Home Loans in San Clemente
Loan Services in San Clemente
Becoming a homeowner is one of the most important milestones in our lives. Property ownership, after all, often comes with a sense of pride and is considered a mark of achievement — the realization of the American dream. Of course, your motives may be entirely different. Perhaps homeownership for you means the security of having somewhere to go home to and build your life in.
Whatever may have compelled you to make a move towards buying your home, one thing is for certain: we need to talk about mortgages.
If the idea of taking out a home loan sounds intimidating, then you have come to the right place. We’re here to shed clarity on the most common home loan terminologies and walk you through the various types of loans that we offer here at Golden Coast Loans.
If you’re thinking about taking the first step towards owning a home, then you’ve come to the right place. On this page, we’ll cover some of the basics about mortgages that you need to know to get started.
What are Home Loans?
Let’s start with the basic definition of what a home loan is. Otherwise known as a mortgage, a home loan is a type of loan that allows you to borrow money to buy your home.
Even if you do have the money to give the full upfront payment for your house, it still makes sense for you to have a mortgage. This way, you can pay for your property in smaller and more manageable increments. You can then use the rest of your savings for other investments.
What are purchase loans?
Not all potential homebuyers can qualify for traditional home loans San Clemente. If this sounds like you, you can consider making a loan directly from the seller of the house that you’ve been eyeing. This is a purchase loan.
Whether because of poor credit or a lack of initial funding, this can be a good alternative for you.
What are mortgage rates?
Whatever type of funding you may secure for buying your property, you will need to pay out a fee to your lender to be able to take out the loan. This is called the mortgage rate.
It reflects the amount of interest you need to pay annually. Typically, this amount is based on a percentage of the total value of your home.
For example, if the agreed-upon mortgage rate between you and your lender is 4% of the property, then you need to pay this interest rate annually until you’ve completely paid off the initial amount, sell your house, or have it refinanced.
Available home loans Orange County
There are a plethora of loan options available for you. Here are some of the popular home loan options for you:
This is an umbrella term for a loan that is not backed by the government. This is a popular choice for potential homebuyers because it only asks for as little as a 3% down payment.
These are loans that are guaranteed by the Federal Housing Administration (FHA). It appeals to those who have low credit scores and low to moderate-income.
These are loans granted to those who want to purchase property in an area with less than 35,000 people. It typically does not require a down payment, making it an affordable option to those in the lower-income bracket.
These are loans granted to veterans and active-duty military members. This is backed by the Department of Veteran Affairs and does not require a down payment or private mortgage insurance from the borrower.
This is a great option for those who have established themselves financially and want to buy a luxury property by Orange County standards.
If you are self-employed, applying for a home loan may seem like an almost impossible feat. Bank Statement loans make it possible for you to receive financing from private lenders without the need for tax income returns, W2s, and other requirements.
There are types of home loans available for every preference and property type. To know more about the best recourse for your home loan, feel free to contact us here at Golden Coast Loans.
Learn more about your home loan options from Golden Coast Loans
Knowing the basics about home loans simply scratches the surface, but it’s a good start. To find out which type of home loan is best for your goals, we can walk you through some of the best options for you here at Golden Coast Loans. We offer each of these at competitive interest rates and flexible terms to get you a step closer to becoming a homeowner.
Apply online or give us a call today to know more about our services and our rates.
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