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Bridge Loans in Temple City
Temple City buyers face tight inventory and fast-moving sales cycles. Bridge loans solve the timing problem when you can't sell before you buy.
Most Temple City homeowners have substantial equity in properties they've owned for years. Bridge financing unlocks that equity without forcing rushed sales.
Sellers in this market often prefer all-cash offers or quick closes. A bridge loan positions you like a cash buyer while you market your current home.
You need 20-30% equity in your current property. Lenders base bridge loans on combined value of both properties, not just one.
Credit scores matter less than equity position. Most lenders approve at 620, some go lower if your equity cushion is strong.
Debt-to-income ratios can stretch to 50% because the loan is short-term. Lenders know you're selling the first property within 6-12 months.
Your current home must be marketable. Lenders review comparable sales and expected time to sell before approving bridge financing.
Bridge lenders fall into two camps: banks offering discounted rates to existing customers, and private lenders who move faster but charge more.
Bank bridge loans take 30-45 days and require full documentation. Private bridge lenders close in 7-14 days with lighter paperwork.
Interest rates run 7-11% depending on speed and loan-to-value. You're paying for flexibility and timing, not long-term affordability.
Most bridge loans charge 1-2 points upfront plus monthly interest. Calculate total cost assuming you'll carry the loan for 6 months minimum.
Bridge loans work best when you've already listed your current property and have realistic pricing. Lenders get nervous about overpriced listings.
Temple City's stable market makes bridge financing safer than in volatile areas. Lenders know properties here sell when priced right.
Watch the double mortgage trap. You'll carry payments on both properties until your first home sells. Most borrowers underestimate this cash drain.
Have a backup plan if your property doesn't sell in 6 months. Some bridge loans extend to 12 months, but expect higher rates on the extension.
Hard money loans cost more but offer more flexibility on property condition. Bridge loans assume your current home is market-ready.
Home equity lines work if you have time. Bridge loans deliver lump sums in days, not weeks, when timing matters.
Construction loans fund builds over time. Bridge loans give you immediate cash to close on an existing Temple City property.
Interest-only loans reduce monthly payments long-term. Bridge loans solve a short-term timing gap, not affordability problems.
Temple City's single-family homes in the $900k-$1.2M range create perfect bridge loan scenarios. Equity positions are strong after years of appreciation.
Los Angeles County requires specific disclosures on short-term financing. Your lender handles these, but expect extra paperwork compared to other states.
Multiple offer situations favor buyers who can close fast without sale contingencies. Bridge financing removes that contingency while protecting your equity.
Property tax reassessment happens when you buy. Bridge loans don't change that, but factor higher taxes into your carrying cost budget.
Private lenders approve in 3-5 days and close in 7-14 days. Bank bridge loans take 30-45 days but offer lower rates.
Most bridge loans extend to 12 months at higher rates. Negotiate extension terms before closing to avoid surprises.
Yes. Lenders allow bridge loans on investment properties if you have sufficient equity and strong rental income history.
Yes. Lenders appraise your current Temple City property and the new purchase to verify combined loan-to-value ratios.
Most lenders require 620 minimum. Private lenders go lower if you have 30%+ equity in your current property.
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.