• Lloyd White Jr. NMLS 119465

Cross Collateral Loans: The New Bridge Loan

You may remember the old term, Bridge Loan.  Well, something like this has returned, but it has a new name.  The Cross-Collateral Loan may be the perfect scenario for you when looking to purchase your next home, whether it’s existing or new construction.

The Cross-Collateral Loan allows you to use the equity in your current home to purchase or construct a new home, while only obtaining one loan against the new property and the current property combined.  Once you sell your current home and the principle balance is reduced to a pre-determined amount, your current home is released and your loan for the new property is re-amortized over the remaining term.

This scenario can save you time and help secure a new property without having to negotiate the purchase with a contingency on your current home.  It also give you a little more flexibility when writing an offer on a home, since you won’t have to make it contingent on the sale of your current home.  This is a real bonus in today’s competitive market.

Highlights include:

One loan!  Which secures your new home and your current home.

You may be able to borrow up to 100% of the purchase price of the new home plus closing costs.

Terms available include 30-year and 15-year Fixed Rate Mortgages.  3-year, 5-year, and 7-year Adjustable Rate Mortgages.

For more details and to start your loan application today, don’t hesitate to give me a call at 360-901-3210. 

Lloyd White, Jr., your community lender.

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Summit Mortgage Corporation NMLS 3236. Information is not guaranteed and should be verified. Licensed in CA by the Department of Business Oversight. Loans will be arranged or made pursuant to the California Financing Law. Questions and concerns may be directed to support @go-summit.comNMLS Consumer Access Not all applicants will qualify. and is a division of Summit Mortgage Corporation. Lloyd White, Jr. is licensed to originate loans in ID/OR/WA/CA. Equal Housing Opportunity.

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