A bridge loan is probably the best-known method that some homebuyers use for getting the rates and terms on the mortgage that they want without having to sell their current house first. Best of all — if you’ve found your next dream home, you don’t have to convince the seller to wait until you’ve sold your current home. Bridge loans are short-term loans secured with your existing home’s equity; you can then use the funds as a down payment for the house you’re looking to buy. Short-term is the key here: bridge loans typically have terms between six months and a year. They are intended to be repaid as soon as you sell your current home and they are also referred to as interim loans, gap financing, or “swing” loans. Check out below to see what’s currently listed for sale in Tuscany Reserve in June 2020:
49026 Veneto Drive, Novi: 5 bedrooms, 4.2 bathrooms, 5,316 sq. feet, 4 car garage, Listed Price: $1,750,000
Tuscany Reserve Home For Sale
June 2020
Typically, a bridge loan is paid off in one lump sum or “balloon payment,” either as soon as the funds from the sale of the current house are available, or at the end of the loan term. For more information on Tuscany Reserve, or similar Northville or Novi neighborhoods such as Fox Hollow, Stonewater and The Oaks, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.