Hi @DonnellEvans, I'm glad to hear that you found this video helpful! If you have any specific questions or need assistance navigating any part of this process, feel free to reach out to me. I'd be more than happy to help guide you through. Thanks for watching our video, and I hope the information provided here can assist you in achieving your goals.
I'm retired and own my home free and clear. I may want to buy a new home in a year that's going to be considerably less $$ that what I can sell my home for. I don't want to move twice. So I am thinking i'll have to get a bridge loan..? The home I am thinking I will want to buy is in a development that's just starting to be built. No homes will be move in ready for at least a year in this development.
My home is paid off and I want to move to bare land out of state and build a couple temp buildings to move into off grid and sell my home to pay off.I have no income living on savings to devote 100% of time to the move.. About 200k excess equity when all is done. Because of snow,logistics and home repairs to sell. I need 18-24 months. Will they loan to someone without income if you're only looking to borrow 33%.of primary value on a debt free property. Credit is 720 no debt.
Hello I'm from Valley City Ohio we have a 0 mortgage property and we want to buy property in another state I've heard about bridge loans is there anyone that you know of in Ohio that is really good and fair on both sides?
A bridge loan is typically for shorter terms and provides a lump sum whereas a home equity line of credit is more like a credit card or you can borrow and pay off and have it for an extended period of time. On top of that home equity lines are usually less expensive than getting a bridge loan
But what can you do to get the financing for a downpayment if you do not have a firm offer on your existing place yet? Seems like bridge loans only help those people who have a very long possession dates. What happens if you want to move into your new place before you have an offer o. Your existing home? And there is no mortgage remaining on your old home
Hi @reneeyoung8194, thank you so much for your positive feedback! I'm glad you found the video useful. If you have any questions, feel free to ask. Have a great day!
So basically if my house sells within just a week or two of taking out my bridge loan I am not going to eat anything other than the fee's I paid to get set up. Can you explain how much the fee's are to enter a bridge loan? Is it a percentage of the new house purchase price or just a flat fee? Google just says $1,000-$2,000. Also I assume this money is non recoupable?
It would vary by lender..........it's not money that you would recoup. You would pay regardless of the duration. It's usuallly based on the amount you're financing on the new property.
Hi name is Shawn I'm in a similar situation. I was told I would be in a Hardmoney loan and now at the late minute this lender tells me the only way to keep my deposit is I'm gonna have to do a bridge loan .. and offer up more money that I don't have plus find an exit plan ..I wanted to keep the new property and not effect my original property..he changed everything at the late minute and I have to close in 5 days now we had a whole month and he waits till now is there a way I can get my deposit back
Show me the math. 4 minutes of definition is not "how bridge loans work". Suppose I have a home to sell, worth $375000 and I have an existing mortgage for $200,000; and I want to purchase a different home with an asking price of $325000. Given an LTV of 80%; explain how this will all work. Show your work on a whiteboard.
@@JebSmith thank you so much. My friend is buying his second home, got a bridge loan but isn’t handling the money. The real estate agent said she has to hold it - is that wrong then? She told her the money was almost all gone and has to start paying for inspections and more out of pocket
@@valencia9852, I must question your understanding of what you say your friend told you. A brigde loan (or mortgage funding) has absolutely nothing to do with a real estate agent. They find property, and spark for the seller or buyer. I have never heard of an agent touching anyone's finances side of purchasing a home.
Can you use a bridge loan just to have a down payment for the next house … even though you can manage to pay two mortgages… the intended big down payment I could use that for back up … in the days to come
Awesome explanation, thank you
Glad it was helpful!
Jeb. Love you man. You help me so much
Thanks buddy!
Love this video, so informative.
Amazing video thank you!
Thank you
Example
Buying a house for $168,000.
Owe $210,000 on house we own now. We have around $148,000 in equity. Scenario on doing a bridge loan ?
what are the rates on a bridge, loans fees? general im sure all leaders charge different fees
So is the bridge loan only for the down payment/closing costs etc?
I need this right now
Hi @DonnellEvans, I'm glad to hear that you found this video helpful! If you have any specific questions or need assistance navigating any part of this process, feel free to reach out to me. I'd be more than happy to help guide you through. Thanks for watching our video, and I hope the information provided here can assist you in achieving your goals.
