What types of Bridge Finance are available?
There is three types of bridge financing available
Bank Bridge Loans
First type of bridge loans are through the bank that currently holds your mortgage. General requirements are to bridge the gap between closing dates. Meaning your current home has to be sold and the dates of your new purchase do not line up. Usually banks will bridge loan between 30 to 45 days only.
Private Bridge Loans
With private mortgage bridge loans the lender focuses primarily on the home equity you have. They do not require your primary home to already be sold. Lenders take a inter alia charge against both properties to secure the loan. This enables home owners to take their time and do the transaction under their terms.
Alternative Bridge Loans
If you are not looking to buy a new home and are simply trying to bridge yourself between a financial situation visit our Home Equity Loan page or for other mortgage solutions visit our Alternative Mortgage page.
Bridge Mortgage BC
If your a homeowner looking to purchase a home before selling your current home you will require a Bridge Mortgage. This type of mortgage secures a mortgage against both property. It enables you to use the equity saved up in your current home to bridge you to purchase your new home. Lenders use what is called an inter alia charge to get this financing approved.
How Easy is it to get Bridge Mortgage approved
A simple approval process using the equity you have built up in your current home. We will need to know a few details beyond a simple application.
- What is the current value of your home?
- The current mortgage registered against your current home?
- The purchase price of the new home?
- Do you have any down payment?
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