Home Loans California Tips: How to Financing a Mortgage Without Money Down Today’s Marketplace by David Meshach
For most home buyers, the biggest obstacle is finding the cash to pay a down payment. This is especially true in California where prices have skyrocketed over the past few years.
You will need to have a second mortgage to finance your purchase. If you don’t have the funds for 20% down, or you will be required by PMI (private mortgage insurance) to cover your mortgage. According to Jeff Lubar, spokesperson for the Mortgage Insurance Companies of America, this premium usually adds 0.5% to 0.75% to your interest rate. Although prices have dropped, California’s median home price is still $845,000, which makes PMI extremely expensive.
The no-money down loan makes it easier to buy a California home and finance a second one. You don’t even have to pay PMI. The common terms for the 100% no money down mortgage loan include the 80-20 mortgage loan and piggyback loan. This is because it usually includes an 80% first mortgage and a piggyback second to cover the 20% balance.
Like other forms of 100% financing, California mortgage loans come in many flavors to suit almost every budget. For those who are interested in more expensive homes, you can choose from a fixed or adjustable interest rate loan.
Check your credit reports from Experian, Equifax, and TransUnion before you apply for your California home loan. Experts estimate that 70% of consumer credit reports contain at least one error. One error can make a huge difference in your loan interest rates. You can dispute any credit reporting errors with credit bureaus if you find them. Sometimes errors originate with the creditor. You might also need to contact creditors directly. Capital One reported that I was charged with a debt. They had mistaken me for another person with the same Social Security number. They rectified the situation by deleting my reports.
Find out your FICO scores at myfico.com. You will be able to see your scores and any other factors that could have contributed to your score dropping. This information can be used to compare lender rates without having your credit checked. Simply fax your scores directly to the lender. You should limit the number of inquiries you make to your credit report to two or three lenders.
Get a mortgage to finance your California home
California is a very popular state. There are many options. You can have mountains, beaches or the desert in your backyard. There is something for everyone. Aplusmortgagerates.com can help you get into your dream house and make investments in California properties.
Our dedicated mortgage consultants are available to help you design a loan program that suits your financial needs, whether it’s in L.A., San Francisco, Sacramento, or San Diego.
Are you a California homeowner already? We also offer mortgage refinancing services!
California’s current and future mortgage rates for Home Loans California
COVID-19 saw national mortgage rates drop to an all-time low in 2020, largely due to this. Millions of Americans now have low borrowing costs.
California’s mortgage rates have been following this trend, although we are beginning to see gradual increases. However, rates are still low by historical standards. We recommend that you take advantage of Aplusmortgagerates.com free mortgage. You may be able save hundreds of dollars each month by getting a lower rate.
Mortgage rates are affected by credit scores and debt-to-income ratio. Aplusmortgagerates.com can help you with your mortgage lending needs. We will customize a loan program to meet your requirements. We offer California home buyer mortgage options including FHA and VA. Conventional, USDA , as well as other options.
Assistance with down payment for California Home Loans
Some home buyers for home loans California may be eligible for other programs. Let us help you to understand the grants and options available to you if you are looking to buy a home.
Ask your mortgage advisor about financing today.
- Assistance with closing costs
- Dream Makers Grant
- Incentives for first-time home buyers
- Second mortgages that are non-forgivable or forgivable
- Tax credits
*Actual assistance amount can vary depending on the purchase city, credit score and other financial requirements. Aplusmortgagerates.com does not fund down payment assistance programs at the state and/or city levels. You may need to complete a homebuyer education course before you apply.
Refinancing your Home Loans California mortgages
- Are your monthly mortgage payments or interest rates too high?
- Are you a victim of high-interest debt?
- Are you ready to get rid of your mortgage sooner?
Did you answer “yes” to any of the questions? Do you have a question? If so, it is time to set up a free consultation with one of our California mortgage experts. Our team is available to educate you about the benefits of mortgage refinancing.
You could save up to $1,000 per month! Aplusmortgagerates.com allows you to choose any loan that you require for ten years or more. To learn more about the ways Aplusmortgagerates.com can help you lower your monthly mortgage payments, obtain a lower rate, or access cash through a refinance, contact a mortgage consultant.
Aplusmortgagerates.com for home loans California
Aplusmortgagerates.com, a national mortgage lender is committed to homeownership affordability. Our experienced mortgage consultants will work hard to create the best loan program for you. We offer competitive mortgage rates and have no upfront fees. You can complete more of the loan process online. This makes it easy to get started.
Aplusmortgagerates.com considers all customers to be part of its family. This is why we spend time getting to know you. We want home buying to be an exciting experience. We can help you refinance to a lower rate or get cash out. After closing, we are always available to answer your mortgage questions. Here’s to a long-lasting relationship!
Let’s work together to build your home loan
Call (858) 997-9135 to speak with a California loan mortgage specialist. We can customize any loan available in the market while providing the best service, lowest rates and fastest closings. We are eager to show you how easy it can be to refinance your mortgage or purchase.