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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
A Bridging Loan is a short-term loan used as a way to provide
funding for the purchase of a new property while the
borrower awaits the sale of an existing property. Unless all the
stars are in perfect alignment, it’s tricky to
coordinate the sale of one property and the purchase of another
property in such a way that the transactions occur
simultaneously.
A Bridging Loan or “Bridging Finance” as it is also commonly
known, makes such transactions possible. They keep the
borrower from getting stuck in a rough financial corner, which
typically means being forced to pay two mortgages at the
same time. Bridging Loans can be used either for commercial or
personal reasons.
Short term in nature, the application process for a Bridging
Loan is similar to that of a standard loan. Most
importantly, it’s advisable to work with a lender that is
experienced with this type of loan. Plus, as the need for a
Bridging Loan often arises with little advance notice, being
pre-approved for such a loan is a smart move.
Bridging Loans are usually interest only meaning that the
borrower pays only the interest on the loan each month. The
borrower continues with this repayment plan until the property
the loan is being used for is sold. When the sale finally does
occur, the proceeds of that sale are used to repay the
principal. The principal payment typically is in the form of a
one-time, lump-sum payment.
The lender need not be too concerned about default because the
borrower is required to put up collateral to secure the loan.
This is typically in the form of another piece of property. But
rest assured the lender will still thoroughly
review the credit history of the applicant, the business and any
partners or others with an ownership interest to assess the
level of risk it is undertaking. Poor credit however need not be
an obstacle.
The interest rate on a Bridging Loan is based on several key
factors: the potential risk associated with the loan, the
current interest rates and a premium added by the lender. As
Bridging Loans are short-term, generally not longer than two
years, and in most cases only a metter of months, the lender has
only a short time to make a profit on the deal. The profit is
derived from the interest rate.
Expect to pay a higher rate of interest for a Bridging Loan. And
remember, the monthly payments are generally interest only. You
should also expect to pay off the Bridging Loan in full, usually
as a one time payment, as soon as the property is sold.
In the off chance that the property is not sold before the
Bridging Loan matures, it can usually be converted to a
conventional loan without a payment penalty. But as ever you
should not assume this is the case and be sure to check with
your lender that this is an option if circumstances call for it.
About the author:
Need a Bridging Loan Fast? Commercial Bridging Loan
and Commercial Mortgage specialists Commercial Lifeline can help.
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