Current California Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
Is my personal information safe?
Absolutely. Your privacy and security is of the utmost importance to us. After logging into this system, your information
is encrypted so your personal information cannot be accessed or viewed by anyone without the proper privileges. We
maintain the highest level of security and data encryption available throughout your loan process.
What is title insurance?
Title insurance provides the lender and the buyer if you purchase owner’s coverage with coverage for losses resulting
from specific title defects listed in the policy. In cases where land and property have changed hands over time, there
is always the possibility an error has occurred. If an error has occurred, someone else may have an interest in the
property, improvements may encroach on property lines or other similar problems may exist. In these scenarios, if you do
not have title insurance you could lose your investment in your home. Lenders require "lenders coverage" to protect
their investment and it only protects the lender. Owner’s coverage is optional and provides separate coverage for the
borrower.
What is the minimum down payment required in order to eliminate PMI?
Typically, on a primary residence, the minimum that you need to put down to eliminate PMI is 20%. If you are putting
less than this down, but wish to avoid PMI, we may have alternative products and pricing options.
Who are "Fannie Mae" and "Freddie Mac"?
Fannie Mae, also known as the Federal National Mortgage Association FNMA and Freddie Mac, also known as the Federal
Home Loan Mortgage Corporation FHLMC, are government-sponsored enterprises GSE that buy mortgages from lending
institutions in the secondary market; both operate as publicly traded corporations.
Steps to Getting a California Mortgage?
Get a Free Credit Report!
The first step to getting a California mortgage is to know your credit score.
Understanding your credit report is a critical part to getting your mortgage.
Raise your score while you shop for your California home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
Get your Credit Score
Build Your CreditPrequalify today for a new MasterCard that matches your credit profile. Risk Free. Start Now.
Can I get a FHA?
The process of applying for an FHA loan is pretty much the same as applying for a conventional mortgage. You will need to provide verified proof of your income over the past three years – yet what qualifies as income is relaxed a bit. Social security, alimony, rent paid by other family members and such qualify as income under the FHA program. In addition, short-term debt doesn’t count against you (short-term is defined as being able to be paid off in less than 10 months).
Lending Tree Mortgage Calculator
Compare California local and national bank lenders.
California Mortgage Lenders are among some of the most stable and succesful in the country. Now is the time to get a new or refinanced mortgage while CA interest rates are low!
Fix Your Credit before Applying
Although it is very possible to get approved for a first time home loan with poor credit, a good credit rating will open the doors for low rates and better financing options. Improving your credit is a slow process. To begin, strive to pay all creditors on time and avoid skipping payments. A key to increasing credit scores is maintaining a good credit standing. Secondly, reduce your debts. Maintain credit cards at half the maximum limit. If possible, payoff balances monthly.
