Question 1

How long do bridge loans last in Live Oak?

Accepted Answer

Six to twelve months typically. You pay off the bridge loan when your existing home sells or you refinance into permanent financing.

Question 2

Can I get a bridge loan with a Live Oak rental property?

Accepted Answer

Yes if you have enough equity. Lenders count rental income when qualifying you for both mortgages during the bridge period.

Question 3

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

Accepted Answer

You refinance into a long-term loan or sell at a reduced price. Most lenders offer extensions for 30-90 days with additional fees.

Question 4

Do bridge loans require appraisals on both properties?

Accepted Answer

Yes. Lenders appraise the home you're buying and the one you're selling to calculate combined loan-to-value ratios.

Question 5

Are bridge loan interest payments tax deductible?

Accepted Answer

Usually yes if the loan is secured by real estate. Consult a tax advisor about your specific situation and property use.

Bridge Loans in Live Oak: Fast Financing Between Properties