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Bridge loans

Creation date: Jul 12, 2022 1:13am     Last modified date: Jul 12, 2022 1:13am   Last visit date: Nov 8, 2022 3:49am
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Jul 12, 2022  ( 1 post )  
7/12/2022
1:13am
Brent Dunay (hnomlire)

A bridge loan is a short-term loan or one of those “small dollar loans”, that are used to finance the purchase of a new home before the sale of the old home is finalized. Bridge loans are typically used when there is a gap between the sale of one home and the closing of another. Bridge loans are generally available for 30 to 60 days but can be extended for an additional 30 days if needed. You can use bridge loans to buy a home in your own name. Second mortgages are used to pay for home improvements, such as a new roof or landscaping. Second mortgages may be in the form of a line of credit or as a home equity loan.

 

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