US | California | Saratoga Mortgage Lender

Saratoga MORTGAGE LENDER

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

Saratoga ( SARR-ə-TOH-gə) is a city in Santa Clara County, California, United States. It is located on the west side of the Santa Clara Valley, directly west of San Jose, in the San Francisco Bay Area. The population was 29,926 at the 2010 census. Located on the western edge of Silicon Valley, Saratoga is known locally for its suburban small-town feel, wineries, and high-end restaurants. Major attractions of Saratoga include Villa Montalvo, Hakone Gardens, and the Mountain Winery.

The 2016 Coldwell Banker Home Listing Report listed Saratoga as the most expensive housing market in the United States. In 2010 Bloomberg Businessweek named Saratoga the most expensive suburb in California. According to CNN Money 70.42% of Saratoga households have an income greater than $100,000. Saratoga also was ranked by Forbes in 2009 as one of America’s top 20 most-educated small towns. Bloomberg Businessweek also named Saratoga’s zip code 95070 the 18th richest zip code in America in 2011. In 2018, data from the American Community Survey revealed that Saratoga was the 8th wealthiest city in the United States.

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Home Loans, VA Loans, Refinance and More…

Mortgage Lender in Saratoga, CA.

Saratoga VA Loans (VA Loan Experts in Saratoga)
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.

Saratoga 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.

Saratoga 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 Saratoga, CA. by Mortgage Heroes

Local Service Areas

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Popular Services

in Saratoga, CA.

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

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