Realtor Update – Bridge Loans

 

A bridge loan is a temporary loan that facilitates closings when the purchase of a customer’s new home closes before the sale of their current home. Bridge financing allows customers to borrow funds based on the net equity in their current home in situations where that equity is tied up until the closing date of their current home.

Requirements

  • Copies of the Agreement of Purchase/Sale for both the existing property and the subject property being purchased must be obtained and the following confirmed:
    • That both Agreements of Purchase/Sale are binding contracts;
    • That all conditions have been removed; and
    • That the deposit on the existing residence/property has been received and is a minimum of 5% of the purchase price.

For further information please don’t hesitate to contact me.  – www.gina.techtone.ca

Term Posted Rate Our Rates*

1 YEAR CLOSED

2 YEAR CLOSED

3 YEAR CLOSED

4 YEAR CLOSED

5 YEAR CLOSED

7 YEAR CLOSED

10 YEAR CLOSED

Variable Rate

Prime Rate

3.00%

3.04%

3.55%

4.54%

5.14%

6.35%

6.75%

2.60%

3.00%

2.54%

2.54%

2.64%

2.79%

2.89%

3.59%

3.69%

2.60%

3.00%

BenchMark Rate 5.24%. * Rates may vary provincially and are subject to change without notice OAC.

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