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Los Angeles Mortgage
If you’re in Los Angeles, California and you want information on mortgages, you’ve come to the right place. There are several types of mortgage loans our there for Los Angeles residents to choose from. You’ve probably already heard of fixed and adjustable rate mortgages; now let’s tell you about some of the other mortgages out there that don’t get nearly as much attention.
The VA Mortgage Loan
This mortgage is basically a secured or insured loan. The Veteran’s Administration insures lenders against any loss they may suffer if the mortgage goes into default. VA mortgages are available for any Los Angeles resident that has served in the armed forces or anyone who is currently serving. VA mortgages offer advantages such as low to no down payments and lowered interest rates.
The Interest Only Mortgages
With this type of mortgage loan your monthly payments will consist of interest payments only. Interest only mortgages generally have a specified period that you are in fact paying the interest only; usually 5-10 years. Once that time has ended, Los Angeles residents can expect to pay their mortgage in full every month (interest plus principal).
The 80/20 Mortgage Loan
Los Angeles, California residents that are unable to afford a huge down payment may want to consider a 80/20 mortgage. With this mortgage loan, also referred to as 100 percent financing, you take out two loans. One of the mortgage loans will be for 80 percent of the purchase price of your Los Angeles home; the other mortgage loan will be for 20 percent of the purchase price of your home. Generally, you’ll pay a little higher interest rate for the second, or 20 percent, mortgage loan.
The Balloon Mortgage
With a balloon mortgage is kind of like a fixed rate mortgage with one big difference, the entire amount of the mortgage has to be paid off in one “balloon payment” much sooner. Most balloon mortgages are bases on the same rates as a 30 year fixed rate mortgage; you payments will be the same as if you had a 30 year mortgage. Most balloon mortgage terms are 7 years, once your 7 years are up, you are expected to pay the remainder of your mortgage.
The FHA Mortgage
For Los Angeles residents who are
first time home buyers, this mortgage loan is for you. An FHA mortgage
loan is a type of mortgage that is secured by the Government. The
Federal Housing Administration, a division of HUD, insures these
mortgages. What that means is the mortgage lender isn’t at risk of
losing money if a Los Angeles resident would default on their payments.
With FHA mortgages, since they are insured, the requirements aren’t as
harsh as they are with standard mortgages. Plus, the required down
payment is usually far less than it is with standard mortgage loans. Keep up with the current federal housing trends in Los Angeles, California and begin your home financing decision with a free mortgage quote! Click here to find the best Los Angeles, California mortgage rates and get competitive quotes from mortgage brokers in your area. Our expert mortgage consultants are committed to helping you find the best home financing and will guide you throughout the loan process. Once you receive your free Los Angeles, California mortgage rate quote, we’ll help you use the information to calculate your estimated monthly payments and all the other necessary information you need to find the premier home loan. Finance your future today!
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