Mortgage Loan Options

To buy or not to buy?  Do you have clients that are questioning if they should list their current home because they are afraid they will not find a new home before their current home sells? Are they in need of the equity in their current home to purchase their new home?  There may be a solution to give your clients peace of mind when looking for a new home.  The solution is called a bridge loan.  A bridge loan uses the equity in their current home to cover the down payment and closing costs on the new home.  A bridge loan can allow a buyer to write an offer without a sale contingency.  More importantly, it will set up the buyer for future financial success.  With the equity used from their current home, a buyer may be able to put enough down on the new house to avoid mortgage insurance.

Have you ever worked with a buyer in the medical profession who has had trouble purchasing a home because of high student loan debt or a low down payment?  The solution to this situation is a Physician’s Loan.  A Physician’s Loan can help a buyer purchase a home with little to no money down.  The student loan debt is not included in the debt-to-income calculations if the loan is in deferment.  We can even close on the new house if the buyer hasn’t started their new job but has a contract. 

If you have these situations or would like to discuss other scenarios with experts in the industry, please reach out to one of us.  We are here to help!

Amy Gile-Enge
SVP Mortgage Lending
NMLS# 586017

Cori Femrite
AVP Mortgage Lending
NMLS# 594085

Brendon O’Shea
Mortgage Originator
NMLS# 761031

Capitol Bank is Member FDIC and an Equal Housing Lender