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Procedure of Buying a Home in California

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All state laws to purchasing a home may appear similar, but there are some laws that differ with each state and are important to note, for example the various mortgage rates that pertain to California. Most people who have ever been involved in home purchasing are familiar with home mortgage loan California. For those who haven’t, it is something you are bound to come by sooner or later. Although some people may not think it to be as important in home buying, getting an online mortgage pre approval California helps demonstrate to sellers that you are a serious buyer and not just in it for the experience.

First, it is important to follow these simple steps when buying a home in California, especially if you are a newbie in this sector.

1. Appoint a buyer’s agent

  • (i). A buyer’s agent represents you solely and is responsible for handling your best interests.
  • (ii). Although a buyer’s agent may require you to sign a buyer’s broker agreement, the seller is the one who pays the commission.
  • (iii). It is important you interview a many agents as you feel the need to until you find an agent you trust and are comfortable with.
  • (iv). Once you have your trust-worthy agent, hire a neighborhood specialist as well.

2. Get online mortgage pre approval California

  • (i). Ask for an online free credit report and correct any mistakes. You can ask your agent to refer you to a mortgage broker, but ensure to compare mortgage rates offered by your own credit union or bank.
  • (ii). Request the lender to provide you with a loan pre approval letter to be used to verify your income and gather a credit report.
  • (iii). Establish your ultimate home mortgage loan California amount. However, select mortgage rates that you understand and feel comfortable paying.
  • (iv). Before you get into any mortgage deals, ensure you are well affiliated with the home mortgage loan California standards.

3. Explore homes for sale

  • (i). Ask your agent to investigate homes before presenting them to you.
  • (ii). Gap your search to those homes that match our precise parameters to get that perfect home of your dreams.
  • (iii). Fixer-uppers, foreclosures, REOs, overpriced homes, short sales- all should be placed into consideration.
  • (iv). Discuss with your agent that online home listing that you wish to preview.

4. Draft a purchase offer.

5. Negotiate and draft counteroffers.

6. Place an earnest money deposit.

  • (i). Never make your check payable to the seller when buying a home in California.
  • (ii). Ensure it has contingencies that will guarantee your money-back should there be a breach in the contract.

You will be surprised to learn that online mortgage pre approval California is not a huge hassle as most presume it to be. All you need is a computer or internet enabled device without having to set foot into a bank. It will save you much time and aggravation when buying a home in California, while enhancing your chances of finding that perfect home of your dreams. You are aware of home mortgage loan California and you know the steps to follow in buying a home in California, now go ahead and put it to test.

Commonly asked questions regarding VA loans California

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What is VA loans California?

VA loans California is a mortgage loan in the U.S. that is warranted by the United States Department of Veterans Affairs. This loan is offered by qualified lenders to qualified veterans. VA loans was intended to provide long-term financing to qualified American veterans as well as their surviving spouses as long as they do not remarry.

Will I have to make a down payment with a VA loan?

Initially, all loans required no down payment, but that’s not the case nowadays. The current home loan rates demand a certain percentage in up-front payment depending on the mortgage plan you’re in. Nonetheless, VA loans require no down payments or mortgage insurance as in the case of FHA loans.

Is PMI required for a VA mortgage?

In general, all veterans utilizing VA home mortgage warranty benefit are required to submit a funding fee. This in return will cut-down on the cost of the mortgage top taxpayers, more so because VA loans California do not require any down payment and neither do they have any monthly loan insurance. This is among the countless benefits of VA loans. PMI (Private Mortgage Insurance) is not required for VA loans. VA borrowers don’t have to worry about closing costs and in some cases; some don’t get to spend a dime for upfront payments.

The advantage VA borrowers have over conventional loan seekers is that they get to save money every month, enabling them to cater for regular expenses, cover down debt or clear their principal, hence cutting down years of thousands of dollars in interest from their loan.

Do VA mortgages have loan limits?

VA loans warranty program does not restrict the amount an eligible veteran may borrow. It restricts the maximum warranty amount, which is set at $417,000. In some cases, lenders may allow veterans a loan sum above the limit amount, but the borrower may be required to make a down payment of the amount borrowed.

What are the current home loan rates for VA loans?

