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Bridge Loans in Burbank
Burbank's competitive real estate market moves quickly. Bridge loans help buyers act fast when they find the right property before selling their current home.
This short-term financing lets you secure a new Burbank property without waiting for your sale to close. You gain flexibility and timing control in Los Angeles County's dynamic market.
Bridge loans typically last six to twelve months. They provide the funds you need to close on your new home while preparing your existing property for sale.
Bridge loan approval focuses on the equity in your current home. Lenders typically require at least 20% equity to qualify for this financing option.
Your debt-to-income ratio matters less than with traditional mortgages. The lender's main concern is the value and marketability of your existing property.
Most bridge lenders want a clear exit strategy. This means showing how you'll repay the loan, usually through your home sale or refinancing.
Bridge loans in Burbank come from private lenders and specialty finance companies. Traditional banks rarely offer this product due to its short-term nature.
Rates vary by borrower profile and market conditions. Expect higher interest rates than conventional mortgages since these are non-QM loans with greater risk.
Working with a mortgage broker gives you access to multiple bridge lenders. This competition helps you find the best terms for your Burbank property transaction.
Bridge loans work best when you've found your dream home but haven't sold yet. The speed of approval can make the difference in winning a competitive Burbank property.
Plan your timing carefully to minimize costs. Since you're carrying two properties temporarily, understand the monthly payment obligations on both homes.
Consider all your options before committing. Sometimes a home equity line or contingent offer makes more financial sense than bridge financing.
Hard Money Loans offer similar speed but focus on investment properties. Bridge loans are designed specifically for homeowners transitioning between primary residences.
Interest-Only Loans reduce monthly payments during the bridge period. Construction Loans help if your new Burbank property needs renovation work before move-in.
Investor Loans serve rental property buyers with different qualification criteria. Each loan type serves distinct needs in Los Angeles County's diverse real estate market.
Burbank's location near major studios and entertainment companies creates steady housing demand. This stability makes bridge loans less risky for both borrowers and lenders.
The city's strong schools and family-friendly neighborhoods mean homes typically sell within reasonable timeframes. This predictability helps when planning your bridge loan exit strategy.
Los Angeles County's diverse lending market means competitive options. Burbank borrowers benefit from access to numerous bridge loan providers throughout the region.
Local property values support strong equity positions. This makes Burbank homeowners attractive candidates for bridge financing when timing their next purchase.
Most bridge loans close within two to four weeks. Some lenders can approve and fund in as little as ten business days if you have strong equity and documentation ready.
You can typically extend the bridge loan for a fee or refinance into a traditional mortgage. Planning an exit strategy upfront protects you from this scenario.
Yes, but terms differ from primary residence bridge loans. Investment property bridge financing often has higher rates and different qualification requirements.
Usually yes. Lenders appraise both your current home and the new property you're purchasing. Both values determine your loan amount and terms.
Yes, rates vary by borrower profile and market conditions but expect higher costs. The convenience and speed come at a premium compared to traditional financing.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.