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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
A bridging loan as the name implies is a loan used to “bridge”
the financial gap between monies required for your new property
completion prior to your existing property having been sold.
A bridging loan is in simple terms a short-term mortgage that is
secured against the property that you are selling, with the
money that is lent being used to complete the purchase of the
new property. Because of the nature of their use, bridging loans
can be arranged in a very short period of time, usually around
seven to ten days, which is important when you need to complete
on the purchase or risk loosing the property.
Bridging loans are short term loans arranged when you need to
purchase a house but are unable to arrange the mortgage for some
reason, such as there is a delay in selling your existing
property. Timing is of the essence when selling one property and
buying another. Sometimes if you are looking for a new home and
the right property becomes available, it is not always possible
to wait until your current home is sold.
The beauty of bridging loans is that a bridging loan can be used
to cover the financial gap when buying one property before the
existing one is sold. For example, if you are in a chain, where
you are buying a property at the same time as selling a
property, it's possible that you'll be put in the situation
where you need to complete your purchase, but the funds from
your buyer are not available. You are now under pressure to
complete on a particular date but do not have the funds
available. This is where bridging loans come in. They are looked
on as short term lending to cover a specific short term need.
Bridging loans can be arranged for any sum between £25000 to a
few million pounds and can be borrowed for periods from a week
to up to six months. Because of the nature of bridging loans
they can usually be arranged at short notice and within a few
days. Bridging loans are widely available and can usually be
arranged by your existing mortgage provider.
A bridging loan is similar to a mortgage where the amount
borrowed is secured on your home but the advantage of a mortgage
is that it attracts a much lower interest rate. While bridging
loans are convenient the interest rates can be very high. When
considering a bridging loan please remember that you may be
paying not only for the bridging loan but also for the mortgage
on your existing property. Although bridging loans are
convenient, you need to consider the pitfalls too, like the high
interest rates.
The downside to the fast nature of these types of loan is that
the interest rates charged on them are relatively high, this is
because not only are they short-term and for large amounts, but
the risks to the lenders of non-payment are higher than for
other circumstances and this is taken into account when the loan
rates are calculated. Although the rates are high when compared
to other loans available on the market, when you take into
account the short amount of time over which this interest is
charged, and the benefits that a bridging loan can bring, the
costs are reasonable.
Bridging loans are designed to provide you with the equity from
your current home in order to make your new purchase, before you
are able to sell your own property. The loan is secured against
the home that you are selling in the form of a mortgage or
second mortgage, and will allow you in general to release around
65% of the property's value. With these funds you are then in a
position to complete the purchase of the new property, and once
your old property sells you can clear the bridging loan. If you
are considering such a loan, you should be confident of a sale,
and that you will be able to clear the debt within six months,
as the high interest rates are something that you do not want to
be paying long-term.
Bridging loans are available to the people that have found it
more difficult to get mortgages, such as those with an adverse
credit rating. This enables these people to build a track record
before applying for the traditional mortgage. Bridging loans can
take from 48 hours at the shortest to around ten days if the
circumstances are more complex.
Despite the costs, bridging loans are very popular, after all if
you have spent a lot of time searching for the perfect property
you will not want to miss out on it because of a relatively
short delay in the sale of your current property. It is in these
cases where bridging loans can prove invaluable, enabling you to
secure the sale of the home that you want, and concentrate on
the sale of your property at a later date.
Bridging loans can be provided for:
Residential property
Commercial property
Land
New build
Renovations or refurbishment
Speculative properties
Conversions
Overseas property
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available online loans via the http://www.directonline
loans.co.uk website.