The various mortgage options for veterans include;

  • 30 year fixed mortgage rates
  • 15 year fixed mortgage rates
  • 5/1 Adjustable rate

All these mortgage options require no down payments and attract very low interest rates annually for example, APR for 30 year fixed mortgage rates go as low as 3.44%. For 5/1 ARM mortgage go as low as 2.933%. But before settling on a 30 year fixed mortgage or any other mortgage plan for VA loans, research on the current home loan rates for VA loans before settling on a mortgage.

Is there a best time to seek VA home loan?

In most cases, the chief market conditions determine the amount a borrower is going to pay for a mortgage. But with VA loans California, there is no definite time when you should and shouldn’t apply. The factors that determine the interest rates for VA home loans are complex and varied such that there is no solid and quick rule to refer to.

All you need to know about FHA loans California

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Buying a home in California is a dream come true for most people, hence it is important to find the best plan that will help you achieve this. FHA loans California is renowned for having minimal down-payment necessities and few strict lending guidelines. For these reasons, most mortgage seekers prefer FHA loans California. FHA loans California is defined as a mortgage warranted by the Federal Housing administration. If you wish for a FHA loan, you will have to pay for loan insurance, which safeguards the lender from a loss in the event you default on the loan. Because of the mortgage insurance charge, FHA loan lenders often provide alluring interest rates with less strictness and more accommodating qualification demands.

There are various mortgage rates California in the housing market, one of them being the FHA loans. If you are on the verge of buying a home in California, you need to get prepared. To get you ready and help you get the most out of FHA loans, here are a few important facts you need to know regarding FHA loans California.

Minimum credit scores

The least credit scores for FHA loans are determined by the nature of loan he borrower requires. For example, a borrower requires a credit score of around 580 and above in order to obtain a mortgage with a down payment as minimal as 3.5%. For those with a credit score of between 500 to579, they are required to make a down payment of 10% in the least. Those with a credit score below 400 are not viable for FHA loans.

Least down payment of 3.5%

Generally, FHA demands a down payment of merely 3.5% of the buying price of the house, which is a major attraction to borrowers. Most borrowers cater for the down payment using their savings. Others pay using grants, local government payment help program, or even as a gift from a family member.

Ability to clear closing cost

FHA enables home sellers, lenders and constructors to clear part of the borrower’s closing cost, which include credit report, title costs or an appraisal. For instance, a constructor may offer to cater for closing expenses as motivation for the borrower to purchase a new house. However, if a lender agrees to cater for the closing costs, he/she is inclined to charge a hefty interest rate. Contrast loan estimates from lenders to determine which option is sensible to you.

2-part mortgage rates California

All FHA loans demand two mortgage insurance installments; the advance installment, which is paid by the borrower once the loan is approved, and the annual installment that is paid on a monthly basis. This 2-part mortgage insurance varies depending on the mortgage rates California, the total amount borrowed and the LTV (loan-to-value ratio).

FHA loans Annual premiums include;

  • 15-year loan with equity of below 10%, which is equivalent to 0.7%
  • 15-year loan with  equity of 10% and above, which is equivalent to 0.45%
  • 30-year loan with  equity of below 5%, which is equivalent to 0.85%
  • 30-year loan with or equity of 5% and above, which is equivalent to 0.8%

A must: Lender to be FHA-approved

Since FHA is an insurer and not a lender, borrower must obtain their loan via a FHA-approved lender and not directly from the FHA. However, keep in mind that not all FHA-approved lenders offer similar interest cost and rate, even if they’re on the same FHA loan.

When buying a home in California, it is advisable to shop around for the best deal possible to you. Consult your local FHA loans California and ask questions where you need clarification.

How current home loan rates in California affect refinance investment property

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Experts report that current home loan rates in California are at their lowest in history, offering several people the opportunity to become home owners. As for homeowners, most are looking to refinance investment properties. But before you jump into refinance investment property, it is important to first determine the best loan package that accommodates your financial goals. Only then can you begin searching for competitive current home loan rates in California.

For refinance investment properties, the qualification requirements are usually more rigorous compared to seeking a mortgage for your own home. This is because lenders feel there is too much risk involved, so often you’ll find them asking for a higher percentage in down-payment or higher rates. Here are some of the things lenders observe;

Credit scores

Ideally, a borrower will be required to have a minimum credit score of 740 and above. However, other lenders have their own set guidelines and may require a credit score of either 620 or 640.

