Mortgage Loans
Loans, Loans, Loans....
In addition to being a reverse mortgage consultant I also do purchase loans and refinances for Thousand Oaks mortgages. They can be conventional, VA loans or FHA mortgage loans. They can be conventional, FHA or VA. Call me for a cost comparison or for a free quote.
If you are not doing a reverse mortgage I’ll help find the right loan for you. You do have a lot of choices:
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Conforming loan: A Mortgage Loan that conforms the Government Sponsored Enterprise guidelines like the down payement, credit score and size of the loan which being currently limited at $417,000.00.
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Fixed rate loans: A loan that operates at the same interest rate and payment throughout life of the loan and offers different amortization periods
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Adjustable rate mortgage: A loan with aninterest rate that usually changes with type of index and loan period of the loan program, but requires only lower payments in first few years.
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Hybrid loan: A loan that applies to the fixed period and an adjustable period
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Jumbo loan: A loan that works with an amount above the $417,000.00 conforming loan limit. Has a higher interest rate & high credit quality
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Super jumbo loan: residential mortgage or other home-equity secured loan in an amount greater than $650,000
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Conventional Loan: A loan secured by investors, but neither insured by the FHA nor guaranteed by VA, but is available for fixed rate loans and adjustable rate mortgages.
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Governmental loan: a loan backed by the government that protects lenders against defaults on payments. It’s an easier way for lenders to offer potential borrowers lower interest rates.
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Let's examine the key differences in the various financing types....
If the amount of the down payment is a concern then maybe a FHA or VA loan is right for you. An FHA loan in the conejo Valley area is easier to qualify for than a conventional loan and the down payment is only 3 ½% of the loan amount compared to 5%, 10% 15% or 20% for conventional loans.
As a result FHA loans have become quite popular in the last few years. A Thousand Oaks FHA loan is prefferably best for a Thousand Oaks Mortgage. Even a VA Loan for works well for veteran and it offers no down payment. Both FHA and VA loans usually have lower interest rates than a comparable thirty year fixed rate loan. Whew! You’ll find that they’re so many loans that are avaialbe So what is the best Thousand Oaks mortgage for you?