HomeLight

JULY 29, 2022

“One big thing that could delay closing is if, say, someone goes out two weeks before they close and they buy a car — or they buy all new furniture,” explains Pete Veres , a top-selling agent with 19 years of experience in Albuquerque, New Mexico. This can radically alter their debt-to-income ratio and jeopardize the whole deal.

Closing 102

Closing Purchase and sale agreement Title Home sale contingency 102

HomeLight

MARCH 31, 2023

When it comes to real estate, a bridge loan (sometimes known as a swing loan or bridging loan) is a short-term loan to help homeowners during the transition of buying a new home while selling their current home. Depending on your unique situation, the lender on the new home might need to calculate your debt-to-income ratio (DTI).

Loans 72

Loans Debt-to-income ratio Equity Finance 72

Redfin

MARCH 3, 2022

It’s also important that buyers come to closing prepared with all necessary closing documents and payment for closing costs. Make sure you know in advance how you will be getting a bank check or wire transfer, so you’re able to close on time. They can also price their home competitively for a quick sale.

Closing 63

Closing Title search Purchase and sale agreement Title 63

HomeLight

MARCH 31, 2023

The most common scenario in real estate where a California buyer will need to apply for a bridge loan occurs when they need to purchase their new property before their old home has sold. In this case, they will use the equity from their previous home to cover the down payment and closing costs for their new purchase.

Equity 78

Equity Loans Debt-to-income ratio Finance 78