Tips To Buying Property Before Selling Yours
Often the time between buying a new home and selling your current one overlaps, creating a financial gap that must be addressed.
Not only would paying two mortgages be highly inconvenient, it might even be financially inconceivable.
Usually, this situation is remedied by securing a bridging loan - a simplified solution to link the gap.
However, there are several different loan products on the market designed for this situation, so it may be benefit you to speak to a mortgage broker about which option would suit your needs.
Before approaching a lender, it is advised that you have answers for some specific questions that could help narrow down a list of optimum choices.
It would be helpful to know how long you will need the funds for and the details of your existing contract.
Basic details such as whether your new home is in the process of being built and how you intend to meet the financial requirements for repayment are also required prior to approval.
Preparing as much information as possible before a meeting can go a long way toward securing the loan product you need.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.