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Bridge loan/Bridge financing is short-term financing, generally used for covering fund needs between payouts. A typical need for a bridge loan arises 1) when there are fund needs between the purchase of property and sale of another property or 2) Between the completion of improvements and the sale of the property
But it’s not always easy to find and negotiate this complex home bridge financing product. That's why we are here to help.
At Mortgage loan Ontario, we help you in leveraging the best bridge financing solutions across Ontario. We specialize in residential and real estate bridge financing by helping you reach your full financial potential. Every homeowner’s experience is unique, which is why we treat every client with the utmost care. We offer you a personalized approach to bridge financing and work closely with our broad network of bridge loan lenders to provide our clients with the best possible solutions.
If you are looking to buy a new house or purchase some real estate, a bridge loan comes in handy. It gives borrowers the flexibility to borrow funds for up to a year. The application and underwriting process for bridge loans is faster than for conventional loans.
However, the interest rates of Bridging loans are more expensive than traditional loans. At Mortgage Loan Ontario, we have a wealth of experience in providing bridge loans in Ontario and across the country for new residential or commercial properties.
To qualify for a bridge loan, you will need to provide the lender with a copy of the original purchase agreement and a copy of the sale agreement of your current property. If the closing date is not finalized, you will need to turn to a private lender, and that is something we can help with as well.
For bridge loans in Canada, Mortgage Loan Ontario is the name you can place your trust at. To schedule an appointment or for more details, get in touch.
A bridge loan is effective when there is a delay between the sale of a property and the purchase of another. These loans are usually offered to borrowers that have a good credit history or a low debt-to-income ratio.
Applying for a bridge loan may benefit you based on your financial situation and where you are in the buying and selling stages. Ensure you evaluate your options and consider all the necessary alternatives when interacting with our mortgage broker.
It is important to keep in mind that the interest rate can be higher than a typical mortgage. If you are not able to sell your home immediately, you may end up paying two mortgages at once until the property is eventually sold.
If you need a bridge loan as soon as possible, Mortgage Loan Ontario can help you get approved in no time. To apply for a bridge loan in Ontario, contact a member of our team today.
A simpler way to move to a new home.
Provide details for any type of mortgage requirement.
Our approval process is short and easy.
Cash gets credited within a couple of days.
Bridge loans help homebuyers to buy a new home before they have sold their existing home. It is a temporary loan that's secured by your existing property borrowed for the down payment of the new home.
If you are a homebuyer wanting to purchase a new home and also plan to sell your existing home simultaneously with no time restrictions, then you should avail a bridge loan
A home buyer can instantly use their existing homes's equity to buy a new home, without having to wait until the old home sells. This is highly in situations where you have great deals for your new home.
yes, as long as you have enough equity in your existing home for leverage, you can avail a brdige loan.
How sellers detest contingent offers. Having a bridge loan in place can make your offer more attractive there by giving you an advantage during negotiations.
There are several factors one should consider before availing a bridge loan. Please call us on +1 416-262-8937 for a free consultation