US | California | Salinas Mortgage Lender
Salinas MORTGAGE LENDER
Finding a great Salinas, 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 Salinas gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.
Salinas (; Spanish for saltworks) is a city in California and the county seat of Monterey County. With a population of 155,564 (as of 2019), Salinas is the most populous city in Monterey County. Salinas is an urban area located in the Monterey Bay Area, just south of the San Francisco Bay Area and 10 miles (16 km) southeast of the mouth of the Salinas River. The city is located at the mouth of the Salinas Valley, roughly eight miles from the Pacific Ocean, and it has a climate more influenced by the ocean than the interior.
Salinas serves as the main business, governmental and industrial center of the region. The marine climate is ideal for the floral industry, grape vineyards, and vegetable growers. Salinas is known as the “Salad Bowl of the World” for its large, vibrant agriculture industry.
It was the hometown of writer and Nobel laureate John Steinbeck (1902–68), who set many of his stories in the Salinas Valley and Monterey. Salinas is one of the largest communities in Northern California with a Hispanic majority and in the nation overall as of the 2010 census. The city also has a sizable Asian-American population, once boasting the 2nd biggest Chinatown in the nation.
Home Loans, VA Loans, Refinance and More…
Salinas VA Loans (VA Loan Experts in Salinas)
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.
Salinas 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.
Salinas 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 Salinas, CA.
- VA Loans
- Rate Refinance
- Cash-out Refinance
- FHA Loans
- First Time Mortgage
- Conventional Home Loan
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