US | California | Spring Valley Lake Mortgage Lender
Spring Valley Lake MORTGAGE LENDER
Finding a great Spring Valley Lake, 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 Spring Valley Lake gives you the best opportunity to secure a low rate and smooth transaction with a realistic closing timeframe.
Spring Valley Lake is a census-designated place in the Victor Valley of the Mojave Desert, within San Bernardino County, California. It is located in Victorville on the Mojave River.
Spring Valley Lake sits at an elevation of 2,779 feet (847 m).
According to the United States Census Bureau, the CDP covers an area of 3.5 square miles (9.1 km2), 3.0 square miles (7.7 km2) of it land, and 0.6 square miles (1.5 km2) of it (15.95%) water.
At the 2010 census Spring Valley Lake had a population of 8,220. The population density was 2,327.0 people per square mile (898.5/km2). The racial makeup of Spring Valley Lake was 6,450 (78.5%) White (68.1% Non-Hispanic White), 403 (4.9%) African American, 55 (0.7%) Native American, 381 (4.6%) Asian, 23 (0.3%) Pacific Islander, 481 (5.9%) from other races, and 427 (5.2%) from two or more races. Hispanic or Latino of any race were 1,528 persons (18.6%).
The whole population lived in households, no one lived in non-institutionalized group quarters and no one was institutionalized.
There were 3,072 households, 1,054 (34.3%) had children under the age of 18 living in them, 1,808 (58.9%) were opposite-sex married couples living together, 347 (11.3%) had a female householder with no husband present, 159 (5.2%) had a male householder with no wife present. There were 149 (4.9%) unmarried opposite-sex partnerships, and 22 (0.7%) same-sex married couples or partnerships. 596 households (19.4%) were one person and 294 (9.6%) had someone living alone who was 65 or older. The average household size was 2.68. There were 2,314 families (75.3% of households); the average family size was 3.06.
The age distribution was 1,932 people (23.5%) under the age of 18, 712 people (8.7%) aged 18 to 24, 1,842 people (22.4%) aged 25 to 44, 2,375 people (28.9%) aged 45 to 64, and 1,359 people (16.5%) who were 65 or older. The median age was 41.3 years. For every 100 females, there were 95.2 males. For every 100 females age 18 and over, there were 92.2 males.
There were 3,478 housing units at an average density of 984.6 per square mile, of the occupied units 2,273 (74.0%) were owner-occupied and 799 (26.0%) were rented. The homeowner vacancy rate was 3.2%; the rental vacancy rate was 7.7%. 5,694 people (69.3% of the population) lived in owner-occupied housing units and 2,526 people (30.7%) lived in rental housing units.
According to the 2010 United States Census, Spring Valley Lake had a median household income of $58,317, with 9.5% of the population living below the federal poverty line.
Home Loans, VA Loans, Refinance and More…
Spring Valley Lake VA Loans (VA Loan Experts in Spring Valley Lake)
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.
Spring Valley Lake 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.
Spring Valley Lake 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 Spring Valley Lake, CA.
- VA Loans
- Rate Refinance
- Cash-out Refinance
- FHA Loans
- First Time Mortgage
- Conventional Home Loan
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