Purchase Home Loans

Buying a Home and need
mortgage information?

Were here to assist you in the process of buying a new home and to go over all the mortgage options available.

Use our loan program finder and resources to help educate yourself on available loan programs.

Should questions arise please contact one of our mortgage professionals.

Today`s Rates
California
Type Rate APR
30 Year Fixed 6.000% 6.070%
15 Year Fixed 5.750% 5.767%
5/1 ARM 3.250% 3.375%

Rates as of 2:30pm, 08/22/13

Rates shown not available in all states.
Assumptions and monthly payments.

Information about purchasing a new home. We have answered the most commonly asked questions.

Understanding there are numerous options borrowers
have when looking to obtain a mortgage we made
sure to have as many mortgage programs available.

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Abjustable Rate Mortgage (ARM)

Adjustable Rate Mortgage is commonly referred to as an ARM. An ARM has an interest rate that adjusts periodically, unlike a fixed rate mortgage. The initial interest offered with an ARM is lower than a fixed rate mortgage which can be a benefit to homebuyers. Adjustable Rate Mortgages fit the needs of homebuyers planning to stay in their home short term or expecting an increase in future wages. Interest rates on a ARM vary based on the initial fixed rate period. For example, a 5 year ARM will have a lower rate than a 10 year fixed ARM. Adjustable Rate Mortgages are all amortized over 30 years and after the initial fixed period adjust every year until paid off.

 Consider an Adjustable-Rate Mortgage if you:

  • If you plan on only owning the home for a short period of time. If you plan on moving before your ARM adjust this loan type fits your needs perfectly.
  • Expecting a rise in income and needing a lower initial rate to help you qualify
  • More comfortable with the lower initial monthly payment an ARM mortgage usually offers.
  • Expecting lower mortgage interest rates in the future

 

Types of Adjustable Rate Mortgages

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10/1 adjustable-rate mortgage

A 10/1 ARM loan has a fixed interest rate for the first 10 years. After 10 years, the rate can change once every year for the remaining life of the adjustable-rate mortgage. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

7/1 adjustable-rate mortgage

A 7/1 ARM loan has a fixed interest rate for the first 7 years. After 7 years, the rate can change once every year for the remaining life of the adjustable-rate mortgage. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

5/1 adjustable-rate mortgage

A 5/1 ARM loan has a fixed interest rate for the first 5 years. After 5 years, the rate can change once every year for the remaining life of the adjustable-rate mortgage. When the rate changes, your monthly payments will increase if rates go up and decrease if rates fall.

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FHA Loan

One most popular loan options for first-time home buyers

If you are a first time homebuyer and concerned about not having saved enough for a down payment, there are still options for you. Read on and learn about the benefits of the FHA loan.

FHA loans are designed to help potential homeowners unable to put the traditional 20% downpayment. It also benefits homebuyers with less than perfect credit. Since FHA home loans only require 3.5% down and have more flexible underwriting standards, the program is very popular today.

Homebuyers that will benefit most

The FHA loan program is a great benefit for almost all home buyers – If your buying your first home, in the military, lower-income or not wanting to tie up a lot of your assets buying a home this is the type of home mortgage that you may want to consider.

Features

    • Down payment options as low as 3.5%.
    • Fixed and Adjustable Options Available
    • Flexible income, debt, and easier credit requirements.
    • Available in a variety of fixed-rate and adjustable-rate loan options.
    • Your seller can make a 6% contribution.
    • Purchase a home in 3 after a foreclosure.
    • The down payment for an FHA mortgage can be 100% gift funds from a relative.

Benefits

  • Only requiring 3.5% down opens up homeownership to more families
  • Allows all income levels to qualify to purchase a home
  • Downpayment assistance programs can be use to help with downpayment and closing cost
  • A co-applicant can help you qualify even though they do not live in the
  • Provides financing options even if your credit history is less-than-perfect.
  • If you sell your home the new buyer can take over the loan, subject to loan approval.
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If that sounds like you, then an FHA Loan may be right for you.

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Fixed Rate

Predictable monthly payments

A home mortgage that is fixed offers a predictable and consistent monthly payment. A 30 year fixed home mortgage offer the peace of mind in knowing you’ll have the same interest rate and monthly payment until the loan is paid in full. Comfort and predictability of a fixed rate mortgage offers the benefits of being able to budget properly.

