Short Term Mortgage

Bridgit’s Guide to a Short Term Mortgage

It can be challenging to navigate the world of real estate, particularly if one is interested in a short term mortgage. If you are curious about the benefits and setbacks surrounding short term home loans, this guide aims to clarify some common questions.

Homeowners who want to take the next step in their ownership journey could benefit from learning about various short term mortgage options and Bridgit’s bridging loans.

Short term mortgages

What they are

A short term mortgage is a home loan that matures in around five to fifteen years, which is typically shorter than the thirty-year loan terms of a traditional mortgage. However, the actual loan term can widely vary depending on the lender.

These alternative home loans provide an opportunity for individuals to potentially attain full ownership of their homes at a quicker rate.

Benefits

Generally, a short term mortgage could help you attain fast financing to fill in a gap in the property purchase. A short term home loan with the right lender could provide you with a streamlined application process that lets you access funding without having to wait for weeks.

Potential setbacks

One possible drawback of short term property loans is that some lenders do not typically offer quick loan approval. Due to the increased monthly payments, lenders might need to conduct a more thorough financial analysis of an applicant’s profile to assess creditworthiness, making quick mortgage approval potentially unlikely.

You may be looking at your options for short term mortgage lenders because you’re about to make a big decision regarding your current home. Perhaps you’re of retirement age and want to access the equity you’ve accrued from your family home in order to downgrade. On the other hand, you could be looking to upgrade to make room for a young and growing family.

Whatever your reason for searching for alternative home loan options, Bridgit may be able to help.

Buy on your terms with Bridgit

Empowering Australian homeowners

Securing a short term mortgage can be a logistical challenge. Some may prefer to sell their current home before making this kind of financial commitment, but sometimes the timeline of your home’s sale may not line up with the mortgage timeline set by traditional lenders. And in the interim, your dream home is at risk of being purchased by another buyer.

At Bridgit, our mission is very simple. We give Australians the opportunity to access the equity in their homes to buy their next dream home before selling their existing one. Homeowners can convert the equity they currently own in a property to funds they can use to purchase their new home. Essentially, these are short term loans secured against property.

Streamlined application process

With our bridging loan, you can end your search for a short term mortgage and enjoy a seamless application process. We use technology to improve the process of lending and create a truly streamlined experience for you. Our application process only takes five to ten minutes, and we offer a 24-hour approval process, with settlement in as little as a few days.

Easy transition

We refinance the existing mortgage on your home, so you won’t have to stress about managing two mortgages. Once you have sold your existing home, the proceeds from the sale can be used to pay off your Bridgit loan. Should there be any remaining balance on the loan after the sale, homeowners can refinance that amount to a longer-term lender.

Disclaimer: Unless otherwise specified, the opinions expressed in this article are strictly for general informational purposes only and should not be taken as financial advice or recommendations. Any views are subject to change without notice at any time.