Question 1

How fast can a bridge loan close in Stanton?

Accepted Answer

Most bridge lenders close within 7 to 14 days. Underwriting is faster than conventional loans because the bridge is secured by your current home's equity, not income-based.

Question 2

Do I need to sell my current home before buying with a bridge loan?

Accepted Answer

No. A bridge loan lets you buy your new home now and sell your current home later. The bridge advance is repaid from your current home's sale proceeds.

Question 3

What credit score do I need for a bridge loan?

Accepted Answer

Most lenders require 680 FICO or higher. Some will go lower if your equity position is strong, but 680 is the typical floor in Stanton.

Question 4

How much equity do I need in my current home?

Accepted Answer

Lenders typically want at least 20% equity after your current mortgage payoff. The bridge amount is based on that available equity, not the new purchase price.

Question 5

Are bridge loan rates higher than conventional mortgages?

Accepted Answer

Yes. Bridge rates typically run 2 to 4 percent above conventional fixed rates. You're paying for speed and flexibility, so the cost is higher but the timeline is much faster.

Bridge Loans in Stanton: Fast Funding for Your Next Home