Sacramento Home Mortgage - California Home Loans

Sacramento-California Mortgage Refinancing

The average home price in Sacramento-California is $ 290,000. Mortgage borrowers in Sacramento who bought their first home in 2014 are now ready to look into mortgage. Most borrowers took advantage of government aided programs for their down payment that basically have a loci in period of 36 months before they can refinance.

So if you are a Sacramento mortgage borrower who’s now looking into refinancing. You will find the article helpful.Your mortgage is either a conventional loan backed by Fannie Mae or Freddie Mac or FHA or a VA loan category.There are many options for mortgage borrowers to choose from. If you went for Down Payment Assistance program. You likely have two mortgages. You may want to combine the two mortgage into one in such a way that you do not attract any Mortgage insurance. The home prices in Sacramento have increased by 10%. So if you bought a home for $ 400,000. It’s likely close to $ 480,000 by now unless your home is in the area where there has been reported a distress sale which does eat away some of the home value.

You can combine the first with the second loan get one single loan and one single rate and bank to pay the mortgage.If your credit scores are good you have options of 10/1 ARM which is an adjustable rate where the rates are fixed for 10 years of the mortgage and monthly payment calculated over a period of 30 years just like 30 years fixed mortgage.You may go with a standard 30 years fixed mortgage as well. All will depend upon how you wish to manage your finances and you would need a Sacramento-California Mortgage expert to help you understand your mortgage, your financial situation and help you with your financial goals for today and future.

A 10/1 ARM is long enough and carries a rate lower than typical 30 years fixed. Many thing change in 10 years. It’s a life time. Though a 30 years fixed rate is called the psychological rate because no matter how quickly a borrower refinances his home. They would prefer to go with a 30 years fixed because they don’t like something changing for next 30 years.On an average a mortgage borrower refinances his home every two or three years and sometimes every 6-7 months as long as the payment terms are favourable and helps the borrower achieve his desired monthly savings on mortgage.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com  

Article by Roger Shanker 

Mortgage rates in Sacramento, California

Mortgage Rates in Sacramento-California and the Nation

After the mess of 2008 Sacramento has rebounded from its depressed state of affairs. However one lesson the nation got is not to use your home as ATM machine. Homeowners in general are spending less on their cards. Inflation is desirable but no inflation has happened. That is because borrowers are now saving and keeping it in the bank or spending less as possible or what is necessary. Banks and feds measure the speed with which money flows in the economy and its been reported that since 2008 consumers are not spending the way they used to.

US and Europe are the driving engine when it comes to consumption. We may not be in depression but things are not rosy either.Mortgage rates saw an increase this year but of you are a client who has an excellent credit score of 720 or 740 plus. You can still qualify for rates like 3.5%. California mortgage borrowers would be surprised to know that in 2008 Texas was one state where the property price never fell. The reason is that Texas state law says that if the borrower ever takes cash out on his home. Then until he carries the mortgage the banks are to consider each time when the borrower refinances that the borrower is taking cash out even if the borrower may not have asked or requested for ash out. 

Meaning the law is “once a cash out consider it a cash out every time” . So unless the Texas Mortgage borrower has no other avenue. They do not take cash out on their home. Most borrowers now days are averse to taking cash out from their home. They can go late but won’t take the cash unless it’s extremely necessary.Sacramento mortgage borrowers looking for conventional mortgage refinance have several choices. Most borrowers prefer 10/1 ARM where the rates are lower than 30 years fixed and the fact that the rates would be fixed for 10 years gives them enough room. 

A 30 years fixed is the most expensive mortgage rate because it’s called the psychological interest rate of the borrower. Borrowers typically refinance every 2 or 3 years but they always take a 30 years fixed where as they should be looking at other options like 10/1 ARM where the rates are fixed for 10 years and would start adjusting 11th year onwards .

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154. You can even e mail at roger@affordable-payment.com.

Article by Roger Shanker 

Sacramento mortgage Refinance?

Sacramento CA Mortgage Rates - Find Home Loans in Sacramento

If you are a Sacramento mortgage borrower and you are looking to refinance your home. You have several choices. Often borrowers in a rush to get the lowest possible mortgage rate ignore the fact that some time s those rate are at the cost of the borrower in terms of higher cost in terms of rates penalties and other costs.What one truly needs to look into is the person who’s going to be your mortgage. Is the person an expert in his subject.

Is the person going to be helping me out or is it the expert’s assistant or someone else. Is your Mortgage expert in Sacramento open to flexible hours to suit your working hours.Mortgage is a sensitive subject. Its your largest financial transaction. You want to know whether the person or the entity is a mortgage broker or a lender.An entity which is both a mortgage broker and a direct lender is often the best possible combination.That is because when you are dealing with Sacramento Mortgage lender, a lender would have few programs available and if you don’t fit into those programs you will not qualify and sometimes even when a program is not good enough for you. The lender would still pitch you and show the advantages of the program in order to get your mortgage done.

When you also have a person or entity that is both a lender and a broker. The options for the borrower really opens up. The person or the entity could be connected to 20 banks and lender and brokers and that would open choices to 100’s of programs to choose from.With such flexibility and options available to the borrower, it is easier for your Sacramento mortgage expert to design a program that is just meant for you and as per your financial situations.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower or If Texas Mortgage Borrower call 713-463-5181 EXT 154 

Article by Roger Shanker