Loading
Bridge Loans in Montebello
Montebello's mix of single-family homes and investment properties creates frequent bridge loan scenarios. Sellers don't always wait for your current home to close.
Bridge loans let you buy before you sell. Most Montebello borrowers use them to secure a competitive offer without a sale contingency.
These loans typically run 6-12 months. You'll need equity in your current property and enough income to handle both mortgage payments temporarily.
You need at least 20% equity in your current property. Most lenders want 30% to feel comfortable with the combined loan exposure.
Credit requirements are looser than traditional loans—usually 620 minimum. Income matters less than equity since the timeline is short.
Lenders verify you can afford both mortgages during the bridge period. They'll stress-test worst-case scenarios where your old home takes months to sell.
Traditional banks rarely offer bridge loans anymore. Most volume happens through non-QM lenders who specialize in short-term financing.
Rates run 7-11% depending on your equity position and exit strategy. You'll pay 1-2 points in fees plus standard closing costs.
Some lenders offer delayed repayment structures where interest accrues until your old home sells. Others require monthly payments from day one.
Most Montebello bridge loans happen when sellers won't wait or buyers find their dream property unexpectedly. The best scenario is having your old home already listed.
Exit strategy matters more than anything. Lenders want proof your current home will sell—recent appraisal, listing agreement, or pending offers strengthen your case.
Some borrowers use bridge loans as temporary investor financing. They buy, renovate, then refinance into long-term debt once the property appraises higher.
Hard money loans fund faster but cost more—expect 10-14% rates. Bridge loans offer slightly better pricing for borrowers with strong exit plans.
Home equity lines of credit seem cheaper but take weeks to close and cap at lower amounts. Bridge loans can cover your full down payment needs.
Some buyers consider selling first, then renting temporarily. That works if you can find short-term housing and want to avoid double payments entirely.
Montebello's market moves faster than rural areas but slower than coastal LA hotspots. Most homes sell within 30-60 days when priced correctly.
Properties near Montebello Town Center or with recent updates tend to move quickest. Lenders feel better about bridge loans on homes with clear buyer appeal.
Los Angeles County transfer taxes add to your selling costs. Factor that into your exit math when calculating whether a bridge loan makes financial sense.
Most bridge loans include extension options for 3-6 months at higher rates. Some lenders require you to refinance into long-term debt or bring cash to pay down the bridge balance.
Yes, but expect stricter equity requirements and higher rates. Lenders want proof you're serious about selling, so having a listing agreement or buyer interest helps significantly.
Absolutely. Many investors use them to secure deals quickly before transitioning to conventional financing. Rental income from your old property can help offset carrying costs during the bridge period.
Most lenders cap combined loan-to-value at 80% across both properties. If your current home is worth $500K with a $300K mortgage, you could access roughly $100K in bridge financing depending on the new purchase price.
Seven days with all documentation ready and cooperative appraisers. Most deals close in 10-14 days, which still beats conventional loans by three weeks or more.
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.