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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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62% - Often

Bridge Mortgage


Synonyms:interm mortgage, open mortgage loan, short-lived loan, short-term finance, temporary financing
Filed Under: financial-banking, mortgages
Tags: banking, financing, loan, mortgage
 

Definition of bridge mortgage

bridge mortgage
1. A bridge mortgage is a short-term or interim mortgage loan that allows the borrower to purchase a replacement home before their currently owned one can be sold. A six month or one year term is common for a bridge mortgage.

Related Terms and Acronyms:

  • bridge financing   A short-term, high interest loan that allows a seller to purchase a new property before selling an existing property.
  • interim financing   The availability of funds on a daily basis to assist a developer with financing for a construction project between advances made by the lender of the construction loan.
  • loan term   The period specified in the promissory note for a borrower to pay a loan, such as a mortgage. Most conventional mortgages have a loan term of 5 or 10 years.
  • open mortgage   A mortgage that can be paid off prior to maturity without penalty.
  • variable rate mortgage (VRM)   Home loan in which the interest rate is changed periodically based on a standard financial index. Also called an "Adjustable-rate Mortgage."
      ➥  A type of mortgage loan offered by brokers and lenders.

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Below is a listing of our most popular mortgage product inquiries made using our online mortgage application for all of Canada.

Mortgage Product Type Inquiries
Mortgage Pre-approval21.57%
First-time Home Buyer17.26%
New Purchase15.31%
Refinance/Consolidate Debt14.19%
No Money Down discontinued11.65%
Mortgage Renewal10.16%
Other9.85%
 
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