Inglewood is a city in southwestern Los Angeles County . The city has a population of around 113,000 people and was incorporated as a town in 1908.
The earliest residents of what is now Inglewood were indigenous people who lived off of the nearby natural springs. The city of Inglewood is well-known for being the fictional setting for the 1994 motion picture Pulp Fiction. That film has made it a tourist attraction for film lovers who wanted to be able to walk around the area where the film was shot.
If you think Inglewood is the perfect place for your home, you’ll need to start with a great mortgage.
Mortgage Choices
For a new homebuyer in Inglewood , you may need some assistance with
mortgage financing, as home prices on are on the rise in the area. One route for you to consider is an interest-only mortgage.
A five or ten year interest-only period is normal for an interest-only mortgage. After this period, the principle balance is amortized for the final repayment term. This means that if you had a thirty-year mortgage and the first ten years were interest-only, at the end of the first ten years, the principle balance would be amortized for the remainder of the twenty years.
The first repayments are considerably lower than later repayments will be. This is to allow the borrower to increase his or her salary substantially over the course of the loan to borrow more than she actually would have otherwise been able to afford.
If an interest-only loan doesn’t sound quite right, maybe you should consider a balloon loan. A balloon payment mortgage is a one that doesn’t fully get paid
over the term of the loan, therefore leaving a sizeable balance due at the
loan’s point of maturity. This ultimate payment is called a balloon
payment because of its large, balloon-like size. One example of a balloon payment mortgage is the 7-year Fannie Mae Balloon, which features monthly payments based on a 30-year loan. This can be a great choice if you only plan to stay in the home for a few years and you want to take advantage of the low interest rates.
Refinance Choices
If you took out an interest-only loan, a balloon loan or any other type of mortgage, but you’re not quite happy with the terms, maybe it’s time to consider an Inglewood refinance loan. Refinancing your loan will replace your first mortgage, so you’ll need to choose a new loan and a new term for that loan. The great news is that you’ll have all of the same options you did when you were choosing your first mortgage. Whether you got a more traditional mortgage product like a fixed rate loan and you want to move to something funky like an interest only loan or vice versa, a refinance can help. One option you’ll have with a refinance loan that you didn’t have when you took out your initial mortgage loan is the choice to cash out the equity you’ve built up in your home.
Don’t know about equity? It’s the difference between the balance of your loan and the value of your house, and it’s a valuable financial tool. Whether you need to get rid of some credit card debt or you want to add a second story to your home, a cash out refinance can offer you a lot of cash in a hurry.
If you like the idea of quick cash, but you hate to give up the great deal you got with your initial mortgage just to get it, consider a home equity loan. Also called a second mortgage, this loan will be in addition to your initial loan. That means two payments every month. The upside is that you can use that money for a great vacation or to send your son or daughter to college. Whatever your financial needs, the equity is there to work for you.
If you’re interested in a mortgage, refinance, or home equity loan, take a moment to fill out the form below. A lender will contact you right away to discuss your needs.
