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Bridge Loans and Home Purchase Bridge Loans #low #apr #loans

#bridging loans

Bridge Loans

A bridge loan is basically a short term loan taken out by a borrower against their current property to finance the purchase of a new property.

Also known as a swing loan, gap financing, or interim financing, a bridge loan is typically good for a six month period, but can extend up to 12 months. Most bridge loans carry an interest rate roughly 2% above the average fixed-rate product and come with equally high closing costs.

Bridge loans are generally taken out when a borrower is looking to upgrade to a bigger home, and haven’t yet sold their current home. A bridge loan essentially “bridges the gap” between the time the old property is sold and the new property is purchased.

Home Buying Contingencies

Many purchase contracts have contingencies that allow the buyer to agree to the terms only if certain actions occur. For example, a buyer may not have to go through with the purchase of the new home they are in contract for unless they re able to sell their old home first. This gives the buyer protection in the event no one buys their home, or if nobody is willing to buy the property at the terms they desire.

When a seller won’t accept the buyer’s contingency, a bridge loan might be the next best way to finance the new home.

How Do Bridge Loans Work?

A bridge loan can be structured so it completely pays off the existing liens on the current property, or as a second loan on top of the existing liens. In the first case, the bridge loan pays off all existing liens, and uses the excess as down payment for the new home. In the latter example, the bridge loan is opened as a second or third mortgage, and is used solely as the down payment for the new property.

If you choose the first option, you likely won’t make monthly payments on your bridge loan, but instead you’ll make mortgage payments on your new home. And once your old house sells, you’ll use the proceeds to pay off the bridge loan, including the associated interest and remaining balance.

If you choose the second option, you’ll still need to make payments on your old mortgage (s) and the new mortgage attached to your new property, which can stretch even the most well-off homeowner’s budget. So make sure you’re able to take on such payments for up to a year if necessary.

Most consumers don’t use bridge loans because they aren’t necessary during housing booms and hot markets. For example, if your home goes on the market and sells within a month, it’s typically not necessary to take out a bridge loan. But now that things have cooled off, they may become a bit more common as sellers experience more difficulty in unloading their homes.

Bridge Loans Can Be Risky

Many critics find bridge loans to be risky, as the borrower essentially takes on a new loan with a higher interest rate and no guarantee the old property will sell within the allotted life of the bridge loan. However, borrowers usually doesn’t need to pay interest in remaining months if their home is sold before the term of the bridge loan is complete. But watch out for prepayment penalties that hit you if you pay the loan off too early!

Make sure you do plenty of research before selling your home to see what asking prices are and how long homes are generally listed before they re ultimately sold. The market may be strong enough so that you don’t need a bridge loan. But if you do need one, be aware that a home could go unsold for six months, or longer, so negotiate terms that allow for an extension to the bridge loan if necessary.

If you think a bridge loan is right for you, try to work out a deal with a single lender that provides both your bridge loan and long-term mortgage. Usually they’ll give you a better deal, and a safety net as opposed to going with two different banks or lenders.

Also keep in mind that there are other alternatives to a bridge loan such as financing down payments with your 401k, stocks, and other assets. Remember to compare each scenario before signing anything!

Car Loans, PCP, Hire Purchase – Finance Deals from FinanceAcar #online #payday #loans #no #credit #check

#car loan comparison

Cheapest Car Finance Deals

Get the Cheapest Car Finance, Hire Purchase and PCP deals

If you are a car buyer looking to finance a car, provides users with the fastest car finance comparison on the web. Car finance comparison is our specialty! To compare cars on finance right now, use the tools above to select your preferred car, get monthly payment prices instantly and then obtain a personalised quote.

We provide personal and business car credit and car finance deals for approximately 6,000 models from the UK s top lenders and manufacturers. Our website has the tools to compare each car finance option such as PCP, Hire Purchase and Personal Loans to find you the cheapest price available in the market. There can be a significant variation in monthly payment and total payment depending on the car finance product that you choose. Therefore, it is very important that you compare all of the car loans, PCP deals, hire purchase or leasing options before making a final decision and thereby ensure that you get the best car finance deal possible. Our unique car finance comparison tools allows our users to search and get the best car finance possible out of all of the numerous finance options available such as a business car loan or personal car loan, personal contract purchase (PCP), hire purchase or car leasing. Read more about FinanceAcar

How Can We Offer Such Good Car Finance Deals?

For our car finance products. we offer the finance separately or as a package with a car sourced through our partners. However, it is important to note that often our car finance offers on PCP, hire purchase cars or leasing are cheaper than when you source your own vehicle and then combine car finance separately. In fact, our finance offers are often cheaper than the car finance price and PCP deals that you might get from a dealer. This is because our finance partners (which include major dealers) buy cars in bulk and get substantial volume discounts that we pass on to you. In terms of a car loan, personal loan or business loan, these are sourced from partners that get the best rates from top UK lenders. Our monthly repayments for loans are based on competitive APRs and it is essential to apply online to check which rate you can get as this might increase or decrease based on your credit rating. All cars provided through FinanceAcar are sourced directly from the top manufacturers or from trusted dealers.

Home Equity Loan Purchase Agreement – Loan Agreement – Free Search.

