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question on a bridge loan?
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Posted by waldorf (My Page) on Wed, Jun 7, 06 at 15:51
I live in a 55+community in a Home of Mertit house. My question is we have our house up for sale & have money down on an other bigger house in an other 55+ community in FL. If we don't get a buyer soon we will need a bridge loan. Where do we find such a place?
Our community is great & we love Floria living in a manufactured home. It beats the weather up North. |
Follow-Up Postings:
RE: question on a bridge loan?
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| You can go to just about any mortgage lender. We've done bridge loans before and that's what we did. I've been to Florida, My brother just retired from his job at the Space Center. When I visited Florida I was stunned to see that the biggest mountain you guys have is a highway overpass! I couldn't leave the mountains, the four seasons, the autumn colors and the slower pace here in Vermont.
And give me a blizzard over a hurricane any day! |
RE: question on a bridge loan?
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| AMEN To the blizzard over the hurricane comment. As for the bridgeloan. You may want to look into a home equity line of credit and use that instead. |
RE: question on a bridge loan?
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| After rereading the original post, I noticed you didn't have a buyer yet. That may complicate things as most lenders want the home to be under contract before giving the bridge loan. The only way some lenders will do this without a contract of sale is if your income is strong enough to carry two mortgages. So a home equity loan might be your best bet. |
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