A Unique Equity Loan
Unique Equity Loan – Some good news from Dean Rathbun:
“Let’s talk about a great new bridge loan. We have a unique equity access loan in which a borrower with substantial equity in their current home can access that equity with a new temporary equity access loan. They will then qualify on a new purchase mortgage and we will NOT count the departing residence mortgage payment in their debt-to-income ratio. This is a great way for clients to get pre-approved using the equity access loan ahead to then go into their new purchase, qualifying only for the property tax and insurance on the departing home. The mortgage on the house they are leaving will not be counted against them. This is a game-changer for so many. This is not a bridge loan for people who want to access their current equity and have no mortgage on the new purchase. That would be a standard private money bridge loan..