I'm retired and own my home free and clear. I may want to buy a new home in a year that's going to be considerably less $$ that what I can sell my home for. I don't want to move twice. So I am thinking i'll have to get a bridge loan..? The home I am thinking I will want to buy is in a development that's just starting to be built. No homes will be move in ready for at least a year in this development.
Do these bridge loans work with going into new construction loans as well?
Yes, they could.
Hello, who would you highly recommend in Texas for a bridge loan?
Much appreciated!
My home is paid off and I want to move to bare land out of state and build a couple temp buildings to move into off grid and sell my home to pay off.I have no income living on savings to devote 100% of time to the move.. About 200k excess equity when all is done. Because of snow,logistics and home repairs to sell. I need 18-24 months. Will they loan to someone without income if you're only looking to borrow 33%.of primary value on a debt free property. Credit is 720 no debt.
Hello I'm from Valley City Ohio we have a 0 mortgage property and we want to buy property in another state I've heard about bridge loans is there anyone that you know of in Ohio that is really good and fair on both sides?
@@Jasonmckenna1977 Hi from Columbia Station, Ohio. Third Federal in Brunswick does bridge loans.
any suggestions who does bridge loans in Virginia
how is this different from a heloc?
A bridge loan is typically for shorter terms and provides a lump sum whereas a home equity line of credit is more like a credit card or you can borrow and pay off and have it for an extended period of time. On top of that home equity lines are usually less expensive than getting a bridge loan
But what can you do to get the financing for a downpayment if you do not have a firm offer on your existing place yet?
Seems like bridge loans only help those people who have a very long possession dates.
What happens if you want to move into your new place before you have an offer o. Your existing home? And there is no mortgage remaining on your old home
Good video
Hi @reneeyoung8194, thank you so much for your positive feedback! I'm glad you found the video useful. If you have any questions, feel free to ask. Have a great day!
So basically if my house sells within just a week or two of taking out my bridge loan I am not going to eat anything other than the fee's I paid to get set up. Can you explain how much the fee's are to enter a bridge loan? Is it a percentage of the new house purchase price or just a flat fee? Google just says $1,000-$2,000. Also I assume this money is non recoupable?
It would vary by lender..........it's not money that you would recoup. You would pay regardless of the duration. It's usuallly based on the amount you're financing on the new property.
Hi name is Shawn I'm in a similar situation. I was told I would be in a Hardmoney loan and now at the late minute this lender tells me the only way to keep my deposit is I'm gonna have to do a bridge loan .. and offer up more money that I don't have plus find an exit plan ..I wanted to keep the new property and not effect my original property..he changed everything at the late minute and I have to close in 5 days now we had a whole month and he waits till now is there a way I can get my deposit back
Show me the math. 4 minutes of definition is not "how bridge loans work". Suppose I have a home to sell, worth $375000 and I have an existing mortgage for $200,000; and I want to purchase a different home with an asking price of $325000. Given an LTV of 80%; explain how this will all work. Show your work on a whiteboard.
After 5 months no response
what if i can't find home in time ? but i already have a home , will i have to start paying back that loan immediately?
Yes.
@@JebSmith also r the interest rates monthly or annually?
You should already have a property (s) in mind before getting a bridge loan.
Who holds the bridge loan? The real estate agent or the homeowner who asks for the loan ? Thank you
Homeowner.
@@JebSmith thank you so much. My friend is buying his second home, got a bridge loan but isn’t handling the money. The real estate agent said she has to hold it - is that wrong then? She told her the money was almost all gone and has to start paying for inspections and more out of pocket
Not sure if my friend should look into this more
@@valencia9852, I must question your understanding of what you say your friend told you. A brigde loan (or mortgage funding) has absolutely nothing to do with a real estate agent. They find property, and spark for the seller or buyer. I have never heard of an agent touching anyone's finances side of purchasing a home.
@@valencia9852 she is being scammed
Can you refinance out of the bridge loan?
yes
Can you use a bridge loan just to have a down payment for the next house … even though you can manage to pay two mortgages… the intended big down payment I could use that for back up … in the days to come
Sure as long as you can qualify for both, shouldn't be an issue.
great video! thanks
Thanks for watching.
Don’t ever do a bridge loan !!!!
The bank owns now both of your properties at once .. a little down turn in market you lost both
Not in this market. It's going up up up. 👍
sell the house ? are u kidding me ?
I am interested in know more about bridge loans. How can I contact you?
You still need help?