The following is a partial list of programs offered by Northern California Financial with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 800-419-8141
Construction loans are used to finance the construction of a new structure. Whether you’re interested in building a brand new home for you and your family or you’re looking to construct a commercial property we can help craft a terrific lending solution. Each loan is as unique as the property you’re looking to construct.
We look forward to your questions about construction loans. Please call us to find out more.
Home Equity Loans
Home equity loans call for the borrower to acquire a new loan on an already mortgaged property using the equity you’ve built as collateral. Home equity loans are typically reserved for those looking to pay down medical or consumer debt, start a business or pay tuition. Please contact us directly if you’re interested in a home equity loan.
Most states restrict the amount of money one can borrow against their home. Interest rates on home equity loans are generally higher than conventional loans.
Conventional Fixed Rate Mortgages (FRM)
A popular loan type, conventional fixed rate loans feature a constant interest rate for the life of the life. Generally speaking, monthly payments remain constant. Traditionally borrowers are expected to provide a 20 percent down payment though this is not necessarily required. Contact us for details on down payment requirements.
Available terms generally range from 10 years, 15 years, and 30 years.
Adjustable Rate Mortgages (ARM)
Adjustable rate mortgages are loans where the interest rate is recalculated on a yearly basis depending on market values. As interest rates are adjusted so is the borrower’s monthly payment. While interest rates on ARM loans are generally lower than fixed rate loans they can eventually become higher.
Various types of ARM loans include Hybrid ARMs such as 10/1 year, 7/1 year, 5/1 year and 3/1 year programs. Contact us for more information on adjustable rate mortgage loans.
A jumbo loan, or non-conforming loan, usually means any home loan for amounts higher than $417,000. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.
Learn more about jumbo loans by contacting us today.
Refinance Mortgage Loans
Homeowners looking to decrease their interest rate may consider refinancing. A refinance calls for the homeowner to obtain another mortgage loan. Those funds are then used to pay off the original mortgage loan and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.
Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a FRM, and in some cases reduce your loan term.
FHA Mortgage Loans
FHA loans are private loans insured by the federal government. These loans are popular with borrowers who don’t have enough funds to pay a traditional 20 percent down payment because they only require 3 percent down to qualify. Those who choose these loans are required to pay mortgage insurance which slightly increases their monthly payments.
Lenders who wish to offer these loans must be approved by the Department of Housing and Urban Development. Please contact us today to find out if a FHA loan is right for you.
VA Mortgage Loans
Like a FHA loan, VA loans are private loans insured by the federal government. VA loans are only available to qualified military veterans and their families. These loans are only available to these individuals for their own primary residences and cannot exceed a $417,000 loan limit.
For information on qualifying for this loan program please give us a call today.