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We Just Built a Better Bridge Loan | |
| Overview: | The purpose of the Bridge Loan is to facilitate the purchase of a new home before the applicant's present home has sold and closed. |
| Interest Rate: | New York Prime Rate plus 2.00% |
| Maximum Loan: | Glenwood Financial will lend up to 80% of the home's current value, as defined by a current assessed value or appraisal, including the first mortgage balance. |
| Term: | Initial term is 90 days. If the present home has not sold and closed at the end of this time, the borrower may pay the interest due and extend the term for another 90 days. |
| Cost Estimate: | - Title Insurance Policy with exceptions |
| - Recording Fees ($11) | |
| - Flood Certification ($24) | |
| - Processing Fee ($50) | |
| - Appraisal if S.E.V. does not support sufficient value | |
| Processing: | Takes approximately 7 to 10 days for the money to be available. This time table includes the three-day right of recession period after the initial closing. |
| Closing: | All loans are approved by our Underwriters and closed in our office. |
| Requirements: | The Bridge Loan is available when Glenwood Financial is providing the financing for the purchase of the new home. |
| Items Needed: | (1) Loan
Application (2) Legal Description (3) Copy of existing home owners policy (4) Copy of Listing Agreement (if home has been listed) |
| Geographic Limits: | Michigan |