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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.
Bridge Loans in La Mirada
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.
Local decision guide
Use this guide to connect bridge loans eligibility, lender expectations, and local market factors before comparing payment options 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.
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.