A Bridge loan is an option when you have to move and your current home has not yet been sold. There are risks associated with using this type of loan, and they may end up being more expensive than a traditional mortgage. New York lenders are no more or less flexible when it comes to obtaining a bridge loan, however, it is advised that you use the services of a reputable mortgage broker before signing any loan agreement.
We at Centex Capital have helped thousands of potential and current home owners obtain affordable financing for years. We are very familiar with what will be required to obtain bridge loans for those about to move for whatever reason.
The length of the loan is the time the borrower has to dispose of the original home, and if this is not done, there may need to be a new loan agreement made. With the current market we will be best able to advise you on just how long the loan should be made for to give you ample time to sell the original home.
Bridge loans come in two types. The first is a loan that pays off the original home, and gives the borrower the down payment for the new home so they make regular mortgage payments rather than payments on both the mortgage and bridge loan. When the house is sold, the bridge loan is paid off from the proceeds of the sale, The second involves payments on the original home, along with the new home, and the bridge loan is for the new home and to be paid off when the original home sells.
The second is more risky and expensive, and involves two mortgage payments each month. Your financial records will be closely examined and there is a very good chance a bridge loan will not be made. They are high risk for the lender and unless your finances are extremely high it may not be feasible.
Contact us to see if you qualify for a Bridge Loan in New York. Email us or call now (800)842-2910.