#loan agreement template

Loan Agreement

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WHEREAS, the Seller owns Cut-off Date Loan Balances and the

Related Documents for the home equity lines of credit (the “Revolving Credit

Loans”) and the adjustable-rate closed end mortgage loans (the “Mortgage

Loans”) indicated on the Home Equity Loan Schedule attached as Exhibit 1

hereto (the Revolving Credit Loans and the Mortgage Loans are collectively

referred to as the “Home Equity Loans”), including rights to (a) any property

acquired by foreclosure or deed in lieu of foreclosure or otherwise, and (b)

the proceeds of any insurance policies covering the Home Equity Loans;

WHEREAS, the parties hereto desire that the Seller sell the

Cut-off Date Loan Balances of the Home Equity Loans to the Purchaser pursuant

to the terms of this Agreement together with the Related Documents on the

Closing Date, and thereafter, with respect to the Revolving Credit Loans, all

WHEREAS, pursuant to the terms of the Trust Agreement, the

Purchaser will transfer on the Closing Date, the Home Equity Loans to the

terms in the Definitions contained in Appendix A to the Indenture dated as of

January 1, 2005 (the “Indenture”), between MSDWCC HELOC Trust 2005-1, as

issuer and Wells Fargo Bank, National Association, as indenture trustee, which

is incorporated by reference herein. All other capitalized terms used herein

shall have the meanings specified herein.



Section 2.1. Sale of Home Equity Loans.

(a) The Seller, by the execution and delivery of this Agreement, does

hereby sell, assign, set over, and otherwise convey for all non-tax purposes

to the Purchaser, without recourse, all of its right, title and interest in,

to and under the following, and wherever located: (i) the Home Equity Loans

(including without limitation the Cut-off Date Loan Balances and, with respect

to the Revolving Credit Loans, all Additional Balances) and all interest

accruing thereon and all collections in respect thereof received on or after

the Cut-off Date; (ii) property which secured a Home Equity Loan and which has

been acquired by foreclosure or deed in lieu of foreclosure; (iii) the

interest of the Seller in any insurance policies in respect of the Home Equity

Loans; and (iv) all proceeds of the foregoing; provided, however, that with

respect to the Revolving Credit Loans, the Purchaser does not assume the

obligation under each Loan Agreement to fund Draws to the Mortgagor

thereunder, and the Purchaser shall not be obligated or permitted to fund any

such Draws, it being agreed that the Seller will retain the obligation to fund

future Draws. Such conveyance shall be deemed to be made: (1) with respect to

the Home Equity Loans, as of the Closing Date; and (2) with respect to each

Revolving Credit Loan, the amount of each Additional Balance created on or

after the Cut-off Date, as of the later of the Closing Date and the date that

the corresponding Draw was made pursuant to the related Loan Agreement,

subject to the receipt by the Seller of consideration therefor as provided

herein under clause (b) of Section 2.2.

(b) In connection with such conveyance, the Seller further agrees, at

its own expense, on or prior to the Closing Date with respect to the Loan

Balance of the Home Equity Loans to indicate in its books and records that the

Home Equity Loans have been sold to the Purchaser pursuant to this Agreement

and to deliver to the Purchaser true and complete lists of all of the Home

(i) the original Mortgage Note or Credit Line Agreement, as

applicable, endorsed without recourse in blank or, with respect to

any Home Equity Loan as to which the original Mortgage Note has been

permanently lost or destroyed and has not been replaced, a Lost Note

Affidavit, substantially in the form attached hereto as Exhibit A;

(ii) the original Mortgage with evidence of recording thereon,

or, if the original Mortgage has not yet been returned from the

public recording office, a copy of the original Mortgage, or a

certified copy of such Mortgage in the event the recording office

keeps the original or if the original is lost;

(iii) Assignments of Mortgage (which may be included in one or

more blanket assignments if permitted by applicable law) in blank;

(iv) originals of any intervening assignments of the Mortgage,

with evidence of recording thereon, or, if the original of any such

intervening assignment has not yet been returned from the public

recording office, a copy of such original intervening assignment

certified by the public recording office in which such original

intervening assignment has been recorded;

(v) a true and correct copy of each assumption, modification,

consolidation or substitution agreement, if any, relating to the

Home Equity Loan; and

(vi) the (a) original policy of title insurance or (b)

ownership report, if applicable (or a preliminary title report if

the original title insurance policy or ownership report has not been

received from the title insurance company or if a preliminary title

report is the documentation required by Seller).

Within the time period for the review of each Mortgage File set

forth in Section 2.3 of the Custodial Agreement, if a material defect in any

Mortgage File is discovered which may materially and adversely affect the

value of the related Home Equity Loan, or the interests of the Indenture

Trustee (as pledgee of the Home Equity Loans), the Noteholders, the

Certificateholders or the Credit Enhancer in such Home Equity Loan, including

the Seller’s failure to deliver any document required to be delivered to the

Custodian on behalf of the Indenture Trustee, the Seller shall cure such

defect, repurchase the related Home Equity Loan at the Repurchase Price or

substitute an Eligible Substitute Loan for the related Home Equity Loan upon

the same terms and conditions set forth in Section 3.1 hereof for breaches of

Loan for Land Purchase

#land loan

Plot Loan/ Land Loan

If you have a plot of land in mind or your want to purchase a land on which you wish to build your dream home, DHFL can help you do just that, with a Plot Loan.

Features and Benefits of Plot Loan/ Land Loan

    1. Tenure Term:  The tenure of your loan ranges from 1 to 20 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals).
    2. Purpose:   Avail a Plot loan on purchase of Non Agricultural land situated within Municipal / Local Development Authority limit.
  1. Reduce your EMI :  With tenure of 20 years, you can reduce the EMI amount on your Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards
  2. Interest Rates:  The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions
  3. Processing Fees:  This is charged as the fee towards processing your Plot loan application