Question 1

How fast can a bridge loan close in Newark?

Accepted Answer

Most bridge lenders close in 10 to 14 days. Some can do it faster if your current home appraisal is ready and your equity is clear. Speed is the whole point—you need funds before your old home sells.

Question 2

What happens if my current home doesn't sell before the bridge expires?

Accepted Answer

That's the risk. Most bridge loans run 6 to 12 months. If your home hasn't sold by then, you'll need to refinance the bridge into a longer-term loan or sell at a lower price. This is why bridge lenders require 20% to 30% equity upfront.

Question 3

Do I pay both mortgages at the same time?

Accepted Answer

Yes, briefly. You pay interest-only on the bridge while your old home is listed. Once it sells, bridge proceeds pay off the bridge loan. Then you move into permanent financing on the new home with a standard 30-year mortgage.

Question 4

What credit score do I need for a bridge loan?

Accepted Answer

Most bridge lenders require 680 FICO or higher. Some will go lower if your equity is strong and your current home is in an active market. The bigger factor is equity and sale timeline, not just credit score.

Question 5

Is a bridge loan cheaper than a HELOC?

Accepted Answer

Not necessarily. Bridge rates run higher because the loan is short-term and carries more risk. A HELOC might have a lower rate but takes weeks to set up. Choose based on speed and timeline, not just rate.

Bridge Loans in Newark: Cross the Gap Between Homes