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Benicia MORTGAGE LENDER

Finding a great Benicia, 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 Benicia gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.

Benicia ( bə-NEE-shə, Spanish: [beˈnisja]) is a waterside city in Solano County, California, located in the North Bay region of the San Francisco Bay Area. It served as the capital of California for nearly thirteen months from 1853 to 1854. The population was 26,997 at the 2010 United States Census. The city is located along the north bank of the Carquinez Strait. Benicia is just east of Vallejo and across the strait from Martinez. Steve Young, elected in November 2020, is the mayor.

The town is divided into four areas: the East Side (east of First Street), the West Side (west of First Street), Southampton (north of Interstate 780), and the industrial park. Most of the town’s older homes are on the east and west sides. Southampton contains primarily single-family housing developments and condominiums, most of which were built between 1970 and 2000. The East Side includes the Benicia Arsenal, a former United States Army armory, which was bought by the city and is now used for a variety of purposes, most notably as live-work spaces for artists. The Arsenal is home to several historic (ca. 1860) landmark buildings such as The Clocktower, the Camel Barn, and the Lieutenant’s Quarters (currently known as Jefferson Street Mansion). The industrial park lies to the northeast of the residential areas of the city, and includes the Valero oil refinery. The Benicia State Recreation Area is on the far west edge of the city.

The main retail area in Benicia is First Street, which attracts out-of-town antique and boutique shoppers and those seeking small-town, historic charm. In 1987 Benicia was selected to participate in the California Main Street Program.

Connections to Benicia include Interstate 680 from Martinez to the south and Cordelia Junction (Fairfield) to the north, and Interstate 780, Columbus Parkway, and other local roads from Vallejo to the west. Amtrak also runs through the city north towards Sacramento, but the nearest train station lies in Martinez across the Carquinez Strait. Railroad tracks carrying Amtrak and Union Pacific Railroad lines cross the strait alongside the Benicia–Martinez Bridge.

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Home Loans, VA Loans, Refinance and More…

Mortgage Lender in Benicia, CA.

Benicia VA Loans (VA Loan Experts in Benicia)
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.

Benicia 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.

Benicia 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.

VA Loan Experts in Benicia, CA. by Mortgage Heroes

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Popular Services

in Benicia, CA.

  • VA Loans
  • Rate Refinance
  • Cash-out Refinance
  • FHA Loans
  • First Time Mortgage
  • Conventional Home Loan

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