Minimal debt

Ensure you clear your bills on time as well as your credit card debt. This will minimize your DTI (Debt-to-income) ratio hence elevating your chances of getting a low mortgage rate. Don’t go making large purchases or fill out several credit requisitions before you refinance- all these will cripple your credit profile. Your refinance application might be denied even if you have an exemplary credit score.

Home equity

Your loan-to-value ratio and credit scores could have a great impact on your refinance rates. Current home loan rates in California for refinance is not similar to average mortgage rates. Below average credit scores and a great loan-to-value ratio can result in more costly interest rates. If you are low on your mortgage, you have another option- HARP.

Financial documents

Get your credit reports and ensure everything is in order before you appeal for a refinance. A refinance appeal will ideally demand for 2 years of tax returns with W2s, two most current investment and bank statements and two recent stubs. Having these materials beforehand can speed the loan process and save you from additional charges to prolong your rate lock.

 Closing cost

You have two options; either pay money for the closing cost or extent these cost to your new loan if you have adequate equity.

Jumbo loans California

If you are thinking of refinancing, but haven’t applied yet, why not try jumbo loans California? Jumbo mortgages are loans that exceed the usual maximum loan amount issued, which is $417,000. Most loans in California Jumbo are twice the value of homes in all of U.S. – that is why jumbo loans California were started. Jumbo loans offer people the opportunity to take up one mortgage to cater for all expenses, instead of taking two mortgages, which is more costly, not to mention, prolongs the repayment duration.

It is important to observe the current home loan rates in California, but also remember that the refinancing rates are different from average mortgage rates. Explore all other options and weigh whether refinancing will be beneficial to you or not.

Determining The Best Mortgage For You Based On Current Mortgage Rates In California

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Good fortune is on our side when we say the current mortgage rates in California this year are still the lowest in history. A report shows that 30 year fixed-rate mortgages are below 4%. With the plummeting rates ever recorded, there is no better time to buy a home than now. However, minimal loan rates are only one factor when it comes to selecting a lender. The number one step is to determine the best mortgage rates for you and also research on how long does pre approval take?

Comparing current mortgage rates in California

When comparing the mortgage rates, you get to select the amount of money, type of loan and whether you’re buying or refinancing a mortgage. The conditions of the current mortgage rates in California come into great play when selecting the type of mortgage you want. Although the rates now do not compare to how they were in the year 2012 and 2013, they’re still not as low as many of us would home for. For example, the 30 year mortgage rate began in 2014 at a rate of 4.42%. Then it later dropped to a little below 3.9% by the years end. The rates remained roughly the same all through 2015. In 2016, it’s currently at 3.8%.

Experts believe if you decide to purchase a home a bit later, you’ll possibly be in a good state since there’s a chance the rates will remain low. But you also need to consider a likelihood of a slight shift in the event Federal Reserve up rates notably.

How do you land the best mortgage rate?

Here’s how;

  1. Compare the current mortgage rates in California
  2. Ensure your credit score is spot clean
  3. Ensure you have enough savings for the down-payment
  4. Consider the duration you’ll be residing in the home

Here are a few common types of mortgages you’re likely to bump into

Fixed rate mortgages

This is the most common type of mortgage as well as the least complex to comprehend. Even though the principal amount against the interest on your mortgage is likely to alter over the period of the loan, you still get to pay a standard amount per month. Your interest rate is unchanged when you close the mortgage. It can be challenging to qualify for a fixed rate mortgage if your credit score is lower than the set standard. How long does pre approval take for fixed rate mortgages? Well, this is determined by your credit scores and financial history.

FHA and VA loans California

FHA and VA loans California are loans warranted by the government. FHA loans demand minimum down-payments in comparison to conventional loans. Also, their requirements are less strict. However, you are required to pay for mortgage insurance every month to safeguard the lender in case you are unable to pay your mortgage. VA loans California on the other hand demand no down-payments and no mortgage insurance. Nonetheless, you’ll have to have a veteran or military association in order to qualify for this mortgage.

How long does pre approval take?

