Loan Finder Tools
Are you in need of a loan but unsure of where to start? Look no further! We have two excellent loan finder tools to help you find the right loan.
Use this tool to find a loan to Buy Before you Sell, use our funds to Close Quickly/Pay Cash for a property, or obtain a home loan even if you don't qualify for a conventional loan.
What are the Differences Between Conventional & Bridge Loans?
A conventional loan is a traditional mortgage loan that complies with the underwriting guidelines established by Fannie Mae and Freddie Mac. These organizations are implicitly backed by the US Federal Government and consequently have the lowest rates on the market. These loans can be used to purchase a home, refinance an existing mortgage, or even to purchase a second home or investment property. They typically require a decent credit score, a stable income, and a down payment of at least 3.5% to 5% of the purchase price.
On the other hand, a bridge loan is a short-term loan that is used to: (1) “bridge” the gap between the purchase of a new property and the sale of an existing property (this is commonly referred to a Buy Before You Sell program), (2) use our funds to Close Quickly/Pay Cash for a property, or (3) obtain a home loan even if you don’t qualify for a conventional loan. Bridge loans typically have a term of 6 to 10 months and carry slightly higher interest rates than conventional loans due to the added risk to the lender. We lend funds for these loans and hold these loans on our books.
Both conventional loans and bridge loans have their own unique benefits and are suitable for different situations. It’s important to consider your current financial situation, your future plans and consult with a mortgage lending expert at Hurst Lending before making a decision. Don’t hesitate to reach out to us, we are here to help you find the right loan option that fits your needs.