Move Up Buyer

Are you ready to move up to your dream home.  BMIC Mortgage can assist by advancing the equity of your existing home to you, prior to its' sale.

Using our "Equity Bridge Loan" in conjunction with one of our many programs allows you to move up to your dream home  prior to the sale and closing of your existing property.  Just follow the steps below.

Step One: Obtain pre-approval for your new home. 
                  Begin the appraisal process on your current home.

• We’ll lend up to 80% of the value of your current home (loans up to $500,000 …70% for loans up to $600,000).
• Payoff all existing liens, set up 9 month interest reserve and pay all closing costs.
• Minimum credit score is 680, loans over $400,000 must have a minimum of 720.
• No escrows required on Bridge Loan.
• Existing home must be listed with a realtor.
  

Current Home: Market value: $300,000 Existing liens: $150,000

Bridge Loan (80% of market value)	$ 240,000
Pay off existing liens	-$150,000
Nine months' prepaid interest at 8.625%	-$ 15,525
Appraisal and closing costs	-$ 5,000
Funds to apply toward new purchase	$ 69,475

 Step Two: Find a new home

• The payment on the Bridge Loan is not considered when qualifying for your new home.

Step Three: Settle on Bridge Loan ONLY IF your existing home doesn’t sell

• Settle on the bridge loan two weeks prior to the purchase of the your home if your existing home has not sold and settled.
• When your existing home settles, bridge loan is paid off, any additional proceeds and remaining interest reserve are returned to you.

 Getting Qualified    Are You Pre-Approved?