Question 1

Can I get a bridge loan if my current home hasn't sold yet?

Accepted Answer

Yes — that's the whole point. You borrow against your current home's equity to fund the new purchase. When your old home sells, you repay the bridge from those proceeds.

Question 2

What if my current home takes longer than 12 months to sell?

Accepted Answer

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 conventional loan or extend the bridge. Discuss exit strategy with your lender upfront. Longer timelines increase risk and cost.

Question 3

How much does a bridge loan cost compared to a conventional mortgage?

Accepted Answer

Bridge rates run 0.5% to 1.5% higher than conventional because the lender carries two mortgages. On a $400,000 bridge for six months, expect roughly $16,000 in interest. Add appraisal and underwriting fees.

Question 4

Do I need 20% down to qualify for a bridge loan?

Accepted Answer

Yes — most lenders require 20% equity in your current home to borrow against. Some will go lower if you have strong income and credit, but 20% is the standard floor. The equity is what secures the bridge.

Question 5

Can I use a bridge loan to buy in Piedmont if I'm moving from out of state?

Accepted Answer

Yes, if you own a home with equity where you currently live. The lender will appraise your current home and lend against that equity. You'll need proof of sale — a listing, appraisal, or recent comparable sales.

Bridge Loans in Piedmont: Close Fast When You Need to Move