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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