US | California | Palo Alto Mortgage Lender
Palo Alto MORTGAGE LENDER
Finding a great 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 Palo Alto gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.
Palo Alto () is a charter city located in the northwestern corner of Santa Clara County, California, United States, in the San Francisco Bay Area. Palo Alto means tall stick in Spanish; the city is named after a coastal redwood tree called El Palo Alto.
The city was established by Leland Stanford Sr. when he founded Stanford University, following the death of his son, Leland Stanford Jr. Palo Alto includes portions of Stanford University and shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. As of the 2010 census, the city’s total resident population is 64,403. Palo Alto is one of the most expensive cities in the United States to live in, and its residents are among the highest educated in the country.
As one of the principal cities of Silicon Valley, Palo Alto is headquarters to a number of high-technology companies, including Hewlett-Packard (HP), Space Systems/Loral, VMware, Tesla, Ford Research and Innovation Center, PARC, IDEO, Skype, Houzz, and Lockheed Martin Advanced Technology Center. Palo Alto has also served as an incubator and was headquarters to several other prominent high-technology companies such as Apple, Google, Facebook, Logitech, Intuit, Pinterest, and PayPal.
Home Loans, VA Loans, Refinance and More…
Palo Alto VA Loans (VA Loan Experts in 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.
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.
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.
Local Service Areas
in Palo Alto, CA.
- VA Loans
- Rate Refinance
- Cash-out Refinance
- FHA Loans
- First Time Mortgage
- Conventional Home Loan
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