Home prices are low and Real Estate Mortgage Loan Interest Rates are now Historically Low from the recent past 60 years. Even so, today Lenders are tough to lend money out. Many people run into difficulty of obtaining a loan. However, there are helps from the Government to ease these difficulties.
Down Payment & Mortgage Assistance Programs.
Local Government bodies in Santa Clara County have different Down Payment Assistance and Mortgage Assistance Programs that help low to middle income First Time Homebuyers. If qualified, you can borrow up to 20% of the purchase price with only 3% fixed interest rate for 30 years. Findout what are availble from some Housing Assistance websites:
Besides helping you to gain Down Payment and Mortgage Assistance from the Government bodies, we work with different Lenders to help you obtain Affordable Real Estate Mortgage Loans, purchase Financing or Refinancing. Some Lenders that we work with are:
There are many Mortgage Loan Programs to be described in this page. However, followed are simple definitions of some of the major mortgage programs.
Fixed-Rate v.s. Variable or Adjustable-Rate Mortgage (ARM)
With fixed rate, the interest rate remains consistent throughout the term of the loan. With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. Many ARMs have a short fixed period and then become truly adjustable. The rate of the loan is based on adding points to a fixed base.
With fixed rate, the interest rate remains consistent throughout the term of the loan. With an adjustable rate mortgage, the rate of the loan can change throughout the term of the loan. Many ARMs have a short fixed period and then become truly adjustable. The rate of the loan is based on adding points to a fixed base.
Balloon Real Estate Loan
A balloon loan is a real estate loan where there is a lump sum due at the end of the loan. This normally encourages an individual to refinance prior to the end of the term of the loan.
Conventional Loans v.s. Jumbo Loans
A conventional loan is any residential loan Not exceeding the guidelines of Fannie Mae and Freddie Mac. A jumbo loan is any residential or commercial loan exceeding the guidelines of Fannie Mae and Freddie Mac. See www.eFannieMae.com.
A balloon loan is a real estate loan where there is a lump sum due at the end of the loan. This normally encourages an individual to refinance prior to the end of the term of the loan.
Conventional Loans v.s. Jumbo Loans
A conventional loan is any residential loan Not exceeding the guidelines of Fannie Mae and Freddie Mac. A jumbo loan is any residential or commercial loan exceeding the guidelines of Fannie Mae and Freddie Mac. See www.eFannieMae.com.
FHA Real Estate Loans
An FHA loan is a loan in the United States that is insured by the Federal Housing Administration. See www.fha.gov.
VA Real Estate Loans
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses. See www.benefits.va.gov/homeloans.
A VA loan is a loan in the United States guaranteed by the Veterans Administration. The loan may be issued by qualified lenders. The VA was designed to offer long-term financing to American Veterans or to their surviving spouses. See www.benefits.va.gov/homeloans.
Real Estate Mortgage Refinancing
Most people refinance their home to lower their rate, switch from an adjustable rate mortgage to a fixed mortgage, or to pull out money for important ancillary reasons.
Most people refinance their home to lower their rate, switch from an adjustable rate mortgage to a fixed mortgage, or to pull out money for important ancillary reasons.
Timing Is Everything Timing Is Everything Timing Is Everything
Timing is everything when financing or refinancing a home. Therefore, we have provided you with an easy to follow form so you can receive answers to your questions. Please fill out the short form below with any questions you may have regarding financing or refinancing related mortgage needs.
Timing is everything when financing or refinancing a home. Therefore, we have provided you with an easy to follow form so you can receive answers to your questions. Please fill out the short form below with any questions you may have regarding financing or refinancing related mortgage needs.
