A relocation mortgage home loan is a type of short-term loan designed to help you purchase or build a new home before selling your current home. In general, relocation loans have 12-month loan terms, but you may be able to extend your term if your home doesn’t sell within that period. However, fees may apply. With so many different types of relocation mortgages to choose from, how do you know which one to choose? The answer is easy when you work with Mortgage House.
The Mortgage House Difference
At Mortgage House, we offer a wide range of investor and owner-occupied relocation loans, giving you various options. We offer variable-rate home loans, fixed-rate home loans, bridging loans, and portable loans. Our mortgage brokers will work with you to help you decide which type of relocation loan is right for you. However, our most popular choices are bridging loans and portable loans.
Most relocation loans are a type of bridging loan. Bridging loans have shorter loan terms, usually no more than 12-months. These loans give you time to sell your home and purchase your dream home without feeling rushed.
Another popular type of relocation loan is a portable loan. Essentially, these loans allow you to transfer the remaining amount of your existing mortgage to your new home, as long as the amount remaining is greater than or equal to the price of your new home.
If you are searching for a new home and haven’t yet sold your old one, you may benefit from one of the relocation loan options offered by Mortgage House. Contact us today to learn more.
