $296k bridge loan.. You may need to increase your mortgage slightly.
See current rates and get customized home loan quotes from BMO Harris. Our knowledgeable mortgage bankers are here to help guide you through the process.
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Foreign borrowers welcomed. BRIDGE LOANS UP TO $25 MILLION. FLOATING LINE OF CREDIT. Interest Rates. APR. 7.990%. 8.303%. No tax return required.
Bridge loans typically have a higher interest rate, points (points are essentially fees, 1 point equals 1% of loan amount), and other costs that are amortized over a shorter period, and various fees and other "sweeteners" (such as equity participation by the lender in some loans).
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This is where a bridge loan can be used. The new home mortgage will be $640,000 (800,000 – 160,000 = 640,000). The selling price less the cash on hand and the mortgage money available leaves a short of $110,000. This is the amount covered by the bridge loan.
And, if your bridge loan lender stipulates that you must get your new mortgage from them, you’ll be limiting your ability to compare mortgage rates and find the best deals. Bottom Line A bridge loan can sound like a great way to secure funds for a down payment while you wait for your home to sell.