Bridging Loan

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Finding a home loan lender, or mortgage lender, is the easy part. Deciding which lender to use isn't. Since your home is probably the single largest purchase you will make, it only makes since to shop around for the lowest cost home loan.

There are many costs of getting a home loan. When many people think of the cost of a home loan, they think of the interest rate, which is one cost, bu... Read loans article



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Bridging Loan
A couple of years ago my wife and I were in the process of selling our house. We were pretty sure we had found a buyer and had agreed on a price acceptable to both them, and us but they wouldn't be able to buy our house for about three months. My wife and I were totally ok with this since we weren't in any particular hurry to move, we just wanted to move into a bigger home outside of town, somewhere a bit more rural.

Well, one weekend while we were driving around the countryside looking at houses, we saw the perfect farmhouse. It was exactly what we were looking for. Not too far out of town, on a quiet road, overlooking a little lake and surrounded by tall oak trees. In short it was perfect.

We contacted the selling agent and found out that the price was within our budget, but only just. We told him it would be three months before we'd be able to buy it and this caused him to pause. Apparently there was a lot of interest in that little house and he couldn't justify delaying the sale for three months. So we let it go.

Why a Bridging Loan?

We did find another beautiful house so the story has a happy ending but is there anything we could have done to get that first house? The answer, had we known it at the time, would have been a bridging loan. Bridging loans are short-term loans offered by commercial lenders to borrowers for a specific purpose. They can range in time from two weeks, for a very short loan, to up to three years for commercial bridging loans. Homebuyers who have not yet sold their property and wish to buy require these bridging loans.

Interest Rates

The interest rates are probably higher than for your typical mortgage but this is because of the added flexibility and convenience you have from the lender. There will also be set up fees involved. However, they may work out at significantly cheaper than some of the alternatives such as renting accommodation. There will also be many situations in which the price will be well worth paying if it means getting your dream home.

You should always shop around before agreeing to a bridging loan as rates and fees can vary significantly. You don't have to get it from your mortgage provider although there may be advantages to doing so.

Joseph Kenny is the webmaster of the loan information sites http://www.selectloans.co.uk/ and also http://www.ukpersonalloanstore.co.uk. At the Personal Loan Store you can find all the different loan types explained.

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Easy Payday Loans - How To Get Approved Online

Payday loans are widely available and may be useful to a person experiencing an unexpected financial bind. The process for applying for a loan is very similar amongst most companies. A great number of payday loan companies now make loans via the Internet with minimal paperwork.

Minimum requirements - Most payday loan companies require an applicant to be employed or to have a recurring source of verifiable income such as a monthly disability check or a social security check. A monthly income of $1,000 is generally needed. Having a checking account that has been open at least ninety days will be a necessity. Some companies require that the person's income be directly deposited. A driver's license or other form of picture identification as well as proof of residence will be required. Proof of residence can be a utility bill in the name of the person applying for the loan.

Paperwork - If an Internet company is used the application will be filled out online. Copies of the identification, employment, income and residency documents may have to be faxed to the company. Increasingly there are online companies that no longer require documents be faxed.

Approval - The approval process is fairly rapid. Some companies can approve a payday loan in only minutes. On the average, consent will take an hour or less. A person's credit will not be checked. However, a history of bad checks may cause an application to be turned down. There are also payday loan companies who check to see if the applicant has other payday loans outstanding.

Receiving funds - Funds will be directly deposited into the applicant's bank account. Depending upon the day of the week and the time of day the loan is approved the money should be available in as little as twenty-four hours.

To view our list of recommended cash advance lenders online, visit this page: Recommended Payday or Cash Advance Lenders.

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.


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Bridging Loan
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