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Mortgages and Mortgage Loans
Mortgage loans are readily available to homebuyers wanting to purchase a home and mortgages are available through several different lending agencies. Mortgage loans are now being promoted online with the Internet, as the Internet has brought a broad ...
Poor Credit Debt Consolidation Loans
Poor credit debt consolidation loans are an excellent option to consider if you are an individual who wouldn't qualify for a traditional loan, but are in need of money to pay off bills, consolidate debt into one lower payment, and improve your style of ...
Secured homeowners loans – in case you thought a home is worth few dollars
Money is like music, if managed well, produces a good symphony. One wrong note – one wrong decision – it produces a jarring sound. A homeowner knows what an important investment home is. And he or she can’t probably go wrong with this kind of investment. ...
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Well, one weekend while we were driving around the countryside looking at houses, we saw the perfect farmhouse. It was exactly what we were looking for. Not too far out of town, on a quiet road, overlooking a little lake and surrounded by tall oak trees. In short it was perfect.
We contacted the selling agent and found out that the price was within our budget, but only just. We told him it would be three months before we'd be able to buy it and this caused him to pause. Apparently there was a lot of interest in that little house and he couldn't justify delaying the sale for three months. So we let it go.
Why a Bridging Loan?
We did find another beautiful house so the story has a happy ending but is there anything we could have done to get that first house? The answer, had we known it at the time, would have been a bridging loan. Bridging loans are short-term loans offered by
commercial lenders to borrowers for a specific purpose. They can range in time from two weeks, for a very short loan, to up to three years for commercial bridging loans. Homebuyers who have not yet sold their property and wish to buy require these bridging loans.
Interest Rates
The interest rates are probably higher than for your typical mortgage but this is because of the added flexibility and convenience you have from the lender. There will also be set up fees involved. However, they may work out at significantly cheaper than some of the alternatives such as renting accommodation. There will also be many situations in which the price will be well worth paying if it means getting your dream home.
You should always shop around before agreeing to a bridging loan as rates and fees can vary significantly. You don't have to get it from your mortgage provider although there may be advantages to doing so.
About the author:
Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk / and also http://www.ukpersona lloanstore.co.uk. At the Personal Loan Store you can find all the different loan types explained.
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Student Loans: The Real Numbers to Worry AboutHuffington PostNews stories about student loan debt have suddenly become as numerous as stories on the US economic recovery -- I counted over 20000 articles/blog posts for each in the past month. Why the firestorm of press coverage? First, there's the possible ...and more » |
Forbes |
Student Loans: Stupid Is As Stupid DoesForbesTwo, three, five sometimes even ten articles a day on the student loan crisis find their way into Google news and other feeds that I get on college-related topics. People have frequently asked me of late if I will write something on the student loan ...and more » |
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