Two new mortgage servicing bills passed by California lawmakers and a possible radical use of eminent domain to force loan modifications signal a painful new round of challenges for mortgage lenders, loan servicers and investors. California governor ... California Is Playing With Mortgage Fire
www.lendinguniverse.com Find and compare hundreds mortgage loans in SALINAS, CALIFORNIA. LendingUniverse - Real Estate Brokers Commercial Mortgage Broker Letter of interest by Banks, brokers, real estate investors and lenders offer mortgages on residential, commercial land and construction...
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Because there will be some different factors that may determine the type you are eligible for obviously you will have to take a mortgage lender before you can make the final choice. One factor will include your credit score.top mortgage lenders in California
Below are the types you need to be aware of the most.
1. Fixed rate mortgage - This type of loan carries a fixed rate for the period of your loan. In other words the rate can't be changed during the course of the loan because they are locked at one specific rate.
2. Adjustable rate mortgage - This type gives you a fixed rate of interest for a specified amount of time and then after that goes to the adjustable rate of interest. The adjustable rate is based on the interest rate changes once the fixed period is over.
3.
Sub-prime mortgage - This is a good for someone with bad credit. You may qualify for this type if your credit score is lower than 620. Don't get this type of loan without first consulting a good mortgage lender to be sure it is right for you. 4. Balloon mortgage - With this type you will have lower monthly payments and a lower rate for a specified amount of time. That period could last from three to ten years. After that time is up you will be required to pay the balance as one lump sum payment but if needed this type can be converted into a fixed rate or adjustable loan at the end of the balloon mortgage.
There are other types of mortgages you can check into if none of these sound right for you. Just remember to talk to a mortgage broker to best decide what type would suit your needs for buying a home.
Now that you understand what the different types are you can make a more informed decision with the help of a mortgage lender so you can be sure to find one of the top mortgage lenders in California.
Don't rush this decision and do your homework on it before buying a home because the loan is the first part of the process of buying a home and you want to be sure you make the right decision from the start. Related How to find one of the top mortgage lenders in California Articles
Question by Trudy G: Do you a list of the top ten mortgage lenders in California? Best answer for Do you a list of the top ten mortgage lenders in California?:
Answer by Reapor-ted!best not to go with lenders, go with brokers instead. better options.
Answer by Price is what you pay for value.
As housing market continues to slump, if you don't plan to delay your plan, please interview several and pick a good realtor or agent. Bad ones will talk you into buying the largest property at your credit limit. Good ones will find you a good deal (Sellers are offering discount and incentives now). Try to stay away from Adjustable Mortgage, because 30 year fix mortgage rate is very low right now. There is no reason to use Adjustable loans except fatter commission for loan agents. Interests only loans are not good iether. Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. If you want to use interests only loans, might as well rent, especially during market downturn, because housing price won't appreciate. Finally, for tax benefits, talk to your CPA or tax accountant. Do not consult finance with realtors or agents. They get commissions when you sign the check! Good luck! http://biz.yahoo.com/brn/060909/19463.html http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814 http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 More on loans.... Options ARMs are ideal for rich people who has enough money to pay off the loan anytime, but wants to use the introductory low interests rate to delaying paying off the property. While the loan is delayed to be paid off, he or she can use that money to invest else where. Options ARMs, for less wealthy people, are double edged swords. If things continue to be fine, then everyone happy. If housing market continues to slump, then those home owners will face larger debt with no equity and lower housing price. The worst combination of all. People have this misconception that paying off mortgage bills are adding equities to houses. However, mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it. Most people who apply for Option ARMs are those who can't afford paying the principal. So, they can only pay the interests, which is like paying rent. The worst part is, .... the amount is usually larger than rent. For example, let's buy a $ 500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $ 3250/month. It is a bad buy, because you can enjoy same property for $ 2000/month. Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
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