One of the smallest, quickest and shortest terms of homeowner loans is referred to as a bridge loan. Compared with other homeowner loans such as first and second mortgages, refinances, home equity loans and debt consolidation loans that use the home as collateral, bridge loans are rare.
A bridge homeowner loan is short term and designed for the purpose of helping a homeowner bridge a cash crunch gap. Hence the name bridge loan. The most common for of bridge homeowner loans is the situation in which someone has bought a new home but has yet to sell their current home. The most common reason for this double ownership is a geographic relocation for a job.
Some homeowners will rent an apartment, condo, townhouse, mobile home or single family home for a short term while waiting for their home to sell. Others, however, see that for convenience, monetary advantage or things like not uprooting their children once again with a third move to a new school, they would prefer the bridge homeowner loans.
Short term rentals can be more costly than the interest paid on the short term bridge homeowner loans.
There is a wide variation on the rates and terms of...
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