If you’re in an in-between spot of selling your current home and purchasing a new one, and you find yourself without sufficient funding, a bridge loan may be able to help. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that a bridge loan is a short-term loan specifically for transitional circumstances, typically lasting anywhere from six months to a year. These types of loans can be secured through a lender, much like a traditional mortgage loan. Because bridge loans are specifically designed to be short-term, you can expect to need to repay them within one to three years. If you’re securing a significant amount of financing through a bridge loan, you’ll need to be sure you can repay within the timeframe of the loan. Check out below to see what sold in Lakes of Northville in August 2024:
42012 Pon Meadow Drive, Northville: 3 bedrooms, 3.1 bathrooms, 2,037 sq. feet, 3 car garage, Sold Price: $640,000
Lakes of Northville Home Sold
August 2024
For a bridge loan, most lenders will consider what’s typically evaluated for a mortgage loan: your credit score, debt-to-income ratio, and the value of the home you want to purchase. For more information on Lakes of Northville, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.