It's no secret that the credit and housing markets have been less than stable lately. Many people have found themselves with soaring interest rates on credit cards and personal loans, as these financial institutions struggle to cope with rampant foreclosures and defaults. If you've managed to emerge from this situation with your finances pretty well intact, you might be thinking about taking advantage of lower property prices and getting your family into the larger, more comfortable home that you've always wanted. If you've located an undervalued property, and want to take action right away, but haven't yet sold your current property, bridging loans might be the answer.
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Many private property owners haven't really heard of bridging loans before, but they are actually quite popular amongst commercial real estate investors or developers that don't have time to wait for traditional funding to get approved before they can make a move on a low priced property. This short term, high interest loans can be useful for residential buyers as well, but it's important that you know exactly how they work before you get involved. These loans are designed for large purchases that need to be made very quickly, and they also need to be repaid very quickly.
If you are a residential buyer that is desperate not to lose the property of your dreams to another buyer, bridging loans can be the smart solution. There are usually two different types of bridge loans available from lenders, the open and the closed loan. Which one you will apply for will depend entirely on your financial situation, and how involved you already are with purchasing a new property. If you've found a house at an auction, and already put down a percentage of the price, you'll want a closed bridge loan, which is typically more secure.
If you stumbled upon your dream property unexpectedly, you might not have even placed your current home on the market yet. In this situation, you lender will recommend the open bridging loans, which are designed for those that have no access to the revenue in their current property, but anticipate making the sale within twelve month's time. No matter which type of loan you choose, it's important that you can demonstrate your financial stability, and ability to make the high interest payments on time. The banks will want to make sure they get paid, and you don't want to be making two mortgage payments at once.
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