About Bridge Loans
Let's say the home you’ve always wanted just went up for sale. You don’t want to risk losing out on buying your dream home, but you need some time to sell your existing one. A Bridge Loan taps into the equity of the current residence to use towards closing costs and a down payment on the new home. Although the homeowner will have to pay for the appraisal upfront, no payments are due on the Bridge Loan for 6 months - a nice amount of time to sell the existing residence. Once the loan balloons at 6 months, the entire amount of the loan plus the accrued interest will be due. This unique loan solution will help you secure the home you want to get, and then, once it’s yours, you can finance your new residence with a GTE primary home loan.
Bridge Loan Features:
An example APR for a Bridge Loan is 5.250&. An example monthly mortgage payment is $438. An example APR for a 30 Year Fixed FHA Loan is TBD. An example monthly mortgage payment is TBD. The example quotes are based on a property value of $200,000 and a loan amount of $100,000 for 1st mortgage options and a $10,000 2nd mortgage. The Annual Percentage Rates (APR) stated is an estimate and is intended for informational use only. Your actual APR may vary based on your actual loan amount. Please visit the Loan Consultant for additional information about our rates and fees. Rates are subject to change without notice. Your actual rate and/or points may be different, as many factors are evaluated for a loan approval.
- This is a Fixed Rate loan that balloons after 6 months.
- Homeowners do not make a payment on the loan for 6 months.
- The Bridge Loan limit is $200,000.
- Homeowners can receive up to 90% of the appraised value of the current residence.
- This loan typically requires a credit score of 720 or higher.