A bridge loan is a temporary loan used while permanent financing is being secured. Bridge loans often have higher interest rates. They are most often used when a seller needs funds for a new property before selling their own home.
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Amortization refers to a payment schedule outlining what goes toward principal and interest balances. Typically, payment goes toward interest first and then the principal balance.
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Blanket mortgages cover more than one plot of land financed by the same borrower. This can help save time and money. For example, a seller ready to buy a second property before their first has sold may use a blanket mortgage to access equity from the first property to put toward the second.
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