Question 1

How much can I borrow on a bridge loan in Waterford?

Accepted Answer

Most lenders cap bridge loans at 80% of your current home's equity. If your home is worth $400,000 and you owe $200,000, you can borrow up to $160,000. The exact amount depends on the lender's assessment of your home's value and your credit.

Question 2

Do I have to repay the bridge loan when my old house sells?

Accepted Answer

Yes. The bridge loan is designed to be repaid from the proceeds of your current home's sale. If your sale closes before you close on the new home, you can use those funds to pay off the bridge immediately.

Question 3

What's the typical interest rate on a bridge loan?

Accepted Answer

Rates available on application — no live pricing for this program at the time of generation. Bridge rates typically run 1–2% above your primary mortgage rate and depend on your equity, credit, and loan term (6 months vs. 12 months).

Question 4

Can I get a bridge loan if I'm still paying off my current mortgage?

Accepted Answer

Yes. Lenders care about your equity position, not whether you've paid off the home. As long as you have at least 20% equity after accounting for your existing mortgage balance, you can qualify. The bridge borrows against that equity.

Question 5

How long does a bridge loan take to close?

Accepted Answer

Bridge loans typically close in 7–14 days. Underwriting takes 5–7 business days because lenders skip the appraisal on your existing home. That speed is the main advantage over a HELOC or home equity loan, which take 2–3 weeks.

Bridge Loans in Waterford: Fast Financing for Your Next Move