Suzie Ice's Blog
Understanding the type of loan you're getting matters, to protect your financial interests. You also need to know when to choose one type of loan over another. So, should you choose a bridge loan? When might that be the best choice for getting into the home of your dreams? Here's what you need to know about this particular loan type.
What Are Bridge Loans?
Bridge loans typically provide temporary home financing, and are designed for use for six to 12 months. They carry an interest rate that is approximately two percent higher than a standard mortgage. These loans can "bridge" the gap between buying one property and selling another, allowing the borrower to get into a different home before their original home is sold and closed.
Who Can Receive a Loan Like This?
Anyone who owns a home and is trying to buy another one could potentially get a bridge loan. Just as with a traditional mortgage, though, you would have to qualify. Income and equity requirements must be met. There is also usually a debt-to-income ratio that's very important, since you'll have to make loan payments for a few months.
Why Would Someone Want a Bridge Loan?
When you're selling your home but you haven't found a buyer yet, you might find another home you want to buy. Since you don't have the funds from the sale of your current home, you wouldn't normally qualify to buy the other home. If you can get a bridge loan, though, you can buy the second home while still trying to sell the first one. When the first one sells and you receive the proceeds, you can use that money to pay off the bridge loan. Bridging that gap between the financing for the two homes can be vital in markets where housing is very competitive, or where you need to move quickly to purchase a particular home.
How to Get This Type of Loan
Getting a bridge loan involves talking to your bank or other lender, just like you would with another type of loan. Not all lenders offer bridge loans, so it's important to shop around. Additionally, your real estate agent can be a great resource when it comes to finding a bridge loan. Some agents even partner with lenders for these kinds of loans, to give their clients more options.
If you're not sure whether a bridge loan is the right choice for your home buying and selling needs, talking to your lender and real estate agent can help. There are times when borrowing additional money isn't a good choice, but these kinds of loans can also be very beneficial in certain real estate circumstances.
Selling a home may be difficult, especially for those who plan to list a residence for the first time. Fortunately, many real estate agents are available to guide you along the home selling journey.
Although there is no shortage of real estate agents at your disposal, it is important to note that not all real estate professionals are created equal. Therefore, it is essential to allocate the necessary time and resources to find a real estate agent who can help you achieve your home selling goals.
What does it take to find the right real estate agent to help you sell your residence? Here are three tips to ensure you can do just that.
1. Review the Current Housing Market
Take a look at homes that are currently available and the real estate agents who are associated with these properties. That way, you can find out which real estate agents are available in your area.
Also, don't forget to assess recently sold homes in your city or town. This will allow you to learn about the real estate agents who sold various houses and how long it took these housing market professionals to finalize the property sales.
You can always search the web for real estate agents in your area too. By doing so, you may be able to view client reviews that can help you determine whether a particular real estate professional is the right choice.
2. Consult with Friends and Family Members
Friends and family members sometimes can provide insights into their past home selling experiences. As a result, they may be able to connect you with a real estate professional who will go above and beyond the call of duty to assist you.
Furthermore, neighbors may prove to be great resources as you search for the perfect real estate agent. If a neighbor recently listed or sold his or her residence, you may be able to work with the same real estate agent.
3. Meet with Several Real Estate Agents
When it comes to finding a real estate agent, it never hurts to have a face-to-face conversation.
Set up meetings with several real estate professionals. This will allow you to learn about a real estate agent's background and expertise and decide whether you feel comfortable working with this individual.
In addition, try to get client references from real estate agents and reach out to past clients to find out what it was like to work with a particular real estate professional. As such, you'll be better equipped than ever before to make an informed decision.
The search for the right real estate agent often requires hard work and patience. With the right approach, you can hire a real estate agent who can help you accelerate the home selling journey and optimize the value of your residence.
Take advantage of the aforementioned tips, and you should have no trouble employing a top-notch real estate agent.
1068 East Street, Ludlow, MA 01056
In many homes, the dining table is the ideal get-together spot to share a meal, hold gatherings and talk about important topics. However, it’s not only for eating, clinking glasses or having family discussions. It’s one of the focal points of your house and should be carefully considered. If you're interested in buying a dining table, you'll probably want to buy it to last, to compliment your home’s decor and only have to buy it once. Here is a guide on how to choose the best dining table material for your home.
The ideal dining table is one that can last through years of wear and tear. A traditional dining table made from hardwood will take what you dish out. The best hardwood tables to go for are walnut, oak, mahogany or maple. Make sure that the hardwood is solid and from a reputable manufacturer to ensure its strength and durability. If hardwood isn’t your favorite option but you still want a solid table with a nice, wood finish, try composite wood. These tables are engineered from different, sturdy materials and are very economical.
Though wood remains at the top of the list, glass dining tables are also a popular choice, especially if you’re looking for a sleek or minimalist design. One of the unique advantages glass has is that it can blend seamlessly with many home decor themes. Additionally, it makes the room appear larger, lighter and brighter.
Marble or Granite
If you’re looking to impress your guests, a marble or granite dining table may be worth looking into. Natural stone has an irresistible and timeless appeal. They're also incredibly sturdy. However, they still have their downsides such as weight, cost and upkeep. If you decide to go with a natural stone table, remember marble can stain easily and granite requires annual treatment with sealants.
Choosing the shape
One of the advantages of a round table is its ability to fit into any room, be it a small nook, large dining room, or a part of the living room designated as the eating area. They offer flexible seating for conversation; an attribute many other dining tables lack. Likewise, a long, wooden, trestle table allows for guests to sit across from each other for friendly conversation and may still give you that classic, traditional rectangle. Finally, the ever-popular pub table adds ambiance to your space with a modern yet vintage appeal.
Finding Your Color
Just because your table may be natural hardwood doesn’t mean it can’t have a splash of color. Chalk paint finishes on wooden, farmhouse tables might be just the look to tie your spaces together. You can also stain your wood in a dark finish to give it a dramatic glow. Glass tables come in colored or frosted glass, giving you the option to stick with a clear surface or add a little color to your dining area. Marble and granite range from pale off-whites to deep red or black hues. Whatever your choice may be, be sure to let the colors accentuate your interior decor.
Getting a dining table might seem like a daunting task, but with these tips, you will be able to choose one that serves the exact purpose you envision. If you don’t have space for the table of your dreams, let me know, so I can make a larger dining area one of our priorities during your home search.
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