Thirty- or Forty-Year Fixed Amortization Program
The traditional 30-year fixed rate mortgage has a constant interest rate and monthly payments that stays the same for 30 years. This program is a great choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, adjustable rate loans are usually cheaper. As a rule of thumb, fixed rate loans may also be harder to qualify for than adjustable rate loans. When interest rates are low, fixed rate loans are generally not that much more expensive than adjustable rate mortgages.
Fifteen-Year Fixed Rate Mortgage
This loan is fully amortized over a 15-year period and the monthly payment stays the same for 15 years. With a 15 year fixed, you can pay off your home twice as fast as a 30 year fixed. twice as fast.
Adjustable Rate Mortgages (3/1, 5/1, 7/1)
Adjustable rate mortgages, also called 3/1, 5/1 or 7/1 - can offer the best of both worlds. A lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable rate loan, based on then-current rates for the remaining years. For individuals who expect to move or refinance soon, this program gives you low payments for a few years and easier qualifing ratios.
Interest-Only Loan Programs
Giving the borrower the power to leverage your money to your best advantage. As an exsample: An interest only rate of 6% for a $390,000 loan amount is only $ 1,950 monthly. This is a great loan for the borrower who wants to keep thier money in thier pockets.
Equity Line of Credit
California Mortgage Company provides you with an open equity line of credit, giving you easy access to quick cash without the paper work.
The power is in the borrower's ability to choose the full loan payment, or the minimum payment or any amount in between. If a borrower's income varies throughout the year, the borrower can make the lesser payment during the "lean times", and make the higher payment when funds are readily available. |
