Who is this loan ideal for?
Great for Individuals needing a loan option to cover the gap between buying and selling a home and who cannot cover the cost of two mortgages.
Do I have to close twice?
Unless the sale of the home will pay for the entire balance on the new loan, there will typically be two closings. One for the closing on the bridge loan and another for the closing on the mortgage for the new home.
Will I have to pay closing costs twice?
Yes
How long does closing take?
Closing typically takes between 30-45 days.
Are rates higher for a bridge loan compared to a traditional mortgage?
Rates constantly vary, but Bridge loan rates are typically higher than those of a traditional fixed rate mortgage.
How do the terms and payments work?
12 month, interest only payment schedule
Make Your Offer More Attractive With A Bridge Loan.
Bridge loans provide the necessary funds to make an offer on a new home without any contingent clauses that might hinder acceptance of your offer. For example, if you make an offer on a new home that is dependent on the sale of your existing home, you may lose out on the home of your dreams.
F&M Helps You Make Informed Decisions.
We evaluate your debt-to-income ratio and your ability to pay two mortgages on a monthly basis when you apply for a bridge loan. Our in-house decision makers evaluate your situation pulling from our knowledge of our community and its residents. Quick processing means you get answers when you need them at reliable rates. The professionals at F&M Bank and F&M Mortgage detail the advantages and risks to all our loans so you feel comfortable making informed decisions.
Choose Experienced Professionals You Trust.
The team at F&M Bank and F&M Mortgage work together to offer responsible lending to the community we know and love. Your dreams become our dreams as we get to know the individuals and families we work with. Choose your mortgage advisor and learn if a bridge a loan is right for you. Contact our team to get started.
