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San Dimas sellers expect clean offers. Bridge financing lets you close on your next home without a sale contingency dragging down your offer.
Most buyers here need to sell first. A bridge loan puts you in the 20% who can write non-contingent offers and actually win bidding wars.
Lenders look at your current home's equity, not your income. You need 30-40% equity in the property you're selling to qualify.
Credit matters less than equity position. We've closed bridge loans for borrowers with 620 scores if they have 50%+ equity and a listing agreement.
Bridge lenders fund based on your existing home's value, not the new purchase. They'll loan 70-80% of your current home's appraised value.
Expect rates 2-4 points above conforming loans. You're paying for speed and flexibility, not long-term affordability. Most borrowers refinance within 6 months.
Bridge loans shine when San Dimas inventory is tight. Your old home doesn't need to sell first—the bridge loan covers both properties until it does.
Calculate carefully. You'll carry two mortgages temporarily. Make sure your reserves can handle 3-4 months of double payments if your sale takes longer than expected.
Hard money loans fund faster but cost more. Bridge loans offer better rates if you can show a clear exit strategy through your home sale.
HELOC sounds cheaper but takes 30-45 days to fund. Bridge loans close in two weeks, which matters when you're competing for San Dimas properties.
San Dimas homes typically need updates before listing. Bridge loans can include rehab funds to prep your current property for maximum sale price.
Properties near the Via Verde corridor and Cataract Canyon move faster. Factor location into your bridge loan timeline—some neighborhoods sell in 30 days, others take 90.
Most bridge lenders offer 6-month extensions at slightly higher rates. Your other option is refinancing the new property into a conventional loan and covering the bridge payoff.
Yes, but expect tougher terms. Lenders want to see an active listing or proof you're ready to list within 30 days of closing your bridge loan.
Yes. Lenders appraise your current home to determine loan amount and the new purchase to confirm value. Budget 7-10 days for both appraisals.
Most lenders require 30-40% equity minimum. With 50%+ equity, you'll qualify for better rates and higher loan amounts.
Usually yes. You pay interest monthly on the bridge loan while carrying your new mortgage. This keeps payments manageable during the transition period.
Bridge Loans in San Dimas