Homepage Loans Personal Business
Logo
Return to Cover
What is a Bridge Mortgage and What is a Blanket Mortgage?
A creative tool to help you purchase a new home before selling your existing one.

Typically, bridge mortgages are short term loans to help a borrower “bridge” two financial transactions. If you’re buying a new home but have not yet sold your current home, a bridge mortgage helps you to buy before you sell by giving you the funds you need to purchase your new home knowing that your current home will be sold in the near future. Bridge mortgages are usually short term loans of 1 year or less. At the end of the term you’ll need to put your permanent financing in place.

Check out our Blanket Mortgages at East Wisconsin Savings Bank!Here at East Wisconsin Savings Bank, we offer a product that is similar to a bridge mortgage but better! Our loan is called a “Blanket Mortgage.” A Blanket Mortgage allows a new home buyer to use the equity they have in their current home to purchase a new property without a required cash down payment. How does this work? When you find a new home, your current home and your new home are used as collateral for your new home purchase. This allows you to purchase a new home without a cash down payment or liquidation of your personal funds.

Once your current home sells, the proceeds from that sale are paid onto the Blanket Mortgage, your payment is adjusted downward to reflect your new lower balance and you’re done! This is your permanent financing. There are fixed rate and adjustable rate options for our Blanket Mortgages. You can use our Blanket Mortgage to purchase a new primary residence, a second home or cottage, or maybe even a rental property. The housing market is very tight right now with limited houses available to purchase. Our Blanket Mortgage will give you the flexibility to buy your new home before your current home sells. You can make an offer to buy your new home without a sale of your current home contingency. Call one of our Member Services Officers today to find out more!


[PRINTER FRIENDLY VERSION]
Privacy Policy Subscribe Archive
Facebook
Published by East Wisconsin Savings Bank
Includes copyrighted material of IMakeNews, Inc. and its suppliers.

Disclaimer - All content contained in this newsletter is for informational purposes only and should not be relied upon to make any financial, accounting, tax, legal or other related decisions. Each person must consider his or her objectives, risk tolerances and level of comfort when making financial decisions and should consult a competent professional advisor prior to making any such decisions. Any opinions expressed through the content in this newsletter are the opinions of the particular author only.

Third Party Site Disclaimer - By accessing links on this page, you will be entering a website hosted by another party. Although your financial institution has approved this as a reliable partner site, please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of your financial institution's website. We encourage you to read and evaluate the privacy and security policies on the site you are entering, which may be different than those of your financial institution.
Powered by IMN