Question 1

How quickly can I close on a bridge loan in Belmont?

Accepted Answer

Experienced lenders can close bridge loans in 7-14 days, though 2-3 weeks is more typical. The timeline depends on how quickly you provide documentation and complete the appraisal on both properties.

Question 2

What happens if my current home doesn't sell before the bridge loan term ends?

Accepted Answer

Most bridge loans offer extension options for additional fees. Alternatively, you may need to refinance into a traditional mortgage or sell at a reduced price to exit the bridge loan before penalties apply.

Question 3

Can I get a bridge loan if my current home isn't listed yet?

Accepted Answer

Some lenders require your property to be actively listed, while others approve bridge loans before listing. Having a pricing strategy and timeline ready strengthens your application regardless of listing status.

Question 4

How much does bridge financing typically cost in San Mateo County?

Accepted Answer

Rates vary by borrower profile and market conditions. Expect to pay 2-4 percentage points above conventional rates, plus origination fees of 1-2% of the loan amount. Total costs depend on how long you carry the loan.

Question 5

Do I make payments on both my bridge loan and existing mortgage?

Accepted Answer

Most bridge loans are interest-only and don't require principal payments. You'll typically pay interest on the bridge loan plus your existing mortgage payment until your current home sells and you pay off both loans.

Bridge Loans in Belmont: Fast Financing for San Mateo County Property Transitions