Get the answers you need for your Southern California mortgage questions here.
Mortgage Broker Services FAQ
Southern California Mortgage Broker Services provides the most common terms used. Here are some of the most Frequently Asked Questions (FAQs) in the Southern California Mortgage industry:
A home Appraisal determines the value.
The ARM stands for Adjustable Rate Mortgage interest rate, which can change based on capital markets.
Can someone with Bad Credit purchase a home?
Yes, some lenders offer Bad Credit Mortgages.
A Balloon Payment is a large lump sum paid on your mortgage.
The ?Cash-Out Finance? allows you to take out a higher refinance loan than the home is worth to pocket the difference.
Closing Costs are the final fees charged before you can take the keys for your new home.
FHA stands for the Federal Housing Administration.
Fixed Interest Rate
The Fixed Interest Rate remains the same over the course of the loan.
Home Equity is the difference between the home market value and any property debts (mortgages and liens).
Home Equity Line Of Credit
The Home Equity Line Of Credit (HELOC) is an account from which you can draw funds.
Home Insurance protects the property against fire, theft and other dangers.
The Interest Rate is the cost of capital.
Mortgage Insurance protects the lender if you should default.
The Principal is the payment applied directly to the amount borrowed to purchase property.
The VA is the Veterans Administration, which has its own loan program.
Which is better for remodeling – Home Refinance or HELOC?
The Home Refinance replaces your old mortgage with a new mortgage; it might be better for large remodeling projects. The Home Equity Line Of Credit (HELOC) is a second mortgage on top of your first mortgage; it might be better for smaller fix-it projects.