Question 1

How much do bridge loans cost in Concord?

Accepted Answer

Expect rates 2-4% higher than conventional mortgages plus origination fees of 1-2%. Total costs depend on your equity, credit, and how long you need the loan. Rates vary by borrower profile and market conditions.

Question 2

What happens if my Concord home doesn't sell in time?

Accepted Answer

Most bridge loans offer extensions for additional fees, typically 1-2% of the loan amount per quarter. Some lenders require you to list below a certain price or make other concessions. Review extension terms before closing.

Question 3

Can I get a bridge loan with multiple properties?

Accepted Answer

Yes, experienced investors use bridge loans for portfolio purchases. Lenders evaluate your overall real estate holdings and liquidity. Each situation requires individual underwriting based on total leverage and experience.

Question 4

Do bridge loans require appraisals on both properties?

Accepted Answer

Most lenders order appraisals or broker price opinions on both your current and new property. They need accurate values to determine loan-to-value ratios and ensure adequate collateral protection.

Question 5

How quickly can I close a bridge loan in Concord?

Accepted Answer

With complete documentation and clear title, closings can happen in 2-3 weeks. The timeline depends on appraisal scheduling and title work. Having your paperwork organized accelerates the process significantly.

Bridge Loans in Concord: Fast Financing When Timing Matters