US | California | Modesto Mortgage Lender
Modesto MORTGAGE LENDER
Finding a great Modesto, 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 Modesto gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.
Modesto (Spanish for ‘”modest”‘), officially the City of Modesto, is the county seat and largest city of Stanislaus County, California, United States. With a population of approximately 201,165 at the 2010 census, it is the 18th largest city in the state of California and forms part of the San Jose-San Francisco-Oakland Combined Statistical Area.
Modesto is located in the Central Valley, 68 miles (109 km) south of Sacramento and 90 miles (140 km) north of Fresno. Its distance from other places include 40 miles (64 km) north of Merced, California, 92 miles (148 km) east of San Francisco, 66 miles (106 km) west of Yosemite National Park, and 24 miles (39 km) south of Stockton. Modesto has been honored as a Tree City USA numerous times.
The city is surrounded by rich farmland. Stanislaus County ranks sixth among California counties in farm production, and is home to Gallo Family Winery, the largest family-owned winery in the United States.
Led by milk, almonds, chickens, walnuts, and corn silage, the county grossed nearly $3.1 billion in agricultural production in 2011. The farm-to-table movement plays a central role in Modesto living as in the Central Valley.
The Gallup-Healthways Well-Being Index for 2011, which interviews 1,000 participants about their jobs, finances, physical health, emotional state of mind and communities, ranked Modesto 126 out of the 190 cities surveyed. In December 2009, Forbes ranked Modesto 48th out of 100 among “Best Bang-for-the-Buck Cities”. In this ranking, Modesto ranked 8th in housing affordability and travel time but also ranked 86th in job forecast growth and 99th in foreclosures.
Home Loans, VA Loans, Refinance and More…
Modesto VA Loans (VA Loan Experts in Modesto)
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.
Modesto 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.
Modesto 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 Modesto, CA.
- VA Loans
- Rate Refinance
- Cash-out Refinance
- FHA Loans
- First Time Mortgage
- Conventional Home Loan
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