Question 1

How long do I have to repay a bridge loan in Orinda?

Accepted Answer

Most bridge loans run 6-12 months, though some extend to 24 months. You repay by selling your existing property or refinancing into permanent financing once you're ready.

Question 2

Can I get a bridge loan if I still owe money on my current home?

Accepted Answer

Yes, as long as you have sufficient equity. Most lenders require 20-30% equity remaining after the bridge loan, calculated on your current home's value minus existing mortgage balance.

Question 3

What happens if my old house doesn't sell during the bridge loan term?

Accepted Answer

You can typically extend the loan for a fee, refinance into longer-term financing, or work with your lender on alternative solutions. Having a realistic pricing strategy from the start prevents this situation.

Question 4

Are bridge loan rates higher than regular mortgages in Contra Costa County?

Accepted Answer

Yes, rates vary by borrower profile and market conditions but typically run 2-4% higher than conventional mortgages. The premium reflects the short-term nature and additional risk lenders assume.

Question 5

Do I need income verification for an Orinda bridge loan?

Accepted Answer

Requirements vary by lender. Many bridge lenders focus primarily on equity and property values rather than extensive income documentation, though some verification is typically required.

Bridge Loans in Orinda: Finance Your Next Move Without Waiting to Sell