Use your home’s equity as a down payment on your new purchase
- Financing up to 90% of the appraised value
- Low interest rates
- Interest-only monthly payments
- 9-month term
- Low closing costs
A bridge loan (also known as a swing loan) is perfect if you want to avoid the hassle of moving twice because it allows you to sell after you move into your new home. Contact ETFCU today at (812) 469-9928 or 1-800-800-9271 to learn more about this valuable program.
- Prior two years addresses and dates of residence.
- Social Security number or tax ID.
- Driver’s license or state issued identification card.
- Prior two years employment information including employer contact and dates of employment.
- Most recent W2 and pay stub for all income sources.
- Two years federal tax returns, including tax applicable schedules if you are self-employed, have rental income, farm income or additional non-W2 reported income.
- Alimony, child support or separate maintenance documentation if you wish to have it considered as basis for repaying this obligation.
- Additional information may be required such as Divorce decree (if applicable) and/or proof of extra income such as rental income, dividends, Social Security, retirement, disability, pension, or welfare (supporting documentation is required).
- Balance owed on all liens attached to the property including all mortgages as well as any home equity loans or lines of credit.
- Most recent mortgage statement (if applicable).
- Most recent property tax bill.
- Most recent hazard insurance declaration page.
- Most recent flood insurance declaration page (if applicable).
Loans are subject to credit review and approval. Closing costs may apply. A sample principal and interest payment on a (30)-year $150,000 fixed rate loan amount with a 4.750% interest rate (4.766% APR) is $782.47. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history.