Question 1

What happens if my Morgan Hill home doesn't sell in time?

Accepted Answer

Most lenders offer one extension for a fee, typically 1-2 points. After that you must refinance into permanent financing or sell at adjusted price. Have backup plan before you start.

Question 2

Can I get a bridge loan without listing my current home first?

Accepted Answer

Some lenders allow this if property is clearly marketable. You'll need appraisal showing strong value and aggressive pricing strategy. Most require listing within 30 days of closing.

Question 3

Do bridge loans require two appraisals?

Accepted Answer

Yes, lenders appraise both your current Morgan Hill property and the new purchase. Both values determine your combined loan-to-value ratio. Budget for two appraisal fees upfront.

Question 4

What credit score do I need for a bridge loan?

Accepted Answer

Minimum is usually 620, but rates improve significantly at 680+. Strong equity can offset lower scores. Expect rate premiums of 1-2% for scores below 700.

Question 5

How quickly can a bridge loan close?

Accepted Answer

Fastest closings run 2-3 weeks with complete documentation. Most take 3-4 weeks. Speed depends on appraisal turnaround and clear title on both properties.

Bridge Loans in Morgan Hill: Fast Financing Between Properties