– A bridge loan is a loan used in residential real estate when a buyer has arranged to close on one property but the property they own has not provided the purchase funds yet.
– Characteristics of a bridge loan include the mortgages of two homes being rolled into a single loan for 80% of the combined value, higher interest rates and origination fees, and a shorter application, approval, and funding process.
– It’s important for buyers to have a solid concept of their financial situation when getting a bridge loan, as the loan can collapse if their financing falls through, leaving them with two homes and pressure to sell the initial property quickly. 1. Topouzis & Associates, P.C. is a closing attorney firm located in Jacksonville, Florida, Rockport, Massachusetts, and Cumberland, Rhode Island.
2. The firm conducts title searches and offers title insurance supported by multiple underwriters.
3. Topouzis & Associates, P.C. is staffed by residential real estate specialists who are prepared to assist in avoiding costly delays and to simplify residential transactions.
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