Kelly has 20+ years serving clients and families in LA and Ventura county. When buying a new home or refinancing an existing one, it’s just as important to be aware of the types of mortgages as it is the type of home you want to live in. Applying for a home loan can be complicated, but Kelly makes the process simplified and streamlined. There are a wide variety of home loans to choose from and Kelly will ensure you fully understand the options available to you.
An adjustable rate loan begins with a relatively low fixed rate for part of the duration of the loan (usually 5, 7 or 10 years). You will pay a different, adjusted rate, after the initial period. The initial lower interest rate is a benefit if interest rates are currently high, or if you plan on living on the property for a brief time.
Federal Housing Administration loans have the lowest credit qualifying requirements, payments, and closing costs. This is beneficial to those with lower credit scores or those with lower down payment funds available. Your down payment can be as low as 3.5% of the purchase price.
A fixed rate loan guarantees stability and predictability of your monthly payment. The interest rate will be fixed for the duration of the loan. Fixed rate is a good option if you expect to stay in or own the property for the foreseeable future and want to lock in a good rate.
Veterans Affairs loans are similar to FHA in their low interest and low credit qualifying requirements, but differ in that the loan applicant must be a U.S. military veteran. Additionally, VA loans don’t require a down payment nor do they require mortgage insurance. The Veterans Affairs department guarantees the loan should the borrower default.
Those 62 years of age or older can utilize a reverse mortgage. A reverse mortgage allows the home owner to maintain their home ownership, whilst offering supplementary income for home owners who have equity in their homes and can be utilized as additional financial aid for those that need it for retirement. Additionally, a reverse mortgage line of credit is guaranteed.
Home Equity Line of Credit allows homeowners to borrow money against the equity they have accumulated in their property. An HELOC is similar to a credit card, with a maximum draw instead of a fixed amount.
There are numerous benefits to refinancing. When interest rates are lower than when you originally mortgaged, you are able to refinance and lower that rate to market rate, and potentially include a fixed rate term to your loan. Additionally, refinancing can lower your monthly payment, help you acquire cash, and reduce the length of your loan. term.
Address: 6355 Topanga Canyon Blvd Woodland Hills, CA 91367
Phone: 310-795-0613
Email: kelly@pccmortgage.com
Hours Of Operation:
Mon – Sun: Open 24 Hours
License Numbers:
NMLS1620952, DRE 02042984
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