How Bridge Loan helped Us in Buying a Coveted Home
My husband and I decided to sell our old home in which we were living from past 10 years. It was a very nice home that my husband and I constructed by ourselves. At that time that area was less crowded and there were only very few homes. With the passage of time, many families moved in our vicinity and the area became very populous. My husband and I value our peace and we cannot tolerate living in an environment where there is no peace. Due to this reason, we decided that it’s time we should move out of here and buy a home to some other place that is still not much densely inhabited.
We found a great home about 15 miles away from our current home. It was a nicely constructed home with very few homes in the neighborhood. We both loved the place and it was also near to our workplaces. After the deal was finalized between the owner and us, we put out old home for sale in the market. However, there was a great demand for the new home and the owner told us that he is receiving many good offers from other buyers, therefore if we are not able to pay him money in seven days, he would sell it to some other buyer. We really didn’t want to lose such a good opportunity and we both started to look out for buyers that could buy home urgently.
Although I was quite sure that we might find a buyer within the stipulated time, my husband wasn't quite so sure. He opted for taking a private mortgage Montreal. He told me that we will buy our new home from the money we will receive from the loan and then once our old home is sold, we will repay our bridge loan instantly. He told me that we would have to pay interest on that loan and also cover a lot of legal fees but that would still be a better option than to lose our coveted new home.
Thus, we applied for the loan and we moved in very shortly thereafter. We bought the new house before the deadline of the seller was over and after few weeks our old home was also sold. We then repaid our whole loan and now my husband and I are living a peaceful life in a serene environment, thanks to bridge loan.