Question 1

How fast can a bridge loan close in Corning?

Accepted Answer

Bridge loans typically close in 7–14 days. No appraisal is required, and underwriting moves quickly. You'll need proof of equity in your current home and a clear exit strategy (sale contract or permanent loan pre-approval).

Question 2

What happens if my current home doesn't sell within the bridge term?

Accepted Answer

Most bridge loans run 6–12 months. If your home hasn't sold by then, you'll need to extend the bridge, refinance into a permanent loan, or sell at a loss. That's why lenders require a solid sale timeline before funding.

Question 3

Do I need 20% down on the new home to get a bridge loan?

Accepted Answer

No. Bridge lenders care about equity in your current home, not down payment on the new one. You could put 5% down on the new purchase. The bridge itself is secured by your existing home's equity.

Question 4

What's the difference between a bridge loan and a home equity line of credit?

Accepted Answer

A HELOC is revolving credit against your current home. A bridge is a short-term loan that funds the purchase of a new home and gets paid off when your old one sells. Bridge closes faster and doesn't require you to be a current customer.

Question 5

Will I pay interest on both homes during the bridge period?

Accepted Answer

Yes. You'll pay interest-only on the bridge amount (typically 1–2% above prime) plus your regular mortgage payment on the old home. Once the old home sells, the bridge is paid off and that interest stops.

Bridge Loans in Corning: Fast Financing for Your Next Move