Things that determine how long pre approval for mortgage will take include credit scores, previous debt incidents, bankruptcy or divorce incidents, etc. Go through your documents and ensure you haven’t been accused of not completing a certain debt. Also, some mortgages such as refinancing can take longer for pre approval. It can range from weeks to several months depending on your financial history.

Is There A Preferred Time To Go Into Refinancing Home Loan?

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Refinancing home loan means clearing a present debt and taking up a new one. Most home owners prefer refinancing due to its lower interest rates, the opportunity to lessen the loan term, the need to switch from one mortgage plan to another- for example, from 30 year fixed mortgage rates to a 10 year fixed rate- the chance to build equity in order to afford a bigger purchase, the ability to combine your debt and in some cases, a method on how to pay off mortgage faster. However, remember there are always pros and cons in every opportunity. In order to qualify for refinancing, you need title search, appraisal and application fees. But the decision to refinance is up to the home owner- you need to decide whether your reasons for seeking refinancing home loan are beneficial or not.

Minimized loan term

When interest rates drop, homeowners usually have a chance of refinancing a present mortgage for another mortgage without much alteration in the monthly payments. For example, if a homeowner was on 30 year fixed mortgage rates on a $150,000 house, refinancing home loan to 6% from 9% shortens the loan term to nearly half the number of years, with only a minute increase in monthly payments.

Secure minimal interest rate

Who wouldn’t want the opportunity to pay lower interest rate on their existing loan? Minimizing on interest rate aids in saving tones of cash in interest, builds the rate at which you generate equity in your house as well as minimize the amount of your monthly payments.

Changing from ARM to fixed mortgage rates

ARM’s start by issuing lower interest rates, which adjusts over time that results in a rate increment which is higher compared to the rates on fixed mortgages. When this happens, switching to a fixed mortgage rate results in a minimal interest rate. Moreover, you don’t have to worry about the increment in interest rates.

In vice-versa, changing from let’s say 30 year fixed mortgage rates to an ARM mortgage can also be a great strategy especially if the interest rates in the market are falling. If there is a steady decline in interest rates, the overall rate on an ARM may result in minimal rates and lower monthly mortgage payments, hence doing away with the option of refinancing home loan each time the rates fall. If you wanted to know how to pay off mortgage faster, try this option. Switching to an ARM may be a great option for homeowners who don’t plan in staying at their residence for several years.

Building equity and merge your debt

Refinancing can be tricky and can become an on-going debt. Homeowners usually utilize their house’s equity to cater for remodeling expenses, repairs and even their child’s education. Lengthening the life-shell of the loan is not always a wise financial decision and so is spending thousands of dollars in interest rates. Several homeowners opt for refinancing in order to combine their debt. Seemingly, switching a high interest loan with a low interest debt is a great idea. Unluckily, refinancing doesn’t bear instant financial sense. The reality is that people with high-interest loans on cars, credit cards and other purchases will repeat it again after the refinancing loan allows them the present credit to do so. If the homeowner is not careful, this cycle may end up in bankruptcy. If you are looking into how to pay off mortgage faster, this is certainly not one of them

All in all, refinancing can be a good financial strategy if it cuts down on your mortgage payment, minimizes your mortgage’s duration or help you generate equity fast. Before you refinance, contemplate on your financial situation and think about how long you intend to live in that house as well as the amount you will save by refinancing.

Get the best online pre-approval instant

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Online pre approval instant helps determine the mortgage plan that works best for you. During the pre approval stage, all your documents are verified by the lender to see whether you qualify for a particular mortgage or not. Nowadays, things have become easier, allowing you to seek and acquire preapproval online and get it instantly, be it for home buying or refinancing a mortgage. Most home owners are venturing into investment refinance property. However, the qualification standards for investment refinance property are normally stricter in comparison to seeking mortgage for your residential home.

Refinancing investment property is considered to be too risky, thus lenders demand for higher rates of higher down-payments. Nonetheless, before you take part in investment refinance property just because everyone is doing it, you need to consider mortgage rates California that best suits your financial aspirations.

Also, you can explore other options aside from refinancing your mortgage for example taking a jumbo mortgage. You can consult online mortgage companies to find out which option is best for you. Whichever mortgage plan you decide on, remember to have all your documents in order to speed up the pre approval process. As long as your papers are in order, you can obtain online pre approval instant.

