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My City home Loans
Bridge Loan
Seamlessly connecting you from one home to the next.
Move into your new home while your old one sells,
with up to six months of mortgage coverage and access to up to $500,000 in equity for:
New home down payment & closing costs
Old home repairs and other selling costs
Secured & unsecured debt payoff
Home prep up to $35,000
Moving expenses up to $5,000
Benefits Of A Bridge Loan
What happens after your old home sells?
Once your old house sells, you use that money to pay off the bridge loan.
Requirements:
$500K max bridge loan
75% CLTV
Primary to primary only
0% interest and no payments
Maximum list price $1.25M
Down payment up to 50% of the purchase price of new home
Give us a call when you are ready.
Use a bridge loan to not only cover your old home’s mortgage payments, but also to:
1.
Payment exclusion from DTI
2.
Eliminate double moves or storage costs
3.
Maximum negotiating power
4.
Non-contingent home buying offers
5.
Qualify for a higher purchase budget
6.
Close quickly
Frequently Asked Questions
Commonly asked questions
?
Do I need to have my home listed for sale to apply?
No, but you’ll need to list your home within a specified timeframe after purchasing your new one.
?
How long do I have to sell my current home?
Typically, you have up to six months, though this may vary depending on the terms of your agreement.
?
What happens if my home doesn’t sell in time?
If your home doesn’t sell within the agreed timeframe, we will purchase it for a predetermined price.
?
Can I use a Bridge Loan if I’m moving out of state?
Yes, Bridge Loans are available for out-of-state moves.
?
Can I use a Bridge Loan to pay off other debts before buying my next home?
Yes, you can use the loan to pay off existing debts as part of the home-buying process.
?
Is there a penalty if I sell my home faster than expected?
No, there are no penalties for selling your home ahead of schedule.
?
Do I still need a mortgage pre-approval if I’m using a Knock Bridge Loan?
Yes, you’ll need to qualify for a mortgage on your new home in addition to the bridge loan.
Get in Touch.
Send us a Message. A member of our team will be in touch with you shortly.
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