Question 1

How quickly can I get bridge loan approval in Burlingame?

Accepted Answer

Most bridge loans close within 2-4 weeks, significantly faster than conventional financing. Some lenders can fund in as little as 10-14 days when documentation is complete and property values are clear.

Question 2

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

Accepted Answer

You'll typically need to refinance into permanent financing or extend the bridge loan term for a fee. Some lenders offer built-in extensions, while others require applying for new financing.

Question 3

Can I use a bridge loan for investment properties in Burlingame?

Accepted Answer

Yes, though terms differ from owner-occupied bridge loans. Investment property bridge loans often require larger down payments and may carry higher rates reflecting the increased lender risk.

Question 4

Do I make payments on both mortgages during the bridge loan period?

Accepted Answer

Most bridge loans offer interest-only payments, and some allow deferred payments until your existing property sells. You'll continue making payments on your current mortgage until that property closes.

Question 5

How much equity do I need for a bridge loan in San Mateo County?

Accepted Answer

Most lenders require 20-30% equity minimum in your current property. Combined loan-to-value across both properties typically cannot exceed 75-80% of the total real estate value.

Bridge Loans in Burlingame: Fast Financing for Your Peninsula Property Transition