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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.
Listed below are some of the reasons for choosing a bridging
loan. A bridging loan is a short term mortgage which is secured
by your property. This is usually arranged by getting a mortgage
on the new property, and taking out a second mortgage on the
property being sold.
In effect, this type of lending is a kind of mortgage. It is
secured on your home, but without the low interest rates usually
associated with a mortgage. You must be aware of the risks
associated with this. If you fail to sell your existing home,
there is a chance you'll have to sell your new home just to pay
off the lending.
Probably the most common use of a bridging loan would be
connected to buying a property. A bridging loan gives you an
agreed amount to help you bridge the gap between selling and
buying your property.
Being self employed or having an adverse credit history or CCJs
need not be a problem. A bridging loan can even enable people
who have an adverse credit history to build a track record
before applying for a conventional mortgage. A successful
bridging loan can have a positive effect on a borrower's credit
score making future finance more attainable.
Bridging loans can be used to purchase properties at auction,
fund short-term commercial or residential renovations, and to
safeguard a property purchase if the mortgage is delayed.
A useful feature of bridging loans is that the client can repay
capital at any time, thus reducing the outstanding balance and
monthly instalments.
A bridging loan can be used for a variety of purposes such as:
To enable the purchase of one property before the completion on
the sale of another.
To fund the purchase of a property abroad.
Provide temporary funding for the purchase of a 'defective'
property, pending completion of repairs. To fund the urgent
purchase of a property, pending arrangement of a long-term
mortgage.
To raise capital for any purpose, pending a sale of the security
property.
These are some of the benefits of a bridging loan:
An easy and manageable route to generating extra cash.
No survey, valuation or solicitors fees to pay.
You can use the cash for any purpose.
Bridging finance is increasingly used for property development
including site purchase, self-build projects and property
conversions. In the property investment market bridging loans
can be used for completing purchases quickly; for example, when
property has been secured at auction. They can also be
cost-effective for clients wishing to acquire property for
refurbishment and re-sale.
In fact, bridging finance can typically be used for any genuine
commercial purpose as a short-term measure. Because of the
short-term nature of the loan however you should expect to pay
more interest and higher fees than with a long-term loan.
Some lenders offer fast in-principle decisions and may be able
to release funds for clients very quickly. This 'quick' element
allows clients to secure a property speedily, and with the
minimum of stress.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available loans via the www.directonlineloans.
co.uk website.