Advantages of a fixed-rate mortgage

Fixed-rate mortgages are wise if you:

  • In fear of interest rates increasing in the next few years
  • Long term plan to stay in the home
  • Prefer the stability of a fixed principal/interest payment to a payment unit the home is paid off
  • Don’t want a payment that changes periodically (like an adjustable-rate mortgage)

How term affects interest and equity

As a rule, the longer the term of the fixed-rate mortgage is the greater amount of interest you will pay over the life of the loan, and the higher you interest rate will be. However, historically monthly mortgage payments tend to be lower on fixed rate loans because the interest rate never adjusts. The shorter the repayment term is the lower the interest rate will be, and the faster you’ll pay off and build equity in your home, though your monthly payments will generally be higher.

Fixed-rate mortgage loans are available in a variety of repayment terms, with 30-,20-,15-year fixed-rate mortgages being the most common.

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30 year fixed-rate mortgage

The most commonly used home mortgage used when purchasing a home today is a 30 year fixed. The lure of the 30 year fixed mortgage is a fixed interest rate and predictable mortgage payments until the loan is paid in full. Payments are more affordable because your payment is extended over 30 years opposed to 20 and 15 year fixed home mortgages. Since the loan term is longer, there is more interest paid over the life of the loan and equity in the home is built more slowly.

20-year fixed-rate mortgage

Although not as common as a 30 year fixed home mortgage, the 20-year fixed-rate home mortgage helps you built equity in your home faster, and you’ll pay off your loan quicker than a longer fixed rate home mortgage. Also, 20 year fixed rate home mortgages offer a slightly lower interest rate than a 30 year fixed home mortgage. If a 15 year fixed mortgage payment, is higher than what your comfortable with have your loan officer go over the monthly payment on a 20 year fixed home mortgage.

15-year fixed-rate mortgage

The 15 year fixed rate home mortgage, has gained in popularity during this period of low rates. Rates at all time lows has made the 15 year payoff term more affordable and attractive to homeowners. With a 15 year fixed home mortgage, your loan is paid off in half the time a 30 year fixed home mortgage. Rates for a 15 year fixed home mortgage are considerably lower, and you'll build equity quickly. Make sure the higher mortgage payment is manageable and you have budgeted properly.

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VA Loan

Veterans and active members of the armed forces often buy with $0 down and less red tape. Backed by the U.S. Department of Veterans Affairs, VA Loans allow for some of the most flexible qualification guidelines exclusively for members of the armed services or their surviving spouse’s. Only a small upfront VA Funding Fee applies.

You’ve earned the benefit of saving with a VA loan

  • Are you a member of the military, veteran or a surviving spouse of a veteran?
  • Do you want fast approval and minimal red tape?
  • Wanting to purchase a home with $0 down or refinance up to 100% of the value of your home?

If you answered “yes” to any of these questions, a VA loan might be an excellent choice. Qualify for a VA loan with less than perfect credit, VA loans are offered in either fixed-rate or Adjustable-Rate-Mortgages. VA loans never monthly mortgage insurance.
 

We Make the Process Fast and Simple

Our extensive VA experience enables us to make the VA loan process, smooth and easy for you. Once you get started, your VA Loan officer will be there with you every step of the way, walking you through the process to home ownership.

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Buying a Home? Compare Mortgage Loans

Information Current rate APR Flexible Down Payment Easier Qualification Rate Security Above Conforming Limit
Fixed Rate Mortgage
Fixed principal and interest monthly payments that stay the same for the life of the loan 		6.000% 6.070%
Adjustable Rate Mortgage
A typically lower rate mortgage for the first 3, 5, 7, or 10 years followed by annual rate adjustments 		3.250% 3.375%
FHA Loan
Fixed rate mortgage, backed by government, with flexible income and credit requirements 		4.125% 4.705%
VA Loan
Special fixed rate, no down payment loan for eligible men and women of the U.S. armed forces
Jumbo Loan
Fixed or adjustable rate loan with a larger loan amount than a conforming loan limit 		Call Us Call Us
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