A tool designed to estimate the costs associated with short-term loans used to bridge the gap between purchasing one property and selling another, or securing long-term financing, helps prospective borrowers understand the potential expenses involved, including interest payments, fees, and the total repayment amount. For example, someone buying a new home before selling their current one might use this tool to project the costs of bridging the financial gap until the sale is complete.
Such tools offer valuable insights into the affordability and feasibility of short-term financing options. This empowers borrowers to make informed decisions, compare various loan scenarios, and potentially negotiate better terms. Historically, assessing these costs was a complex process involving manual calculations and consultations with financial professionals. These automated tools have simplified the process significantly, increasing transparency and accessibility for borrowers.
