Blanket Mortgage

posted Nov 4, 2010, 4:15 PM by Career Path Academy   [ updated Jul 28, 2020, 12:01 AM ]
Blanket Mortgage    
A type of temporary financing usually not for periods longer than 6 months.
The purpose is for when a home seller has to purchase the new home before selling the current one. Usually we try to arrange coinciding closings but this may not always be possible and a seller may not be able to afford the payment for two properties. This temporary loan will help the seller/buyer bridge the gap until they can sell their current home so they can swing the payment for both loans in the interim. This is why it is also known as a Bridge Loan, Swing Loan or Interim Financing.
Comments