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Bridge Loans in La Mirada
La Mirada sellers face tight timing when upgrading homes. Your buyer won't wait while you close on the next property. Bridge loans solve this by funding your purchase before your sale closes.
Most La Mirada homeowners carry equity from California's appreciation. Bridge lenders advance against that equity—typically 80% combined loan-to-value. You close on the new place, then pay off the bridge when your current home sells.
Lenders require significant equity in your current property—usually 30% or more. Your existing home must be listed or ready to list. Credit matters less than equity and exit strategy.
Expect rates 2-4 points above conventional mortgages. Terms run 6-12 months. Most lenders want proof your home will sell at the price needed to cover both loans.
Portfolio lenders dominate bridge financing. Banks rarely touch these deals—too short, too specialized. Private lenders move faster and underwrite based on property value, not just your W-2.
We access lenders who close bridge loans in 7-14 days when needed. Some offer interest-only payments. Others defer all payments until you sell. Structure depends on your cash flow and timeline.
Most La Mirada buyers don't need bridge loans—they need better timing advice. If your market has 30+ days inventory, contingent offers work fine. Bridge loans make sense in hot markets or when you find a property you can't lose.
The math matters more than the rate. Calculate holding costs against the price you'll pay if you lose the house to another buyer. Sometimes paying $8,000 in bridge interest beats paying $40,000 more six months later.
Hard money loans fund faster but cost more—rates hit 10-12%. Bridge loans from established lenders run 7-9% with lower fees. Construction loans won't help if you need cash now.
Home equity lines offer cheaper rates but take weeks to fund and cap at 80-90% combined. Bridge lenders go higher on loan-to-value when your exit is solid. They bet on the sale, not ongoing income.
La Mirada's proximity to Orange County and stable neighborhoods mean properties sell when priced right. Lenders know this. Your bridge approval depends on realistic pricing and market conditions.
Many La Mirada buyers upgrade within 10 miles. Lenders prefer this—you know the market and won't overpay. Cross-country moves raise questions about your ability to manage two properties from distance.
Most bridge loans allow 6-month extensions at higher rates. Have backup plans—rent it, reduce price, or refinance the bridge into permanent financing.
Yes, but lenders want proof you'll list immediately. They'll require a listing agreement or broker price opinion showing realistic value expectations.
Most lenders advance up to 80% combined LTV. If you owe 50% now, you can borrow another 30% as a bridge. Equity determines limits.
Depends on the lender. Some require interest-only payments. Others let you defer everything until your property sells—higher rate, simpler cash flow.
Extensions cost more in rate and fees. Better plan: refinance into a rental loan if the house won't sell, then rent it out permanently.
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.