You can find quite a few types of California home mortgage loans. Understanding what’s available can help you review your options to get an idea of what options might work best for you and your family. Of course, Golden State Mortgage is happy to help you find the right home loan! In the meantime, why not review your home loan options?
Our home loan product options include:
Conventional 30-Year Fixed Rate Mortgage
If you’re planning to settle down for a while, you’ll probably want a conventional mortgage loan. These long-term loans are best for those who want to stay in their California home for at least 5 – 10 years. Your interest rate will remain the same along with your monthly payments. This can give you the peace of mind of a consistent budget.
15-Year Fixed Rate Mortgage
This option lets you quickly build equity and pay off your home twice as fast. Your interest rate stays the same throughout the life of a 15-year fixed rate mortgage. And, you’ll also enjoy predictable monthly payments as you fast track to amortization.
Achieve your goal of owning a home with an FHA loan, a popular choice for first-time home buyers. Available to all California residents, FHA loan programs are help low- and moderate-income families who don’t meet conventional loan requirements that adhere to more strict underwriting guidelines. These loans have flexible credit guidelines and down payment options as low as 3.5%.
VA Home Loan
For active-duty service members and veterans, VA home loans feature low down payments and relaxed credit standards. These loans are part of the benefits that come with serving in the US military as a thanks for their service.
Adjustable Rate Mortgage
An ARM, or Adjustable Rate Mortgage, features an interest rate that changes after a fixed amount of time. These loans are a great way to buy a house in California because they usually offer lower interest rates than fixed mortgages. You’ll be able to avoid surprises in the future with rate caps.
If you’ve found your dream home in California and need a loan for more than the current conforming limit, a fixed or adjustable jumbo mortgage can help. A jumbo home loan will allow you to buy a more expensive home. However, these loans have higher credit score and larger down payment requirements.
Now that you have some ideas about your home loan options,
Golden State Mortgage Can Help
At Golden State Mortgage, we are a California-based mortgage company. We want to help you through every step of financing your new home. Fill out the quick contact form or call Golden State Mortgage today at 1-800-536-8171 to speak with one of our California mortgage specialists and get a free good faith estimate.