Question 1

How fast can I close with a bridge loan in Lafayette?

Accepted Answer

Most bridge lenders fund in 7-14 days. We've closed Lafayette deals in under a week when paperwork moves quickly.

Question 2

What if my current home doesn't sell during the bridge loan term?

Accepted Answer

You'll need to refinance or extend the bridge loan, which costs additional fees. Some lenders offer 6-month extensions at 1-2 points.

Question 3

Can I get a bridge loan with less than 30% equity?

Accepted Answer

Very few lenders go below 25% equity. You need a cushion since you're carrying two properties temporarily.

Question 4

Do I make payments on both mortgages during the bridge period?

Accepted Answer

Depends on the lender. Some require payments on both. Others defer bridge payments until your existing home sells.

Question 5

Is a bridge loan cheaper than renting temporarily?

Accepted Answer

Rarely. Bridge loans cost $5,000-$15,000 in Lafayette depending on loan size. Use them for timing and competitive advantage, not cost savings.

Bridge Loans in Lafayette: Fast Financing Between Homes