Posted February 20th, 2009
by admin
lifecryme asked: What is a bridge loan? what are the positives and negative effects of getting a bridge loan.
I live in NY. I found a house but i didn’t start selling ours yet and i’m not sure at the time of closing i’ll be able to have our house sold. Closing in 3 months. I was advised to take a bridge loan and im curious what that is.
Also, is a bridge loan interest higher than interest on regular mortgage loan?
Tags: Bridge Loan, Loan Interest, Mortgage Loan
Posted in Renting & Real Estate | 2 Comments »
Posted February 20th, 2009
by admin
Dona P asked:
or just paying interest on the bridge?
Tags: Bridge Loan, Loan Mortgage, Mortgage Payments
Posted in Renting & Real Estate | 3 Comments »
Posted February 7th, 2009
by admin
Phoenix asked:
I paid roughly $90,000 for my home. It was a TLC home and I’ve fixed it up in the past 9 years dramatically. New roof, new walls, siding, porch, heating system, well etc. My home and property was valued at $275,000 last year. Does equity play a part in this. Am I eligable for an equity loan? I don’t want to go into it without fully understanding what it is–I also don’t want to go to my banker with stupid questions….Another thing. Im looking to build my own home–hence the loan inquisition.
Tags: Home Equity Loan, Loan Process, Porch
Posted in Renting & Real Estate | 2 Comments »
Posted February 7th, 2009
by admin
B_dub asked:
First of all how do you build equity in a home? How do you report the equity to your lender? And lastly how to you pull the equity that you’ve built up out of the home with out taking a home equity loan out? Thank you in advance for any help that you can give me.
Tags: Home Equity Loan
Posted in Renting & Real Estate | 2 Comments »
Posted February 7th, 2009
by admin
Donna S asked:
My husband and I have two mortgages (an 80% and a 10%). Our banker uses the term for the “second mortgage” interchangeably with a “home equity loan”. Is it possible for us to take out a home equity line of credit at the same time we are paying the second mortgage?
Tags: Home Equity Line, Mortgage Loan, Mortgages
Posted in Renting & Real Estate | No Comments »
Posted February 2nd, 2009
by admin
Matt M asked:
What is a bridge loan and how does it work.
Tags: Bridge Loan
Posted in Renting & Real Estate | 2 Comments »
Posted February 2nd, 2009
by admin
kim b asked:
We cannot afford 2 mortgages but love the bank owned home. They of course will not accept contigency offers. Is a bridge loan a good idea or are there other financing options out there? Or do we just be patient and wait until our home sells and possibly miss out on the deal? Thanks!
Tags: Brand New, Financing Options, Mortgages
Posted in Renting & Real Estate | 5 Comments »
Posted February 2nd, 2009
by admin
brrgirl3 asked:
We have found a house we want to buy and our offer has been accepted. However the seller (real estate investor) has a previous “verbal agreement” w/ a couple that if he receives another solid offer (OURS!), he would give them 3 days to get a bridge loan. They haven’t sold their home. I am worried they will be able to do this!! Does it take a few days to get approved for this type of loan? Do online lenders do these type of loans? They have til Monday morning which only leaves one business day this week- Fri. Any insight appreciated.
Tags: Fri, Insight, Real Estate Investor
Posted in Renting & Real Estate | 2 Comments »
Posted February 2nd, 2009
by admin
Liesl W asked:
If I use a bridge loan to buy a new house, what, if anything happens to the mortgage on our existing house? Are we then responsible for our first mortgage, bridge loan payments and the new morgage? What is the benefit (other than obviosly being able to purchase the new house) of that?
Tags: Morgage, Mortgage Loan, New House
Posted in Renting & Real Estate | 4 Comments »
Posted February 2nd, 2009
by admin
Fun N Sun asked:
Ok..I found a house I like in a better neighborhood and I need to list my house on the market. How would a bridge loan benefit me?
Tags: Bridge Loan, Loan Benefit, Neighborhood
Posted in Renting & Real Estate | 1 Comment »
