Q. How long
until I hear from a loan officer after I apply?
Q. What are today’s rates?
Q. How long does it take to
get my money in a cash out refinance?
Q. I just refinanced 6 months
ago, but rates have dropped, is it worth it for me to
refinance
again?
Q. How much home can I afford?
Q. How can I be sure that my
information is secure on your website?
Q. What is the best way to
get started looking for a home as a first time buyer?
Q. When is the best time to
apply for a loan when purchasing a new home?
Q. How much can I borrow?
Q. How much of a down payment
do I need?
Q. What documents will I need
to provide when I apply for a loan?
Q. My credit history is not
the greatest. Can I still get a loan?
Q. Can you help me if I cannot
afford a home?
Q. I currently own a home
and am looking to move up. Should I sell or list my current property
before I make an offer on a new one?
Q. What are the typical terms
of a traditional second mortgage?
Q. How do I know if I should,
or need, to refinance?
Q. What is a home equity line
of credit?
Q. What is the difference
between a second mortgage and a home equity line of
credit?
Q .How long until
I hear from a loan officer after I apply?
A . We believe in real time contact. No waiting around
days to hear from a loan officer. We will contact you within
24 hours of filling out our quick and easy on-line application.
In most cases we contact you immediately.
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Q .What are today’s
rates?
A . Since mortgage rates very throughout the day, it
is nearly impossible for any mortgage website to give you more
than a broad estimate, as it is usually out of their hands.
Daily interest rates depend upon how poorly or how well the
bond market is doing at any given time.
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Q .How long does
it take to get my money in a cash out refinance?
A . The average time is 15 to 45 days. In some cases
shorter. You will be given options, which empower you to make
the right decision for your situation.
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Q .I just refinanced
6 months ago, but rates have dropped, is it worth it for me
to refinance again?
A . A good rule of thumb is if the “average”
rate has dropped at least half of a percentage point from your
present rate then go ahead and refinance. However, your loan
officer will be able to help you “crunch” the numbers
to determine if refinancing is the best option for you.
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Q .How much home
can I afford?
A . How much home you can afford is really going to
be determined by several different factors including your current
bills, how much income you are currently bringing in, and how
much you have for a down payment. We have a great mortgage calculator
that will give you a great overview of what you can afford.
However, we always recommend to receive a more accurate figure
of how much you can afford, you ask one of our qualified loan
officers to do a complete analysis of your situation. That way
you know the maximum you can afford as of right now.
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Q .How can I be
sure that my information is secure on your website?
A . We keep our application very simple. We do not
very personal information. But, any information will not be
sold or fowarded to anyone. Please read the Privacy Policy for
more information.
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Q .What is the
best way to get started looking for a home as a first time buyer?
A . Getting pre-approved by a lender is very important
and should be the first step you take. The reason for this is
that it’s important to know how much you can afford to
purchase before starting to actually look at property. The next
step after being pre-approved is to get in contact with a real
estate agent or similar Internet resources that can help you
determine where and what you would like to buy. California Mortgage
Loans offers you access to both First Time buyer Loans and some
of the best Realtors in your area.
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Q .When is the
best time to apply for a loan when purchasing a new home?
A . The best two options are to either get a pre-qualified
loan or to apply for your loan when you have a firm agreement
with the seller to purchase a specific property. The pre-qualified
loan is the best option because you will know just how much
home you can afford before you start looking. At the latest,
sixty to ninety days prior to your anticipated move in date.
If you are interested in applying for a loan, please take a
few minutes to fill out our simple, no obligation form at California
Mortgage Loans.
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Q .How much can
I borrow?
A . Taking a certain percentage of your home’s
appraised value, and subtracting the balances of any outstanding
mortgages on the property, determines your available equity
that you can borrow. You can also use our “How much can
I borrow” Mortgage Calculator.
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Q .How much of
a down payment do I need?
A . Depending on your individual mortgage program,
there are many different types of loans, each having different
down-payment options. No down payment and low down-payment programs
are available. Consult a mortgage lender to discuss your many
different options.
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Q .What documents
will I need to provide when I apply for a loan?
A . Having the necessary documents prepared and available
ensures a smooth processing of your loan. Be prepared to provide
verification of income, such as your pay stubs and tax returns
for the previous two years. You will also need to provide bank
account numbers and details about your long-term debt, including
credit cards, auto loans, child support, etc. If you are self-employed,
you may need to provide financial statements for your business.
We have a great page of the most common Loan Documents available.
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Q .My credit
history is not the greatest. Can I still get a loan?
A . Absolutely! For years, California Mortgage Loans
has assisted consumers with good and bad credit to find a mortgage
loan that meets their individual needs. Every submitted application
goes through specific channels based on the information you
filled out to assure you are connected with the appropriate
lender. Bad credit is not a problem, and bad credit does not
mean you automatically receive a high interest rate. Trained
professionals will help you get the best rates and will work
with your credit, no matter what it is.
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Q .Can you help
me if I cannot afford a home?
A . If you feel you can't afford a home, think again.
The secret to receiving the right loan is to assess your options.
The best place to start is with California Mortgage Loans. There
is no obligation, no cost to you, and our lenders can explain
to you all your options of home-ownership. The truth is, owning
a home is just as affordable as renting, at times more affordable.
Research your options, compare the costs, and the best way to
start is right here!
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Q .I currently
own a home and am looking to move up. Should I sell or list
my current property before I make an offer on a new one?
A . Because the current real estate market favors the
seller, buyers are not normally allowed to make an offer contingent
upon the sale of their current property. Buyers who need the
revenue from their current home to purchase the new home can
perhaps utilize a home equity loan or Cash out refinance loan.
These loans would be applied against their existing residence
and would provide temporary financing for the new residence
until the current property is closed. If a buyer does not need
the equity from their current property in order to purchase
a new home, and they qualify for a new loan carrying both the
mortgages, they could choose to not sell their existing residence
or could decide to rent it.
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Q .What are
the typical terms of a traditional second mortgage?
A . A traditional second mortgage usually has a fixed
interest rate with equal monthly payments applied over the life
of the loan. The interest rate is determined by examining a
borrower's equity and credit, and is usually a few percentage
points higher than rates on first mortgages. The typical loan
term ranges between fifteen to thirty years.
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Q .How do I know
if I should, or need, to refinance?
A . First determine your financial mortgage-related
goals. Do you want to look into improving your monthly cash
flow? Reduce your mortgage term? Do you need to take out cash
using the equity from your home? Obtaining the right mortgage
for your particular needs is one of the most important things
when considering your options. Identify your needs and contact
one of our Refinance Lenders.
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Q .What is a
home equity line of credit?
A . A Home equity line of credit is where you use a
credit line to borrow against the equity in your home. You may
qualify for a sizeable amount of credit, for use by your choice,
by using the equity in your home.
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Q .What is the
difference between a second mortgage and a home equity line
of credit?
A . On a traditional second mortgage, the rate is usually
fixed and all the funds are dispersed at closing. The term can
be anywhere from ten to twenty years. With a home equity line
of credit (referred to as a HELOC), the funds are taken from
a credit line account as needed and not paid out in a lump sum
at closing. The rate on the credit line is typically variable,
usually to the prime rate index. The term can vary anywhere
from fifteen to thirty years. Home equity lines have two periods;
a draw period, typically occurring in the first 10-15 years,
and the remaining term on the loan is known as the repayment
period.
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