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Also known as a "bridge" or "swing" loan, a gap mortgage covers the transition period between the sale of a previous home and the purchase of a new home. Each gap is given a letter: the space between center and guard is the A gap, between guard and tackle the B gap, between tackle and down tight end the C gap, and any space past an uncovered tackle.
The definition of a gap mortgage depends on where you are located. In New York, it’s a special structure that allows you to use your existing mortgage even after a refinance (or sometimes a new purchase), letting you avoid paying the New York State mortgage tax.
Example letter of explanation on job gap for mortgage? answer. wiki user 12/02/2011. To whom it may concern, I worked for Verizon for 4 years, then I was laid off in 11/09. After being laid off I.
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You’re working on your mortgage application to secure a loan for your dream home. Then your loan officer tells you to write a letter of explanation about a few missed credit card payments from several years ago and your brief period of unemployment when your company downsized.
Commercial Mortgage Bridge Loans Reviews Another popular commercial loan "trick" is the owner’s-estimate-of-value "trick". Suppose you’re a bona fide hard money commercial lender. You really do close a few commercial loans every year. Now let’s also assume that you know that commercial loan borrowers almost always grossly exaggerate the value of their commercial property.
A gap mortgage is a temporary loan, normally used between the end of loans taken out to develop a property and the start of the permanent mortgage loan. Also known as a "bridge" or "swing" loan, a gap mortgage covers the transition period between the sale of a previous home and the purchase of a new home.