Who can seek a jumbo loan?

Jumbo mortgage is mostly sought after by first time home buyers, particularly those who work in hi-tech industries. One thing you should note is that jumbo loans differ from conventional loans in that jumbo loans have stricter standards. The higher the jumbo mortgage amount, the harder it is to qualify. In order to be eligible for this mortgage plan, you need to have a minimum credit score of 700, a down-payment of 20% and enough money saved up to manage your living cost for the next one year. If it’s your first time buying a home, you’ll be required to have a minimum of 42% debt-to-income ratio, other lenders may demand even lower.

To find out whether or not you qualify for a jumbo loan, you can consult online mortgage companies. If you qualify, the next stage would be to get online pre approval instant. However, since jumbo loans involve hefty amounts, it may take the lender several months to verify the information you submit.

Keep up with the latest mortgage rates

When selecting a mortgage plan that works best for you, one thing you need to observe are the latest mortgage rates California. There are several types of mortgages in the market, which can be confusing for a first time home buyer. It is important you know the various mortgage plans before you set out comparing the latest mortgage rates California. When selecting a mortgage, go for the one that protects your financial interests.

Don’t hesitate to ask for help

There are various online mortgage companies that offer free consultation for matters related to mortgage rates, the various mortgage plans and online preapproval instant. They are the best people to go to for valid information. They can even advise you on the best mortgage plan for you or even help you calculate your credit score. If you ever need assistance, don’t hesitate to go online and ask for help. However, make sure the company you go to is valid.

Requirements for Jumbo loans California 2016-2017

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Most people opt for jumbo loans California that can cater for all their cash needs without them having to take another mortgage on the side. Nonetheless, did you know that jumbo loans California have maximum borrowing limits? It is important to know the specific loan limits for your county and also ways on how to pay off your mortgage faster.

Have you tried any great tips on how to pay off your mortgage faster? Even if you’ve selected a mortgage plan that works best for you, most people wish to clear their mortgage before the presided time. This can be attributed to by various factors such as the desire to be out of debt, taking another loan for real estate, relocating and so on.

What you need to doing order to secure real estate investors in California

Before you go looking for real estate investors in California, there are a few things you need to have in order to better your chances of securing real estate loan, for example ensuring that you have minimal or preferably no mortgages, immense equity and your documents are in order. Most lenders are hesitant when it comes to investing in real estate because real estate property investment is very risky.

If you’re looking for real estate investors in California, make sure your papers are in order and you have some money saved up to elevate your chances of securing the mortgage. Another option would be to opt for jumbo loans California. Several counties in California have a conforming loan limit of $417,000 while other high-end areas have conventional restrictions of up to $625,500. If it’s your first time purchasing a home, it is important you research on all the available options for mortgages before settling on one.

Program for first time home buyers

First time home buyer program California aims at providing all the pertinent information regarding home buying for newbie buyers. Remember, you’re not just buying a house but your dream home. Therefore, the decision you make has to be one you are utterly certain of.First time home buyer program California includes the various types of mortgages such as 15 year fixed mortgage rates, 30 year fixed mortgage rates, 7/1 ARMs, jumbo loans California, FHA loans VA mortgages and so on, and the qualifications for each mortgage plan. Once you are aware of the various mortgage plans on the market, it will be easier for you to select one that best suits your needs.

About 30 year fixed mortgages

30 year fixed mortgage rates have a constant loan interest rate for the duration of the loan. Compared to the 15 year mortgage plan, the 30 year fixed mortgage rate is more affordable. The only down side to it is that the payment plan is spread over several years. If you plan to live in the house for more than 5 years, this payment plan might just work for you. There are great tips on how to pay off your mortgage faster that might come in handy as well.

Lowest 30 year mortgage rate ever recorded in history

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Presently, the current mortgage rates are at their lowest with the lowest 30 year mortgage rate ever recorded in history. Even though the current rates are lower than they were in the years 2012 and 2013, they are still not as low as most people would hope for. Nonetheless, to California first time home buyers, there is no better time to buy a home in California than this.

