Marina, California is located in Monterey County, with just over 25,000 residents at the last census count. Near beautiful Monterey Bay, Marina is located just six miles north of Monterey, California. The city of Marina runs for five miles along the Pacific Ocean coast, driving on scenic California Highway 1. Marina enjoys temperatures between 50 and 70 degrees, year round.
Have you longed to have a home in Marina, California? Or are you already enjoying the tropical climate and beautiful scenery with an existing mortgage in Marina? If you have an existing mortgage, have you thought about looking at a refinance option to see if you can obtain a lower interest rate and lower monthly payments? If so, please read on.
To apply for a mortgage or a refinance option, you need to find a lender you can trust. Look no further than by completing the form at the end of this article.
You will need to go through a mortgage pre-approval process, which entails you providing your lender with certain qualifying documentation. You will then need to decide on a type of mortgage loan that will suit your needs best. The two most popular types of mortgage loans are the fixed rate mortgage loan and the adjustable rate mortgage loan.
A fixed rate mortgage is a loan in which your interest rate is guaranteed for the life of your loan. Your monthly mortgage payments will be fixed, as well, and will always remain the same amount, thereby providing consistency for your budget purposes. If you want to know exactly what the amount of your monthly mortgage payment is going to be for the term of your loan, then this is the loan for you. Typical loan terms for this type of mortgage are usually either 15 or 30 years.
An adjustable rate mortgage (ARM) is a loan with a static interest rate for the first few years. After the first few years, your interest rate has the ability to adjust with this type of loan. Your interest rate can adjust with changing economic activity or fluctuating market conditions. Your interest rate can raise or lower, depending on the current economic atmosphere. Your monthly mortgage payments will be affected by this ebb-and-flow interest rate as well. You will need to be flexible to adapt to the changes that will occur in your monthly budget due to this fluctuation. This is a great loan type to save you money in the initial first few years of your loan. Saving money at the beginning of your loan can often help soften the blow of settling into the routine of paying monthly mortgage payments.
After you have applied for your loan, your lender should send you three forms via regular mail. Those three forms are:
The Good Faith Estimate will give you an idea of what the closing costs for your loan might be.
The Truth in Lending Act declaration will estimate the annual percentage rate (APR) on your loan and give you an estimate of what you can expect your monthly payments to be.
The Equal Credit Act lets you know that you cannot be turned down for a loan on the basis of religion, race, or gender.
Another alternative you might consider, if you have an existing mortgage, is a home equity loan option. A home equity loan allows you to access the equity (cash) in your home with a second mortgage. This lump sum cash payment can help with unexpected medical expenses, vehicle repair expenses, or home remodeling expenses, just to name a few situations which might arise where a substantial amount of cash may be needed.
To find out about all of your refinance, mortgage, and home equity loan options in Marina, California, please complete the form below.
