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Pleasant Hill's stable market creates timing problems for buyers. You find the right home before yours sells, and a traditional contingent offer won't win.
Bridge loans give you cash to close on your new Pleasant Hill home while marketing your current property. Most borrowers use them for 3-12 months.
These loans work best when you've already listed your old home and need to move fast on a new purchase. Lenders look at both properties when qualifying you.
Bridge Loans in Pleasant Hill
Lenders base approval on combined equity and debt. You need at least 20% equity in your current home, and sometimes 30% depending on the lender.
Most programs require 660+ credit and proof you can carry both mortgages temporarily. Some lenders waive the payment on your old loan once it's in contract.
No income docs exist for bridge loans, but lenders verify assets and existing mortgage payment history. They want to see your current home will sell for enough to pay them back.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options in Pleasant Hill.
Pleasant Hill's stable market creates timing problems for buyers. You find the right home before yours sells, and a traditional contingent offer won't win.
Bridge loans give you cash to close on your new Pleasant Hill home while marketing your current property. Most borrowers use them for 3-12 months.
These loans work best when you've already listed your old home and need to move fast on a new purchase. Lenders look at both properties when qualifying you.
Most banks don't touch bridge loans anymore. You're working with specialty lenders who price these at 7-11% interest plus 1-2 points upfront.
Rates vary by borrower profile and market conditions. Some lenders cap combined loan-to-value at 75%, others go to 80% if your credit and equity are strong.
Approval takes 2-3 weeks with the right lender. We work with about 15 bridge loan sources, and each has different property type restrictions and geographic preferences.
Bridge loans cost more than waiting, but they prevent lowball offers on your old home. Borrowers who can't move until they sell often accept less because they're desperate.
The math works when market timing matters. Spending $15,000 in bridge loan costs beats taking $40,000 less on your current home because you need a quick close.
I tell clients to list their home before applying. Lenders want proof you're serious about selling, and an active listing speeds up approval.
Hard money loans work for properties that need work. Bridge loans work for move-in ready homes during ownership transitions.
Home equity lines cost less but take longer to fund and don't work if you're maxed out. Bridge loans ignore your current property's existing debt in most calculations.
Contingent offers are free but rarely win in Pleasant Hill. Bridge financing turns you into a cash-equivalent buyer.
Pleasant Hill's family-oriented market moves in spring and summer. Bridge loans here typically run March through August when inventory turns faster.
Most of our Pleasant Hill bridge borrowers are moving within Contra Costa County. They know the area and have realistic sale expectations on their current homes.
Properties near downtown Pleasant Hill and good schools sell quickest. Lenders get more comfortable with shorter bridge terms when your home fits that profile.
Most lenders offer 6-month extensions at higher rates. Some require price reductions on your listing as a condition for extending the loan term.
Some lenders allow it if the home is sale-ready, but most want an active listing first. You'll get better terms once it's on market.
Expect 1-2 points upfront plus 7-11% interest. On a $400K bridge loan for 6 months, total cost runs $18,000-$28,000 including fees.
Initially yes, but some lenders defer the bridge loan payment once your old home goes into contract. Structure varies by lender program.
Most lenders require 20-30% equity minimum. Higher equity gets you better rates and higher combined loan-to-value limits on both properties.