I have a question about a certain type of home mortgage.?

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I own a home and plan on building another home next spring. What type of mortgage would I get if… I will pay it off in full as soon as my other house sells? What type of mortgage or loan is this? Thank you.

2 Comments
  1. Reply
    foreclosurefish
    April 30, 2011 at 11:34 pm

    Look for a bridge loan, or a construction loan. Sometimes the terms are used interchangeably.

    ForeclosureFish
    http://www.foreclosurefish.com/

  2. Reply
    fukinluckyfuker
    May 1, 2011 at 12:03 am

    You’re probably looking for the term “bridge” loan, sometimes called a swing loan. Short-term financing just like the type you need. But that may not be your best option.

    You should actually see if you can just get a banker to finance it as a line of credit. That way, when you pay it off, you have the line of credit that you can use if need be. Better to have it and not need it, than need it and not be able to get it.

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