What is an Interim Mortgage?
Interim financing, also known as bridge loans, provide temporary financial support until a permanent source of financing can be secured.
Mortgage interim finance works by providing the borrower with a short-term loan, typically secured by a mortgage on a property. With Enrich Mortgage Group’s interim financing options, borrowers can quickly access the funds they need to cover expenses without having to wait for a long-term loan to be approved.
How Bridge Financing Works?
This short-term loan can help homeowners to bridge the gap between purchasing a new property and selling their existing property. Bridging finance works by providing the homeowner with a loan to purchase their new property, which is then repaid when the existing property is sold.
Bridging mortgage rates may be higher and can vary among lenders. It’s important to compare different options and understand the terms and conditions of each before making a decision.
Although bridge loans typically carry higher interest rates and a fee may also be charged for this type of loan, it is important to keep things in perspective. For example, if you need a bridge loan for 15 days, to bridge the gap between the closing of your new purchase and your old home closing, a bridge loan may only cost you $500, but it potentially saves you the cost of living in a hotel room for those 15 days and allows you the freedom to move your belongings over the course of a couple of weeks, rather than all at once.
In order to facilitate your decision-making process, we recommend using a bridge mortgage calculator, which can provide you with an estimate of the costs involved and enable you to compare different options.
Why Choose Enrich Mortgage Group?
How does mortgage interim finance work? It’s simple. To get interim financing in Canada, you simply need to apply for an interim mortgage. If approved, you’ll receive the funds you need to cover your expenses.
Enrich Mortgage Group provides interim mortgage solutions to help you achieve your financial goals. Our team of experts is knowledgeable about interim financing and is dedicated to helping you secure the interim loan you need. Unlock the power of interim financing with Enrich Mortgage Group.