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East Palo Alto MORTGAGE LENDER

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

East Palo Alto (abbreviated E.P.A.) is a city in San Mateo County, California, United States. As of the 2010 census, the population of East Palo Alto was 28,155. It is situated on the San Francisco Peninsula, roughly halfway between the cities of San Francisco and San Jose. To the north and east is the San Francisco Bay, to the west is the city of Menlo Park, and to the south the city of Palo Alto. Despite being called “East” Palo Alto, the city is directly north of Palo Alto. While often incorrectly assumed to be part of the city of Palo Alto, East Palo Alto has always been a separate entity since its founding as an unincorporated community until its incorporation in July 1983. It is also in San Mateo County, while Palo Alto is in Santa Clara County. The two cities are separated only by San Francisquito Creek and, largely, the Bayshore Freeway (the vast majority of East Palo Alto is northeast of the freeway, while all of the residential part of Palo Alto is southwest of the freeway). The revitalization projects in 2000, and high income high-tech professionals moving into new developments, including employees from Google and Facebook, have begun to eliminate the cultural and economic differences between the two cities. East Palo Alto and Palo Alto share both telephone area codes and postal ZIP codes.

In 1990, 43% of East Palo Alto’s residents were African Americans, which was the result of redlining practices and racial deed restrictions in Palo Alto. Latinos now constitute about 65% of the total population, while the proportion of African Americans has decreased to about 15%. A small minority of Pacific Islanders also reside in East Palo Alto, most of Tongan, Samoan and Fijian origin.[citation needed]. East Palo Alto has the largest concentration of Pacific Islanders of any American city or town outside Hawaii.[citation needed].

The prosperity that benefited the Silicon Valley during the dot-com boom of the late 1990s largely bypassed East Palo Alto. The Ravenswood City School District, which serves East Palo Alto and part of adjoining Menlo Park, has struggled with low academic performance.[citation needed] Eventually, however, the Peninsula’s shortage of land and soaring property prices meant that even East Palo Alto became an option for urban regeneration. Until recently, gentrification has been rare in East Palo Alto.

East Palo Alto also includes a small piece of land across the Bayshore Freeway (US 101) from the shopping center, a roughly triangular area between US 101 and San Francisquito Creek, formerly the site of a two-block-long retail business district known as Whiskey Gulch. The name dates back to the time when Stanford University, on the other side of Palo Alto to the west, was dry and prohibited alcohol sales within a radius of one-mile (1.6 km) from the campus. Whiskey Gulch, which was just outside these limits, became home to a number of liquor stores, bars, and music venues. Long after the university had relaxed its prohibition rules, the neighborhood still retained this character until 2000, when the city tore down Whiskey Gulch and replaced it with the University Circle office complex. A 200-room Four Seasons hotel opened in University Circle in 2006.

Over 25% of East Palo Alto (400+ acres) has been bulldozed and replaced with brand new housing and brand-name retail establishments over the last 10–15 years (since approximately 1997), including IKEA, Target, Home Depot, Nordstrom Rack, Togo’s, Starbucks, Office Depot, Mi Pueblo Food Center, PGA Tour Superstore, 6 to 9 Dental and Jamba Juice, attracting an entirely new demographic. The University Square community has become particularly appealing to young high-tech professionals and high-income couples, including many employees from Google, Facebook, Sun Microsystems, Yahoo!, and various other software and startup companies.

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Home Loans, VA Loans, Refinance and More…

Mortgage Lender in East Palo Alto, CA.

East Palo Alto VA Loans (VA Loan Experts in East Palo Alto)
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.

East Palo Alto 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.

East Palo Alto 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 East Palo Alto, CA. by Mortgage Heroes

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in East Palo Alto, CA.

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

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