Sometimes situation arises when the closing date of your property purchased is prior to the closing date of your selling property. In such cases, you are eligible to apply for Bridge Financing Mortgage. Ontario Mortgage Expert has lenders that will provide your loan which you can use as down payment for your new home.
In order to apply for Bridge Financing Mortgage, you are required to provide lender with following documents:
- Sale agreement of your old home
- Purchase agreement of your new home
- How your funds will be paid back
One thing should be known that Bridge Financing has higher interest rates than other commercial mortgages.