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Bridge Loans in Glendale
Glendale's competitive market moves fast. When you find the right property, you can't wait for your current home to sell.
Bridge loans let you buy now and close your sale later. Most Glendale borrowers use them for 6-12 months while marketing their existing property.
This loan type works best when you have substantial equity. You're essentially borrowing against your current property to fund the new purchase.
You need at least 20% equity in your current property. Lenders combine debt from both properties when calculating loan-to-value.
Credit score minimums start around 620, but most approvals happen above 680. Income verification is standard—this isn't a no-doc loan.
Your current home must be marketable. Lenders want to see it's listed or ready to list with a realistic price.
Most traditional banks don't touch bridge loans anymore. You're looking at private lenders and specialty finance companies.
Rates typically run 7-12%, depending on your equity position and exit strategy. Origination fees range from 1-3 points.
Some lenders offer interest-only payments during the bridge period. Others defer all payments until you sell.
Bridge loans solve real problems but they're expensive. I only recommend them when you're certain your current property will sell within the loan term.
The math gets tricky in Glendale because property values vary widely by neighborhood. A home in Adams Hill carries different risk than one near the 134 corridor.
I've seen borrowers get stuck when their existing home doesn't sell as expected. Have a backup plan—can you rent it out if needed?
Hard money loans cost about the same but don't require selling your current property. That's a better fit if you're buying an investment property.
Home equity lines of credit are cheaper but take longer to fund. If timing isn't urgent, a HELOC beats a bridge loan every time.
Some borrowers combine a small bridge loan with conventional financing on the new purchase. That reduces the expensive short-term debt.
Glendale properties in established neighborhoods typically sell faster, which affects lender confidence. Homes in Rossmoyne or Brockmont get priced more favorably.
Los Angeles County transfer taxes add to your closing costs on both transactions. Factor that into your bridge loan budget.
The city's mix of historic homes and newer construction creates valuation challenges. Some lenders won't bridge older properties without recent appraisals.
Most bridge loans fund in 10-15 days. Some lenders can close in 7 days if you have strong equity and clean title.
You can usually extend for 3-6 months with a fee. Some borrowers refinance into a traditional mortgage or rent out the property.
Yes, but lenders want to see it's market-ready. You'll need a pricing strategy and timeline for listing within 30 days.
Usually the bridge loan pays off your existing mortgage. You'll make one payment covering both properties during the bridge period.
Yes, but most lenders focus on primary residence transitions. For pure investment purchases, hard money loans typically make more sense.
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.