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Home Equity Loan/ Bridge Loan

Started by cmist
over 11 years ago
Posts: 56
Member since: Jul 2009
Discussion about
Interested in purchasing an apartment which is slightly less from what I own. My apartment does not have a mortgage, we were told by my agent a Home Equity Loan would be best so we could approach the sellers prepared. I may need a banker or is creative, some of our income is *gifted* by parents and not sure if an underwriter will allow this as income.. Anyone have a good banker or advise?
Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009

cmist:

1. you need to be careful to avoid committing bank fraud

2. if you intend to sell your apartment in the near future you will need
to disclose that fact to all prospective lenders

3. as to a bridge loan, the reason they got that name is that their terms are often
so onerous and damaging that borrowers end up jumping off of bridges

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Response by cmist
over 11 years ago
Posts: 56
Member since: Jul 2009

There is no bank fraud going on at all. I just need a good banker/adviser.

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