A bridge loan allows you to obtain the financing to secure your future residence before you close on the sale of your current home - hopefully making your move a lot easier!
Here's the 411 on Bridge Loans:
- FBFC must originate the new 1st mortgage on the new residence
- Available terms up to 12 months
- No pre-payment penalty
- No listing contract for current home required prior to closing
- Competitive rates
- 90% loan to value is the maximum
- 700 minimum credit score
- 0.50% origination fee
- Interest only payments
- Rates dependent on credit and LTV
- Process takes approximately 45 days
- Appraisal and title policy on the current home is required
If you're interested in a bridge loan, or have additional questions, we're happy to help!
The mortgage products displayed are subject to change and availability. Wisconsin properties only. The actual mortgage product you qualify for will depend on verification of the value of your home, your credit score and other considerations.