• Mortgage Renewals - Strategies To Renewing Your Mortgage In Today's Higher Interest Rate Market!

    Author: Boychuk Mortgage Group | | Categories: Mortgage , Mortgage Broker , Mortgage Loans

    Bridge Financing

    Mortgage renewals can be both an opportunity and a challenge, especially in today's market with higher interest rates. If you're facing a mortgage renewal, you're in the right place. In this blog, we will guide you through effective strategies to navigate the renewal process, ensuring you make the most of it while managing increased interest rates.

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  • What is Bridge Financing?

    Author: Boychuk Mortgage Group |

    Bridge financing is a short-term, temporary loan that is designed to help homeowners like you, “bridge” the gap between the sale of your existing property and the purchase of your new home. This allows you to access your equity for your down payment on your new purchase, while you wait for the sale of your existing home to complete.

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  • What are the Advantages of Bridge Financing?

    Author: Boychuk Mortgage Group |

    Bridge financing allows you to make quick moves in hot markets, purchasing your new home before yours sells. Bridge financing provides you a peace of mind, knowing that you have more time to sell your home for the price you want. Bridge financing allows you to use the equity in your home for the down payment on your next home. Bridge financing gives you the opportunity and funds to make upgrades to your new home before officially moving in.

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  • What are the Requirements for Bridge Financing?

    Author: Boychuk Mortgage Group |

    Once your mortgage has been approved on your new purchase and you have a firm sale agreement in place on the sale of your existing property, you will be eligible for bridge financing. The reason your lender will require a firm sale agreement in place is so they can confirm you have enough equity to cover the bridge loan, and otherwise, the total remaining down payment.

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  • What are the Costs Associated with a Bridge Loan?

    Author: Boychuk Mortgage Group |

    Typically, there are three main costs associated with bridge financing Interest A typical interest rate on bridge loans today will fall in the range of prime + 2.5% to prime + 5.0%. For example, on a bridge loan of $250,000 at a prime rate of 2.70% and a premium of 4.0%, your bridge loan cost you $45.89 a day. Lender fee This is not a fee that we charge, but rather a fee the lender collects. This cost can range from $300 - $600. Legal fee When legally binding your bridge loan at your legal team’s office, a fee of around $300 is typically charged for contractually…

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  • How Do I Get a Bridge Loan?

    Author: Boychuk Mortgage Group |

    Your bridge loan will typically last for 30 to 60 days with the possibility, or exception to extend it past 60 days, based on the circumstances and strength of your file.

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  • How Does this Loan Get Repaid?

    Author: Boychuk Mortgage Group |

    The repayment of your bridge loan is handled on the back end by our mortgage team, your legal team, and the lender. Following the final sale of your prior home, the net proceeds will be set to transfer over, and your mortgage will kick in.

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  • How Do I Get a Bridge Loan?

    Author: Boychuk Mortgage Group |

    We recommend that you contact one of our team members to walk you through each step of the loan process. While not every lender offers the option of bridge financing, our team will be able to educate you on what you need to know and the steps to take to secure your bridge loan.

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