Bancgroup Mortgage will lend up to 80% of the current home up to $400,000. Value is based on the lesser of either the appraised value or listing price of your current primary residence. The Bancgroup Equity Bridge Loan is a unique in that it pays off all existing liens (1st, 2nd mortgages, and equity loans, etc.) and holds back the first six months of payments on the bridge loan so that you have only the new payment on your new home to make. The Bancgroup Bridge Loan is an interest only loan. Six months pre-paid interest is collected at closing so you do not need to worry about a payment on the bridge loan. When your current home sells and closes you will receive a full credit of all interest not used on the bridge loan. With your current home paid off and the hold back of interest payments on the bridge you are qualified for your new purchase only on your new payments.

The end loan for the new home can be a fixed-rate mortgage or an ARM, many options to choose from. When you close on the Bridge Loan all proceeds must go towards the new property (down payment, closing costs, prepaids, etc.)

For further information please contact me!