Posted on: 28th Sep, 2009 12:40 pm
Can I use a bridge loan to buy a house without selling my coop first? In other words I own a coop, but I don't want to sell it and become homeless for a while. Which lenders offer bridge loans?
Hi Guest!
Welcome to forums!
You can get a bridge loan in order to buy a new house without selling your coop. This bridge loan can serve as your down payment towards the purchase of the new property. You need to contact the local lenders of your area and check out if they offer bridge loans. Speak to some of the lenders and get to know about the rates and terms of the bridge loans. You may also speak to the lenders of this community and seek a no obligation free mortgage quote from them. This will let you know the terms and conditions of the loans prevailing in the market.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can get a bridge loan in order to buy a new house without selling your coop. This bridge loan can serve as your down payment towards the purchase of the new property. You need to contact the local lenders of your area and check out if they offer bridge loans. Speak to some of the lenders and get to know about the rates and terms of the bridge loans. You may also speak to the lenders of this community and seek a no obligation free mortgage quote from them. This will let you know the terms and conditions of the loans prevailing in the market.
Feel free to ask if you've further queries.
Sussane
bridge loans are not available with everyone.
sussane has noted, correctly, that the place to start a search is with lenders in your area. of course, the no-obligation quote you have available to you here may also be helpful. i'll also suggest it worthwhile to do a simple internet search. some of those who break the rules on here are probably decent sources of bridge loans, based on their incessant advertising.
sussane has noted, correctly, that the place to start a search is with lenders in your area. of course, the no-obligation quote you have available to you here may also be helpful. i'll also suggest it worthwhile to do a simple internet search. some of those who break the rules on here are probably decent sources of bridge loans, based on their incessant advertising.
Bridge loans on a co-op will require some shopping on your part.
Just a note, bridge loans are typically up to 80% of the value of the home for sale. You do not get 100% of the value. Not knowing the balance of any mortgage you may presently have on that property, you need to figure the cash available to you will be 80% of the value minus the existing mortgage minus the closing costs for the bridge loan.
If, after that calculation, you have the cash you are looking for for the next purchase, start shopping for the bridge loan. If not, do not bother shopping for the bridge loan.
Just a note, bridge loans are typically up to 80% of the value of the home for sale. You do not get 100% of the value. Not knowing the balance of any mortgage you may presently have on that property, you need to figure the cash available to you will be 80% of the value minus the existing mortgage minus the closing costs for the bridge loan.
If, after that calculation, you have the cash you are looking for for the next purchase, start shopping for the bridge loan. If not, do not bother shopping for the bridge loan.
Fewer lenders offer bridge loans these days. There is one in particular that had the absolute BEST bridge loan program. However, that is gone and they only offer some type of construction loan now.