Compared to other conventional mortgages, VA loans California have the least mortgage rates. VA loans California is a mortgage in the United States of America that is sanctioned by the U.S. Department of Veterans Affairs. In order to qualify for this loan plan, you have to be an active member of the military, National Guard, reservist, an American veteran or a surviving spouse of a veteran who died in active duty. However, just like with every other mortgage plan, you need to have pre approval for the mortgage. Pre approval mortgage loan shows the lender that you are capable of repaying the amount you are asking for.

Regardless of whether you are buying a home in California for the first time or you are an expert in home buying, current mortgage rates are pertinent in choosing the type of mortgage you want.

Difference between VA loans and conventional loans

The reason why VA loans California has become increasingly popular over the years is due to its immense benefits such as;

  • Zero down payments
  • No mortgage insurance required
  • Minimal qualification standards

Compared to conventional loans, VA mortgages have the lowest 30 year mortgage rate ever. For instance, the current 30 year fixed mortgage rate is at 3.8%, while the current 30 year fixed mortgage rate for VA loans are as low as 3.44%. VA loans are meant to offer long-term financing to those who qualify. Even with the lowest 30 year mortgage rate ever, you have to meet their requirements in order to qualify for this package.

How to speed the process of pre approval for California first time home buyers

Pre approval mortgage loan is the verification stage. Lenders will verify that all the information you’ve provided them is accurate. Also, it helps determine the amount of loan you can be given. Therefore, in order to make this process as short as possible, make sure all your documents are in order including your financial history, Social Security card, proof of employment, income and assets and records of any mortgages you have.

For California first time home buyers, make sure you have all these documents ready for verification in order to speed up the pre approval process.

Experts believe that if you are planning on buying a home in California a bit later, you will still be in a good state since they are expecting rates to fall down further or remain low. One thing for sure however is that VA loans have the lowest 30 year mortgage rate ever. Before settling on a mortgage plan, especially if you are buying a home in California for the first time, explore all the mortgage plans on offer in the market and identify the ones you qualify for. Buying a home is a big decision, one that should not be taken lightly.

Dreams Can Become Reality! Get the Home You’ve Always Wanted with 30 Year Fixed Mortgage Rates

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Whether it’s your dream home by the beach, mountains, or in the city, you might need to take out a jumbo loan, an amount higher than $417,000. That’s the conforming limit set by Fannie Mae and Freddie Mac. If you’re not needing a jumbo loan, you’ll probably want to go with a loan with 30 year fixed mortgage rates.

Jumbo Loans

If you’re just a step away from getting that perfect house, you might end up with a jumbo loan. As a result, you could end up paying a higher interest rate since this type of loan is considered high risk and usually requires a bigger down payment.

When it comes to a down payment, you could be asked to put down at least 15% — 30% at the most. As with loans with 30 year fixed mortgage rates, in order to avoid PMI (primary mortgage insurance), you need to put at least 20% down. Otherwise, PMI will be added to your monthly mortgage payment. PMI protects the lender in case you should default on your loan.

In order to qualify for a larger loan, you might need a credit score of at least 700 and at least six months’ worth of reserves. Some lenders also require a debt-to-income ratio of 43% or less.

30 Year Fixed Mortgage Rates

Loans with 30 year fixed mortgage rates are very popular since the interest rate doesn’t change. You’re dream home is a little more affordable since monthly payments are spread out over 30 years.

There are many other advantages of this type of loan including the interest being tax deductible. This can save you thousands each year. You’re not able to do this with credit cards and other types of credit.

Applying for this type of loan is also easy, especially at EZ Online Mortgage. We streamline the loan application process and get you an answer fast! You can apply from the comforts of your own home or from your office.

Even with a 30 year fixed mortgage rate, your payments might still be too high. Rather than walking away from the home you have fallen in love with consider paying on points to lower your monthly mortgage payment. One mortgage point equals one percent of the loan. For example, a $200,000 loan has a point value of $2,000. You can even offer to pay closing costs to reduce monthly payments. This obviously works if you have money left over after making a down payment. If you don’t, you’ll either need to find a cheaper home or just make the higher payment.

With having the option of a 30 year fixed mortgage rate and a jumbo loan, you should be able to get into the home you’ve always wanted. We’re here for you at EZ Online Mortgage and we’ll do everything we can to make the mortgage process easy and ensure your dream home does become reality!

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