Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Using Bridge Finance for Buying a Home
Verico Brokers For Life Inc. 106, 8704 - 51 Avenue Edmonton, Alberta T6E 5E8
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Bridge financing is one of the great tools that you as a seller and purchaser of a home can use to make the process go smother. Bridge finance can be used when you have sold your home and have found another to buy but the dates don’t quite match up as in the new house is available before your existing home is completely sold.
Verico Brokers For Life Inc. 106, 8704 - 51 Avenue Edmonton, Alberta T6E 5E8
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
Pitfalls of Bridge Financing You Need to be Aware Off Some of the potential pitfalls of bridge financing is that it will cost you some money to make it happen. Usually bridge financing will come with a small fee in the 200 to 500 range usually and interest will be charged for the days that you use the money.
Verico Brokers For Life Inc. 106, 8704 - 51 Avenue Edmonton, Alberta T6E 5E8
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
The usual interest charge is prime plus 5% so it can be quite minimal. It would only be on the portion that you bridged as per the example above only on the 3% If for some reason your existing home sale falls apart even though it was unconditional you will still be responsible for both mortgages.
Verico Brokers For Life Inc. 106, 8704 - 51 Avenue Edmonton, Alberta T6E 5E8
www.brokersforlife.ca
Brokers For Life
Toll Free 1.866.902.7771
Real Life Mortgage Solutions www.brokersforlife.ca
THANKS FOR VISIT US !! Know More Please Click Here http://www.brokersforlife.ca/
Verico Brokers For Life Inc. 106, 8704 - 51 Avenue Edmonton, Alberta T6E 5E8
www.brokersforlife.ca