LET'S DETERMINE THE RIGHT LOAN FOR YOU
Choosing the right loan is as important as finding the right house. If you are a first-time home buyer, you probably already know about fixed and adjustable-rate mortgages, but maybe an FHA loan would serve you better over the long run. We will explain the details of every option, and together, we will choose the loan and terms which will most benefit your home buying goals.
Call us at 562-378-0121 to schedule a free consultation and let’s talk about which type of loan is the right one for you.
Here’s a few of the most popular mortgage loan programs:
CONVENTIONAL LOAN
Conventional loans offer terms with more flexibility than other loan types. Conventional loans follow guidelines established by Fannie Mae and Freddie Mac. With a conventional loan, lenders can offer variable term lengths between 10 and 30 years and conventional loans are offered at as little as 3% down payment.
FHA LOAN
FHA loans are insured by the Federal Housing Administration (FHA) and backed by the federal government. This can be a good option for buyers who don’t qualify for a conventional loan. In most cases, FHA loan requirements specify a lower down payment and buyers with lower credit scores can qualify. With an FHA loan, mortgage insurance premiums are required in order to guarantee the loan.
VA LOAN
VA loans are guaranteed by the U.S. Department of Veteran Affairs and are available to active duty and veteran service members, certain military spouses and various other service members. VA loans feature numerous benefits, such as lower interest rates, no required down payment, no prepayment penalty, and a VA funding fee in lieu of a monthly mortgage insurance premium.
HOME EQUITY LINE OF CREDIT
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home’s equity that can be used as a revolving credit line to pay off high-interest card debt or other large expenses. As you repay your outstanding balance, the available credit line is replenished, much like a credit card.
HARD MONEY LOAN
Of particular use to real estate investors, a hard money loan can be secured using property as collateral. Hard money lenders rely on collateral rather than the financial strength of the borrower, and the funding time frame is usually shorter than other types of loans. Hard money loans are usually taken out for a short time, as a way to quickly raise investment money.
REVERSE MORTGAGE
Homeowners 62 and older, who have built up equity with their homes, can convert some of that equity into cash with a reverse mortgage. In this type of mortgage, you use a part of the equity in your home and convert it into payments to you – a kind of advance payment on your home equity. Reverse mortgages can provide a steady stream of income, especially useful to borrowers living on a fixed income.
JUMBO LOAN
A jumbo loan is a way of financing properties that exceed the loan limits of standard conforming loans. Jumbo loans, sometimes called non-conforming conventional mortgages, help clients that are interested in purchasing higher valued properties. Jumbo loans are typically offered with either a fixed interest rate or an adjustable rate and they are secured with a variety of terms.
FREE CONSULTATION
Whether you are first-time homebuyer, investor, or are interested in a refinance, contact us or give us a call at 562-378-0121 to schedule a FREE consultation, and let’s decide which type of loan will best serve your home buying goals.
Your Perfect Home Loan is Waiting for You.
Together, We Can Make It Happen.
“I can’t say enough about how great it was to work with Angela. I started the process of buying my condo in quite a whirlwind and she “held my hand” the whole way. I always knew she was there if I needed it and she and her team work tirelessly to get me closed early so that I could be moved into my new place before the holidays. I highly recommend her!”
JENNIFER B.
“Jody made the process very easy. She was thorough, patient, efficient, and timely. She ensured I would get the best rate and I did. I messed up and failed to sign something at closing. She jumped on it right away and within 24 hours I returned the document and the funding dates was still met.”
MARY D.
Angela was patient, professional, informative and on top of every step; guiding us along the way. We always felt that she was working hard to make sure we came out ahead, not the other way around. Today, I unhesitatingly say that I would recommend Angela in a heartbeat. I’ve seen her tenacity at work and she truly puts the meaning of integrity into every loan. ”
CHARMAINE H.
“Jody Canfield was knowledgeable, responsive, & took great personal care to ensure all my questions were answered and I received the best possible rate. I was also provided a mobile notary who came directly to my home. I highly recommend working with Jody and her team.”
