US | California | Bellflower Mortgage Lender
Bellflower MORTGAGE LENDER
Finding a great Bellflower, CA. mortgage lender will help you and your family acquire and finance residential real estate. The process of buying or refinancing a home can be complicated, but it does not need to be.
Hiring a professional is vital to ensuring you are getting the right loan that suits you and the results you are looking to achieve. There are a lot of mortgage loan options and a variety of lender types; however, working with a local mortgage lender in Bellflower gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.
Bellflower is a city located in southeast Los Angeles County, California, in the Los Angeles metropolitan area. It was founded in 1906 and incorporated on September 3, 1957. As of the 2010 census, the city had a total population of 76,616, up from 72,878 at the 2000 census. This made it the 65th most densely populated city in the United States, of cities over 50,000 residents (and the 8th most densely populated city in California).
The site was formerly rich farmland watered by artesian wells and floodwaters of the now-contained San Gabriel River. In 1906, F.E. Woodruff, a local real estate investor, founded the first municipality on the site, which was named Somerset in 1909 when a post office was established there. However, the Post Office Department rejected the name to prevent confusion with Somerset, Colorado. The present name is derived from the bellflower apple, which was grown in local orchards during the early 1900s.
Originally settled by small communities of dairy farmers of Dutch, Japanese, and Portuguese descent, Bellflower and neighboring Paramount served first as the apple and later the milk production centers for Southern California, until soaring post-World War II property values forced most of the farmers to move several miles east to the Dairy Valley/Dairyland/Dairy City area (now the cities of Cerritos, La Palma, and Cypress). These farms were in turn converted into large housing subdivisions for Los Angeles’s growing population that worked in the region’s skilled industrial and service sectors.
After Bellflower was incorporated in 1957, its gradual metamorphosis from agricultural center to residential suburb continued. From the 1950s through the late 1960s, Bellflower Boulevard, the city’s main thoroughfare, was a thriving commercial strip for shopping. Numerous retail and franchise restaurant firms began on this street, which also featured middle- and high-end boutiques, arts and crafts shops, and other small shopkeeps alongside larger department stores and banks. It is a sister city with Los Mochis, Sinaloa, Mexico.
Home Loans, VA Loans, Refinance and More…
Bellflower VA Loans (VA Loan Experts in Bellflower)
The VA loan is a 0% down payment mortgage loan available to active-duty service members, veterans, qualifying reservists and select military spouses. VA loans are funded by banks (“lenders”) and are partially guaranteed by the U.S Department of Veteran Affairs (commonly called “The VA”). There are a lot of myths about the VA loan which lead most people to believe the benefit can only be used one time (single-use benefit); however, that is untrue and there are many homeowners who have used their VA entitlement for a subsequent purchase or refinance. The home loan Certificate of Eligibility “COE” (VA Form 26-1880) will determine how much eligibility you have available to you for your purchase or refinance and can be request by your team Mortgage Heroes. It is important to know that VA loans have NO Private Mortgage Insurance (PMI) and tend to have lower interest rates compared to the conventional mortgage market.
Bellflower Conventional Loans
Conventional loans are the most widely used loans for residential real estate. Conventional loans are broadly offered by many banks and lending institutions throughout the country and are broken into two categories: Conforming and Non-Conforming. Conforming conventional loans follow guidelines set by Fannie Mae and Freddie Mac, while non-Conforming conventional loans can have looser or tighter guidelines depending on who the lender is. Commonly conventional purchase loans are believed to require 20% down payment; however, there are a variety of options available, and some can be funded with as little as 3% down.
Conventional refinances are offered as “Rate and Term” or “Cash Out” refinances. Rate and Term refinances are what they sound like, a refinance where the new loan’s rate and term changed, but the loan balance remains the same (except for closing costs, impounds and fees rolled into the new loan). Cash Out refers to the cash back that the homeowner receives because of taking out a new loan at a higher loan amount than what they currently owe. Simply put, this is home equity being taken from the value of the house and transferring it to the homeowners to use as they wish. People who do cash out loans typically consolidate debts, pay down or pay off debts all together, remodel part of their home, or make upgrades.
Bellflower FHA Loans
FHA loans are residential loans backed by the Federal Housing Administration. FHA loans are most commonly used by first time, or repeat, homebuyers who have minimal money for down payment. Down payment can be as little as 3.5% for a FHA purchase loan. Although these loans are still financed by banks and lenders, they are still backed by the Federal Housing Administration, and they do have mortgage insurance.
The FHA Streamline refinance is a change in the rate and term of the loan, similar to the conventional rate and term refinance. For homeowners who need to access their equity, FHA does also offer a cash out refinance program.
Local Service Areas
in Bellflower, CA.
- VA Loans
- Rate Refinance
- Cash-out Refinance
- FHA Loans
- First Time Mortgage
- Conventional Home Loan
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