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How do you do a bridge loan when there is no mortgage on one house?
Wiki User
∙ 12y ago
How do you do bridge loan when there is no mortage on one house?
Wiki User
∙ 12y ago
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What is the purpose of mortgage loans?
A mortgage loan is obtained when one is purchasing a house. In return for using the value of the house as collateral, a mortgage company will provide a loan for the remaining balance.
How does one explain a mortgage?
A mortgage is a concept which can be explained simply to someone. A mortgage is essentially a loan in which the house functions as a source of collateral.
How does one apply for a mortgage?
A mortgage is a loan taken out to purchase a house. One can apply for a mortgage by approaching a lender, such as a bank. The bank will need one's information, such as one's credit history and employment records.
Where can one apply for a consolidation mortgage loan?
One can apply for a consolidation mortgage loan through the following websites: Quicken Loans, Chase Mortgage, and American Equity Mortgage. All three of these companies will help one with a consolidation mortgage loan.
If a bridge loan is needed to purchase a new house before the closing on the old house can any lender at all provide the bridge loan or must it be provided by the mortgage holder of the new house?
The procedure may vary according to state regulations, but in every venue that I know about, and in principle, a bridge mortgage, if one is granted, is provided only by the lender that is financing the new home. The bridge (or "swing") mortgage takes equity from the old house that is for sale and applies the funds to the closing costs of the new house: the buyer never sees the money and has no other access to it. The old house is collateral for the loan. Lenders love the bridge mortgage, because the interest rates are high and the loans are guaranteed by the equity in the old house. But for the borrower -- those who use a bridge loan to complete a deal on a new house before the old house has closed -- the bridge is not attractive: it is a costly way to borrow money, and worse than that, if the sale of the old house falls through, then the borrower is responsible for two mortgages until the old house is sold. In place of a bridge mortgage, a home owner can usually borrow the closing costs more cheaply and safely in other ways; against a 401K, for example. But the real choice is to refrain from committing to a new obligation until the old obligation is completely discharged: signed and sealed. Many people don't want to delay gratification and decide to take a chance so that they won't lose their "dream home." But the risk is that they may be saddled with two homes, one a new dream, the other an old nightmare.
Where can one find find a fixed loan rate mortgage?
There are many companies that offer one a fixed loan rate mortgage. One can get this type of mortgage from 'Capital One', 'Integrity Home Loan', 'National Mortgage Alliance' and 'First Rate'.
What is the purpose of a house mortgage rate?
A mortgage rate refers to the percent of interest one will have to pay on a home loan. A lot factors into how high or low this rate is, including applicant's credit history, when the loan is applied for, which institution issues the loan and so on.
How can you find a quote for a mortgage loan?
One can find a quote for a mortgage loan by using a simple online mortgage loan calculator. An alternative is to consult a professional for a custom quote.
What is the purpose of a mortgage calculator?
There are many reasons that one might use a mortgage calculator when looking for a mortgage loan. The main purpose of a mortgage calculator is to determine the worth of a mortgage loan.
Where can one apply for a Chicago mortgage loan?
One can apply for a mortgage loan in Chicago in a couple of different ways. One can get on contact with a mortgage company, and their own broker, or one can go through a bank.
Where can one compare rates for a home mortgage loan?
There are many places where one can compare rates for a home mortgage loan. One can compare rates for a home mortgage loan at popular on the web sources such as Bank Rate and Bank of America.
Is it possible to have your mortgage loan modified if one is current on mortgage payments?
Yes, although mortgage companies are more likely to modify a loan in default.
