When it comes to home loan products we have your back Sacramento!
Whether you live in Sacramento or surrounding areas we have the plenty of mortgage products to determine which one is right for you. The expert Loan Officers at Cali Mortgage will help you navigate the complexities of each type so that you can make the most informed decision. We’ll show you how to lock in the best mortgage rate available.
Our hand crafted mortgage product menu gives you the upper hand when it comes to your real estate investment. We’ve provided you with this extensive list of mortgage products so you can gain a better understanding of what options are at your disposal. The following loans are the most common types that we encounter.
The most popular choice of loan is the 30-year fixed plan. This is a fixed loan that is paid back over a 30 year period. Alternatively, you can choose your own fixed period, ranging anywhere from 10 to 30 years. For example, if you have already been in your loan for 3 years and do not wish to start over you can go with a 27 year fixed. If you are retiring in 18 years and you want the loan paid off by then, you would choose an 18 year fixed loan.
This type of loan has the most options, including a 3/1, 5/1, 7/1, or a 10/1 adjustable rate mortgage. The first numbers (3, 5, 7, and 10) are the years during which a loan is fixed. All options are amortized over 30 years. The rate can be adjusted once per year after the fixed period has ended (represented by the 1).
An adjustable rate mortgage is ideal for those who know how long they’ll be living in their home. For example, the average person refinances and moves in less than 7 years, meaning a 7-year ARM is fixed long enough to last through a single household. With its low mortgage interest rate, it is generally a good loan option.
A bank statement loan is perfect for self-employed borrowers. Your household income is calculated by adding up the deposits on your bank statements. From there, we can work out a loan that fits your budget.
An interest only loan is exactly what the name implies. It is a type of loan that allows you to pay back only the interest you owe, without amortization. For those who don’t want their cash tied up in equity, this is a good option. You’ll have access to your money for reinvestment or reduce the principal balance of your mortgage.
Cali Mortgage knows FHA...In most cases an FHA home loan (federally insured mortgage) is the best fixed rate loan for first-time buyers. It only requires 3.5% as a down payment. The Cali Mortgage FHA program also allows as high as a 57.9% debt-to-income which increases your max purchase power (the amount of home you're able to buy).
The FHA home loan offers a lower interest rate than conventional mortgages offsetting the need for mortgage insurance.
VA Loan Program is one of our favorites...Who doesn't want to support our Veterans? A VA mortgage offers 100% financing with no monthly MI. Only at Cali Mortgage we'll also include a lender credit to cover a good portion of the closing costs if not all of it! Our VA program also allows as high as a 57.9% debt-to-income which increases your max purchase power (the amount of home you're able to buy).
The VA home loan offers a lower interest rate than conventional mortgages making VA loans the most competitive home loans in the market today.