What is a bridge loan for home?


Posted February 20th, 2009 by admin 2 Comments »
bridge loan
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?

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Posted in Renting & Real Estate | 2 Comments »

Can you have a home equity loan and a home equity line of credit?


Posted February 7th, 2009 by admin No Comments »
home equity loan
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?

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Posted in Renting & Real Estate | No Comments »

What happens to the mortgage on our existing house if we use a bridge loan to purchase a new house?


Posted February 2nd, 2009 by admin 4 Comments »
bridge loan
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?

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Posted in Renting & Real Estate | 4 Comments »