Finance
A North Dakota 'bridge loan' is typically used to:
AFinance the purchase of agricultural bridges across drainage channels
BProvide short-term financing while the buyer's existing property is sold✓ Correct
CFund long-term commercial real estate development
DFinance municipal infrastructure projects
Explanation
A bridge loan provides short-term financing to bridge the gap between purchasing a new property and the proceeds from selling an existing property. It is typically secured by the current home and paid off upon its sale.
Related North Dakota Finance Questions
- A North Dakota buyer's PITI payment includes which of the following components?
- A North Dakota borrower who wants to pay off their mortgage early should check their loan documents for:
- A North Dakota lender 'services' a mortgage by:
- Under the Truth in Lending Act (TILA), what must a lender disclose to a North Dakota mortgage applicant?
- A North Dakota homebuyer's mortgage has a prepayment penalty. This means the borrower:
- A North Dakota property purchased at a foreclosure sale was sold for less than the outstanding loan balance. The lender may seek the difference through:
- In a North Dakota foreclosure by advertisement (trustee's sale), which is typically faster?
- A North Dakota buyer assumes the seller's existing mortgage. The original borrower's liability under the assumed mortgage is:
Practice More North Dakota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free North Dakota Quiz →