California Platinum Loans

Like their names, jumbo home mortgages and super jumbo home mortgages are large and even larger. In some counties in the U.S., a jumbo mortgage is any mortgage bigger than $484,350. This isn’t the case in Los Angeles and Orange counties. As higher-priced real estate markets, jumbo mortgages on single family homes in LA and Orange counties are any amount over $726,525. A super jumbo mortgage is typically one that is over $1.5M and in higher priced area’s in California, especially Southern California and in Northern California we routinely see super jumbo loans in the $10M to $20M loan amount range.

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Applying for a mortgage can be overwhelming with all the requests, forms, and procedures. Add in some terms like WVOE — Written Verification of Employment — and it could be even more confusing. We decided to clear a bit of this information up for you. You don’t always need a WVOE to get a home loan. WVOE is another term for Fannie Mae’s Form 1005, a standard form that has been given out for years to verify employment status and income when qualifying borrowers for mortgages.

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A jumbo loan is a loan that exceeds the conforming loan limits as set by Fannie Mae and Freddie Mac. As of 2010, the limit is $417,000 for most of the US, apart from Alaska, Hawaii, Guam, and the U.S. Virgin Islands, where the limit is $625,500. Rates tend to be a bit higher on jumbo loans because lenders generally have a higher risk.

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Need refinancing options on a home, or other real estates? Choosing a refinance product that matches your goals and making sure you get the best rate for your given scenario can feel like playing whack-a-mole. We’re here to make the home refinance process a whole lot easier, with tools and expertise that will help guide you along the way, starting with a FREE refinance analysis request.

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There are many benefits, as taken directly from the Veterans Affairs site: no down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property); buyer informed of reasonable value; negotiable interest rate and more. A VA loan is a mortgage loan  in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders.

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A reverse mortgage pays off your existing mortgage, should you have one, by allowing you access to the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. A reverse mortgage is a loan for seniors age 62 and older. HECM reverse mortgage loans are insured by the Federal Housing Administration (FHA) and allow homeowners to convert their home equity into cash with no monthly mortgage payments.

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Most homeowners get into adjustable-rate mortgages for the lower initial payment, and then usually refinance the loan when the fixed period ends. At that time, the interest rate becomes variable, or adjustable, and the homeowner would likely refinance into another ARM, something fixed, or sell the home outright. 

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Get a FREE quote on a 30-year fixed rate mortgage & save thousands of dollars per year. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan. The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then stable-rate loans are usually cheaper.

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Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5% is required. Borrowers who cannot afford a traditional down payment of 20% or can’t get approved for private mortgage insurance should look into FHA loans. 

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Refinancing is the process of paying off your existing mortgage with a new mortgage. Typically, you refinance your mortgage to reduce your interest rate and monthly payment or change the length (or term) of your mortgage. You may also refinance to take cash out from your home’s equity.

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