California Home Loans- Mortgage - Refinance - Cash out

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Fixed-Period Adjustable-Rate Mortgages
Another type of adjustable-rate mortgage (ARM) where the interest rate stays the same through 10years of the loan. Your interest rate then adjusts annually, and can move up or down as market conditions change. Be sure to ask your lender about the interest rate caps for both the annual adjustments and for the life of the loan.

Advantages: Your initial interest rate will be lower than a fixed-rate mortgage, so you may be able to afford more home. You are protected against interest rate increases for the first three, five, seven, or 10 years of the loan, depending on which type of fixed-period ARM you choose. You may have the option to convert your ARM to a fixed-rate mortgage at the first, second, or third interest rate adjustment dates. You have time to improve your financial position (i.e., salary increases) or accumulate additional assets before the interest rate adjusts at the end of the fixed period.

Details: The lifetime interest rate cap for fixed-period ARMs is typically 5 to 6 percentage points above your initial rate. Your annual cap during the adjustable period is typically 1 to 2 percentage points above or below over the current rate. Can be used to buy one- to four-family residences including second homes and condos, co-ops and planned unit developments.

Different Mortgage Loan Types - Home Ownership - Mortgage Solutions
There are many different types of mortgages - make sure you do your homework to pick the one that,s right for you! Below is a list of the most commonly used mortgages and a short description of each. You may also think about allowing one of our many qualified loan professionals to assist you in choosing the right loan.

15-Year Fixed-Rate Mortgage
20-Year Fixed-Rate Mortgage
30-Year Fixed-Rate Mortgage
Adjustable-Rate Mortgage (ARM)
Balloon Mortgage
Biweekly Mortgage
Fixed-Period Adjustable-Rate Mortgages
Fixed-Rate Mortgage
Home Equity Conversion Mortgage - HECM
Home Improvement Mortgages
Low Down Payment Mortgage
Reverse Mortgage
Rural Housing Loan


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