Picture

John Zimmer
Officer/Owner

 

 

 

 

Email to:

Loans@CaliforniaLending.Biz

 

 

 

 

 

 

 

 

Email to:

Loans@CaliforniaLending.Biz
 

 

 

 

 

 

 

 

 

 

 

 

 

Email to:

Loans@CaliforniaLending.Biz
 

 

 

 

 

 

California Lending
Your Loan Consultant for Life!

  (310) 375-1918   (866) 564-6946(JohnZim)
(877) 378-6575 efax
Email: 
Loans@CaliforniaLending.Biz


Loan Programs


 

Which Loan Is Right For Me?



Years you plan to stay in the home

Recommended Program

1-3 years 3/1 ARM, 1 year ARM or 6 Months ARM
3-5 years 5/1 ARM
5-7 years 7/1 ARM
7-10 years 10/1 ARM, 30 year fixed or 15 year fixed
10+ years 30 year fixed or 15 year fixed

 

 

Loan Program

Advantages

Disadvantages

Fixed Rate Mortages

* 30 year fixed

* 15 year fixed

Monthly payments are fixed over the life of the loan

Interest rate does not change

Protected if rates go up

Can refinance if rates go down

Higher interest rate

Higher mortgage payments

Rate does not drop if interest rates improve

Loan Program

Advantages

Disadvantages

Adjustable Rate Mortgages                     
- 10/1 ARM
-  7/1 ARM
- 5/1 ARM
- 3/1 ARM
- 1 year ARM
- 6 month ARM
- 1 month ARM

 

Lower initial monthly payment

Rates and payments may go down if rates improve

May qualify for higher loan amounts

30 year term , no balloon payment

More risk

Payments may change over time

Potential for higher payment if rates increase

Loan Program

Advantages

Disadvantages

Balloon Mortgages

* 7 year

* 5 year

Lower intial monthly payment

Lower payment for a predetermined period of time

Many balloon mortgages offer the option to convert to a new loan after the initial term

Risk of rates being higher at the end of the initial fixed period

Risk of foreclosure if you cannot make balloon payment, refinance, or exercise the conversion

Balloon payment requires to sell or refinance after term, as opposed to a 7/1, 5/1 program with a 30 year term

Loan Program

Advantages

Disadvantages

First Time Buyer Program

 

Lower down payment

Easier to qualify

Lower rates may be available

May be subject to income property limitations

Some government subsidiary programs may generate or recapture tax if you sell the house too soon

Education courses may be required to qualify for these loans

Loan Program

Advantages

Disadvantages

Stated Income Programs Don't need to verify income

Faster Approval

Good for borrowers who may not qualify with a full income documentation program

Higher rates

Higher down payment

Loan Program

Advantages

Disadvantages

Interest Only Programs You have several payment options

Lower monthly payments

Qualify for a higher loan amount

Qualify at the interest only payment

Option to pay the full normal payment

Interest only payments for ten years

Higher rates

Principal loan balance will decrease during the interest only payment period

Payment will be higher for remaining term

Loan Program

Advantages

Disadvantages

No point, No fee programs No out-of-pocket loan costs at closing

Closing costs are paid from the lender rebate

Less money required to close

Refinance without increasing your loan amount

Higher rates

Higher payments

Some lenders may have short payoff penalty which is usually charged to the loan broker, but may be passed to you

Some require a prepayment penalty for the first one to five years

Loan Program

Advantages

Disadvantages

Imperfect Credit Programs Potential for reestablishing credit if you pay your mortgage on time

When used for debt consolidation, you may be able to reduce your monthly debt payment

Higher rates

Terms may not be as favorable

Harder to get long-term loans

Loans may have prepayment penalties

Loan Program

Advantages

Disadvantages

Home Equity Line of Credit You only borrow what you need

Pay interest only on what you borrow

Flexible access to funds

Interest may be tax deductible

May be free of closing costs

A good source for an emergency fund, if set up in advance

Can be use for debt consolidation and lower payments

Rates are usually lower than consumer loan or credit card rates

Rates can change.  The maximum interest rate can be relatively high

Payments can change

Harder to refinance your mortgage

 

Loan Program

Advantages

Disadvantages

Home Equity Fixed Loan Fixed payments

Interest may be tax deductible

Get cash out for any purpose

Higher interest rates compared to first mortgage

Harder to refinance your mortgage

Interest is paid on the entire loan amount, compared to equity line of credit

In addition to our standard loan programs, you may benefit by obtaining one of our many special programs:
* Purchase your home with no down payment
* Piggyback loans: 80-10-10 or 80-15-5. Avoid PMI payments
* Debt Consolidation programs
* Home Improvement loans
* You may qualify even if you've been turned down before!


How to Contact Us

Email:

Loans@CaliforniaLending.Biz

Phone:

Local

(310) 375-1918

Toll Free

(866) 564-6946(JohnZim)

eFax

(877) 378=6575


Mailing Address:

California Lending

409 N. Pacific Coast Hwy. #977

Redondo Beach,   CA  90277

 


 





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