Swing Loan
Definition of "Swing Loan"
Same as term Bridge Loan: A short-term loan, usually from a bank, that 'bridges' the period between the closing of a home purchase and the closing of a home sale. To qualify for a bridge loan, the borrower must have a contract to sell the existing house. This is the same as a 'swing loan.'
Popular Mortgage Terms
Inserting provisions into a loan contract that severely disadvantage the borrower, without the borrowers knowledge, and sometimes despite oral assurances to the contrary. Prepayment ...
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The house in which the borrower will live most of the time, as distinct from a second home or an investor property that will be rented. ...
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Limit on the size of payment change on an adjustable rate mortgage. ...
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