What are Normal Bridge Loan Terms and Interest Rates?
A bridge loan, as its name suggests, is a bridge that can get you from one home to another. For example, if you are living in one home but want to buy another right away, the bridge loan can provide you with the funds you need. The only time you should get a bridge loan is if you are quite certain you will be selling your first home within a short period of time. Bridge loans have short terms and high interest. They are usually only carried for about six months. Interest rates can range up to 15 percent. This can get costly, especially if you have problems selling your home. You should consider any available alternatives before taking out a bridge loan. Bridge loans are risky for borrowers and lenders. You could borrow money using collateral like your vehicle. You could even borrow from friends or family. If you’ve got money saved, it would be better to use that than take out a bridge loan. There are times, however, when getting a bridge loan might be the only option possible. One exam
