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I actually got mortgage in Fountain Valley using this broker discount and got a great rate, 5 years contract, low penalties





I am bankrupt - will I be able to take out a mortgage?

The broker will judge customers with last or present adverse credit in a adaptable manner and every case will be judged on its individual merits. With the customer's capability to keep up repayments on the condo mortgage, taking into account his/her present liabilities. But your bankruptcy will have required to been discharged.

What is the difference in payments for non-owner occupied vs. owner occupied financing?

Conforming non-owner occupied rates are typically 3/8% higher than owner occupied interest. The equity requirement is usually higher for non-owner occupied bad credit mortgages as well, typically 20-30%.

I have never bought a house before. What should I do?

While there's lots to know and there are lots of people who may help. If you're purchasing, you may be able to make use of a real estate agent's services free. Interview some agents. They'll each have some tidbits of info to share. Talk to your bank or financial institution. They can also have some good info. While you're there, get pre approved for a home equity. This will assist you figure out your budget and if you're prepared for this important step, as well as if you may be able to pay for to purchase now.

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What are super jumbo mortgages and how much higher are the payments?

A super jumbo loan exceeds $650,000. A super jumbo mortgage usually has a rate 1/4% higher than your average jumbo mortgage.

What is a prepayment penalty and is it generally advisable to get a mortgage that has one?

A prepayment penalty allows the agent to charge a borrower additional interest, typically six months worth, when a mortgage is repaid during the penalty period, which is usually somewhere in the first three to five years of the home loans. If a it does have a prepayment penalty, this is clearly stated within the disclosures, note or prepayment penalty rider to the note. The advantage of taking a homeowner loan with a prepayment penalty is that it could carry a lower interest or you may be permitted to take a it without paying for non-recurring closing costs.

Is it worth refinancing if I only see a small change in my current rates?

A lower interest will save you money if you're planning to stay in your property for more than some years. You may be able to use our calculator to get quote see how much you'll save by refinancing. but, if you don't pick a lower interest, refinancing can still save you money by letting you to roll in higher interest debt, or giving you the flexibility of and interest only choice.

Do I have to have life insurance to become qualified for a mortgage?

No you don't have to have life assurance to get a house loan. Life assurance is an important consideration when you're taking on the commitment of a homeowner credit particularly if you have dependents.

How can I save money on my mortgage?

The simplest way to decrease the interest costs on your amount owed is to pay it off sooner. You may be able to pay weekly or biweekly. Making your home equity payments earlier and more usually through weekly or biweekly payments can save on interest compared with monthly deposits or you may be able to decide a shorter amortization period.

What is APR?

APR is annual percentage and its purpose is to give borrowers a truer representation of the effective interest on their loans. APR factors in certain closing costs and fees and spreads these costs over the life of the credit to arrive at a more accurate annualized percentage than the note alone represents.

What paperwork will the lender need to process my application?

The answer depends upon the quality of your credit and the amount of equity you have in your property. On a typical fully documented house loan application (where an applicant is seeking to qualify based on an employee's salary), the agent will require: one month's current pay stubs, W-2's for the prior two years and bank and investment account statements for the prior 2-3 months. If an applicant is self-employed then additional documentation could be required

What kinds of government loans are available to homebuyers?

Several federal, state, and local government financing programs are available to homebuyers. The two main federal programs are: VA and FHA loans.

What is a Balloon Mortgage?

These short term mortgages begin with low, fixed payments. Then, in five, seven or ten years a single big payment balloon for all left over principal is due. While this saves money up front, coming up with a big payment at the end of the term can be hard. Some subprime lenders will let you to refinance that payment, but some won't, so make sure you know what you're to get into.

May I pre-arrange my loan?

Based on your financial situation, our brokers can pre-approve a maximum amount of financing at a specific amount for certain period. You will know, without obligation, the amount you can borrow, and your payments.

Is refinancing worth it?

Real estate refinance costs money. Like purchasing a new place, there are points and fees to think about. Typically it takes at least three years to recoup the costs of refinancing, if you don't plan to stay that long it isn't worth the money. But if your interest is high it can be smart to refinance it, if it's for the short term. If you have a prepayment penalty, this is another cost you'll incur if you refinance. Try our calculator for a quote.

How much Homeowner's insurance coverage do I need to get new mortgage?

A safe bet is to buy a guaranteed-replacement-cost policy that will generally pay out 20-50% more than the face value of the policy to rebuild your property. This is also the preferred policy of lenders. A replacement-cost policy typically adjusts the amount of insurance each year to keep pace with rising construction costs in your area. It is important to note that local building codes require structures to be built to specific standards which could vary over time, if your property is severely damaged, you may be required to rebuild it to current codes. Even guaranteed-replacement-cost polices do not always cover this expense. However, many insurers offer an endorsement that will pay for the upgrading cost, it is a good idea to consider adding such an endorsement to your replacement-cost policy.

How do I choose a second mortgage lender?

If you are looking for a Fountain Valley's brokers, make comparisons between them. Look for interest, and origination fees, closing costs and repayment terms. Check with your local banks, credit unions and finance companies about their terms.

Some more info about Fountain Valley mortgage rates:
You can't find a better photo of homeowner stuff than this one

Is it possible to reduce my closing costs?

If you are refinancing, you could reduce some costs by asking your Fountain Valley mortgage company about them. Example: your lender could use your last house appraisal or your other credit reports or even recertify old documents for cheaper then getting new documents.

Is it a smart to refinance?

You can be tired of making one payment for your 1st and another payment for your second subprime mortgage. Possibly it's time to decrease your current rate to a lower fixed or adjustable or maybe you have an adjustable rate that you want to change into a fixed. You may want to cash out some of your equity, or lower your rate in general payment. Bad credit refinancing can also let you to get rid of private insurance PMI if you now have 20% equity in your condo. To talk about the possibilities, call one of our brokers or apply online for a no cost, no obligation quote.

Is refinancing the right option for me?

Look at your refinance related goals: are you looking to improve your monthly cash flow, reduce your refinance term, do you need to take out cash utilizing the equity from your condo? Obtaining the mortgage for your particular needs could make sense even when rates are not at their lowest levels. First identify your goal and contact a broker for suggestions on programs that would best help you meet your objectives. Then shop for rates after you have selected the appropriate program.
Perfect image of property finances

What is the repayment term on a fixed homeowner equity?

You should be able to finance your loan for either 5 or 10 years.

Will the agent require an appraisal of the property?

Yes, the property is the collateral, therefore an appraisal is almost always required and if a borrower pays for the appraisal he or she is definitely entitled to receive a copy of it.

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