Mortgage Bridge Loan Financing Services in Mississauga
Sometimes when an individual purchases a home, specific dates do not line up throughout the process. Because of this occurrence, there may be a need for more funds. At sMp Mortgages, we ensure that our clients have the capital they require by setting them up with bridge loans.
What is a bridge loan?
A bridge loan is a short-term loan that will give a homeowner cash flow that they can use to pay home buying and selling costs, as well as reduce financial commitments. It’s common for these loans to be accessed by individuals, such as property developers, investors, landlords, and homeowners. Since this type of loan is not available from traditional financial institutions or borrowers, it is a convenient option that you can easily access.
Bridge loans can be used for your current home or as a down payment on a potential new house. It’s essential to keep in mind that the interest rates for these loans are not all created equal; therefore, you will need to work with a mortgage company, like sMp Mortgages. We can find you the lowest rates and terms available since we have established relationships with various top lenders in Canada.
How do bridge loans work?
As previously mentioned, bridge loans are financing you can use when you are buying and selling a home where the money is needed, but you can’t acquire it just yet. Whether you are a business or an individual, there are many options available for various circumstances. Generally, borrowers will evaluate the equity in a person or corporation’s current property that they will use as a down payment for their new purchase. The loan is then given as they wait for the property to sell. Since the selling process can be unpredictable, bridge loans give home or business owners some financial relief while they are waiting.
How does sMp Mortgages help with bridge loans?
Bridge loans have one of the highest interest rates, and if you still are paying off your mortgage, then you’ll need to consider that you’ll be making two payments. As we are experts in home financing and have the knowledge necessary for acquiring a bridge loan, we can help you find the lowest rates possible so that you aren’t paying too many extra costs.
If you have experience in the real estate market, then you know that things don’t always go as expected. No matter what your unique situation is, we can offer you bridge loan options tailored to your specific needs. Whether you are waiting on capital, waiting for the sale of your home, or purchasing a second property, we will help you navigate the application process for bridge loans.
As one of Canada’s top mortgage brokers, we have solutions that work for all types of businesses and individuals in any stage of their home buying pursuits. We will find you a flexible loan that will reduce your financial worries and has a straightforward application process. For receiving a bridge loan, you won’t have to undergo an income or credit check — all you will need is a sales agreement from your home sale and one for the property you are purchasing. You will also require a statement of adjustments from a lawyer.
sMp Mortgages is Here to Help
sMp Mortgages have been in operation for the past decade. We have helped many businesses and homeowners seek financial security by finding them a bridge loan that works for their situation. At sMp Mortgages, we value our loyal Canadian customers and are excited to work with prospective ones. If you are looking for a mortgage or loan solution, we would be happy to help. Getting in touch with us is easy – give us a call at 1-844-MY-PLAN, email us or fill out the contact form on our website. When you choose sMp Mortgages, you are choosing one of Canada’s top-quality mortgage firms that will deliver the results you need.