Posted on: 12th Nov, 2005 01:44 am
My new home costs $200,000 and my current home is listed at $188,000 although it has not been sold yet. I have been approved by couple of banks for 100% interest only mortgage with a fixed rate of 6.625% for 12 months. I am about to close on a new home in 30 days. Is this a good deal? or should i take a bridge loan.
Hi Shelly,
Welcome to MortgageFit Forums,
If you will use the proceeds of the sale of your home in paying off your mortgage then it is not a bad deal.
You can also opt for a bridge Loan. The upfront fees and expenses can be little higher in case of bridge loans. But this is the best way to finance the closing of a new home before you have sold off the old property.
God Bless You.
Thanks,
Samantha
Welcome to MortgageFit Forums,
If you will use the proceeds of the sale of your home in paying off your mortgage then it is not a bad deal.
You can also opt for a bridge Loan. The upfront fees and expenses can be little higher in case of bridge loans. But this is the best way to finance the closing of a new home before you have sold off the old property.
God Bless You.
Thanks,
Samantha
Hi Samantha,
Thanks for the suggestion. It helped a lot. :D
Thanks for the suggestion. It helped a lot. :D
