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Liberty Mortgage, Inc.
509 W. McKinley Avenue
Mishawaka, Indiana 46545
Telephone 257-0629
or 888-568-1786
Fax 574-257-0632
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Liberty Mortgage offers the most unique bridge loan in Michiana. A bridge loan is used when you want
to buy a new home but your old home isn't sold yet and the seller of the home you want to buy will not
accept a contingency offer. If we have to do a bridge we will ask the seller of your new house if we
can extend the closing out for 60 days to give you and extra 30 days to try and sell your house before
we enact the bridge loan. We don't like to spend our client's money if we don't have to.
Most
lenders either blanket both houses together for 1 big house payment or require interest payments during
the bridge until your old home sells, where we pay off your old home and give you the rest of your equity
minus closing costs to use as the down payment on your new house. We will only qualify you with the
new house payment and you will not have an old house payment for 6 months. If your old house doesn't
sell in 6 months, you will have an interest only payment for the next 6 months. You will have to pay
taxes and insurance on your old home during the bridge because a bridge will not escrow. Also with our
program you can go into a 30 year fixed with your new home where with some lenders you have to do a portfolio
ARM because of the blanket.
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