Bridge Mortgage Loan: A Temporary Financing Solution
Beskrivelse:
A bridge mortgage loan is a short-term financing option designed to provide temporary funds during transitional periods, such as buying a new home before selling an existing one. This type of loan helps borrowers "bridge" the gap between the sale of their current property and the purchase of a new one, ensuring a smooth transition without the financial strain of managing two mortgages simultaneously. Typically, bridge loans have higher interest rates and shorter terms compared to traditional mortgages, making them an ideal solution for those needing quick access to funds to secure their next home.
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