Bridge Loan
Worried about buying a new home and not being able to sell your existing home? With a Michigan Schools and Government Credit Union Bridge Loan, you can move into your dream home! Our Bridge Loans enable you to complete a sales transaction on a new home purchase prior to selling your existing home. You may not find that option elsewhere. Details of our Bridge Loan include:
- A fixed-rate 12-month balloon loan using your home's equity
- Interest-only payments due quarterly
- Your current home is the collateral for the loan
- No pre-payment penalty
Other members are setting their financial path to success with a Bridge Loan. Call one of our Mortgage Specialists to help you decide if this plan is the right one for you.
Consult your tax adviser regarding tax deductibility.
| Bridge Loan | |||
| Term | Rates as low as | Points | APR* |
| 1 Year | 4.250% | 0.25% | 4.250% |
| Example: A loan amount of $50,000 at 4.250% for one year would have a quarterly interest-only payment of $531.25. | |||
| *APR = Annual Percentage Rate | |||
