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Bridging finance is a short-term loan that is used as a way to provide funding for the purchase of a new property while the borrower awaits the sale of an existing property. Unless all the stars are in perfect alignment https://www.authenticwholesalenikeshoes.com/ , it's tricky to coordinate the sale of one property and the purchase of another property so that the transactions occur simultaneously.


Bridging finance or a ?bridge loan? as it is more commonly referred to, makes such transactions possible. They keep the borrower from ending up in a dire financial situation as can happen when forced to pay two mortgages at the same time. Bridge loans can be used either for business or for personal reasons.


Primarily short term in nature, the process for obtaining a bridge loan is similar to that of most types of loans. Most importantly, it's advisable to work with a lender that has experience with this type of loan. Also nike shoes wholesale , since the need for a bridge loan often arises with little advance notice, being pre-approved for such a loan is a good idea.


Bridge loans typically are structured as interest only loans meaning that the borrower pays only the interest on the loan each month. The borrower continues with this repayment plan until the property the loan is being used for is sold. When the sale finally does occur, the proceeds of that sale are used to repay the principal. The principal payment typically is in the form of a one-time, lump-sum payment.


The lender does not need to worry too much about default because the borrower is required to put up collateral to secure the loan. This can be in the form of another piece of property nike shoes clearance , business machinery or inventory on hand. But rest assured the lender will still thoroughly review the credit history of the applicant, the business and any partners or others with an ownership interest to assess the level of risk it is undertaking.


The interest rate assigned to the bridge loan is based on several factors: the anticipated risk associated with the bridge loan, the prevailing interest rates and a premium added by the lender. Since bridge loans are short-term, generally not longer than two years cheap nike shoes clearance , the lender has only a short time to make money on the deal. The profit is derived from the interest rate.


Expect to pay a higher rate of interest for a bridge loan. And remember, the monthly payments on a bridge loan generally will be for interest only. Expect to pay off the bridge loan in full, usually as a one time balloon payment, as soon as the property is sold.


In the event that the property is not sold before the bridge loan matures cheap authentic nike shoes , it can usually be converted to a conventional loan without paying a penalty. But it's always a good idea to double check this before assuming.


The assessed home value is the amount of money the government tax assessor says your property is worth. This assessed home value determines how much you will pay for property taxes. The government assessor usually works on the county level, meaning the assessor is somewhat familiar with your area. Being familiar with the area allows the assessor to make a good decision when it comes to determining the market value of your home. Once the value of your home is determined, a series of mathematical formulas set by the county government are used to determine how much you will pay in property taxes.


To find out the assessed home value, the county assessor will first find the market value of your home. They can do this by observing what prices similar homes in the area are selling for. County assessors usually keep the market value at a reasonable level. The assessor then takes the market value of your home and multiplies it by a percentage determined by the local government. This determines assessed home values. The county auditor or controller then takes the value determined by the assessor and uses a fixed formula cheap nike shoes from china , which includes subtracting any exemptions, to determine your property tax amount. The county assessor only finds the assessed home value; he or she does not determine the tax amount. Some counties have property tax exemptions for seniors. These exemptions take a specified amount of money, usually under $5000, off of the assessed value of the home.


Property taxes seem to keep going up and up and up. Some counties realize that this isn't good for seniors who have lived in the area for years cheap nike shoes online , but are now on a fixed income. These counties will put a freeze on property taxes for seniors. You need to meet age and income qualifications and notify the county that you wish for them to put a freeze on your property taxes. The only way you can lower property taxes for everyone is through legislation.


The assessed value of your home is determined every three or four years, depending on your county's laws and regulations. If you do not agree with the assessed value of your home, you can appeal to the assessor's office.

ney on? It depends on where you live, but property taxes often go to school districts, as well as city and county government.


If you have any specific questions about assessing home value in your area, or how it affects property taxes, get in touch with the county assessor. Many county assessors have an Internet website where many county specific questions can be answered. You can also contact the county assessor by phone or by mail with questions about your assessment.


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