There are various options for bridge money and you will official certification will vary according to your own bank
Once you purchase yet another household market your existing house meanwhile, you want a link financing. During the Pulgini & Norton, the educated Boston real estate attorney normally help you in the all the of one’s regions of their a house exchange, and additionally getting home financing and you will connection financing. Our house funding solicitors indicates and you can show customers, vendors, connectivity, and lenders in the Medford, Lowell, and This new Bedford, among almost every other Massachusetts communities. Get in touch with Pulgini & Norton during the 781-843-2200 otherwise through our online means to schedule a free of charge appointment.
Benefits associated with Bridge Loans
- Ability to get prior to offering
- Brief mortgage identity, commonly that have straight down focus-simply payments
- Prompt closure timelines as fast as fifteen months
- Flexible trader recognition without set guidelines towards the link financing
Qualification
- Combined mortgage-to-value (LTV) ratio across the departing and you can the fresh property off 65% or shorter
- Show collateral within the most recent departing house
- Ability to spend most closings costs for origination charge
- Simple re-finance degree adopting the income out-of departing house
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