Guide to Refinance, Mortgage,
& Home Equity Loans in
Parkway, California (CA)

Parkway is a community in South Sacramento, an area noted for its beautiful Mediterranean climate and outdoor recreational activities. The Sacramento area is ethnically and culturally diverse, laid back and friendly.

If you are looking for a home in Parkway, you will find a good selection of homes in all price ranges. There are some incentive programs available to help first-time homeowners get into the house of their dreams. Whether you buy a home, refinance your current home or take out a home equity loan, you will need a mortgage.

Mortgages

The biggest and most important debt most people acquire is a home mortgage. This may be your first mortgage, you may be selling one home and buying another or this could be a second home or an investment home. It does not matter because the process is the same.

Before you go house shopping, it is helpful to get pre-approved for a mortgage. You select a lender and submit proof of income and financial liability, and the lender verifies that he or she will lend you a certain amount for the purchase of a home. Pre-approval helps you know which homes you can get financing for, and it communicates to the sellers that you are a serious buyer. Sellers are twice as likely to accept an offer from someone who has been pre-approved.

Once you have found a home, made an offer and had it accepted, you will actually apply for the loan. Your lender will ask for even more paperwork, and he will give you certain documents. You must receive a Good Faith Estimate and a Truth in Lending disclosure within a few days of applying for the loan.

When the day of closing finally arrives, you go in, give the lender a certified check for your down payment and closing costs, sign more papers and get the keys to your new home.

Refinancing

Refinancing is getting a new mortgage with better terms and paying off your old one, so you will go through pretty much the same process as a mortgage, except you do not have to get pre-approved. Refinancing is a hassle, and there are fees associated with the loan, but it may be a good idea if you want to:

  • Lower your house payments.
  • Pay off your home sooner and/or
  • Get extra cash from your equity.

If you have a high-interest fixed rate loan, you may want to refinance for a lower interest rate. If you are thinking of moving soon, you may even want to convert to an adjustable rate mortgage with a low introductory rate.

If you currently have an ARM, and your interest rate is going to go up soon, you could save money and keep your house payment from going up by converting to a fixed rate loan.

There are lots of different options, and you will have to explore them to determine which refinance loan will work best for you.

When you are refinancing, you may also want to cash out some of your equity. This option gives you extra cash to use however you need or want to.

Home Equity Loans

Another way to cash out your equity is to take out a home equity loan. If you already have a great mortgage, this may be a better plan for you. A home equity loan is also called a second mortgage, and you will have a second house payment on it. If you need money for bills, school, home improvement, a vacation or anything else, a home equity loan is a less expensive way to go than other financing options, and the interest is usually tax deductible.

Part of getting a home loan is finding a good lender. We can help with that; just fill out the form at the bottom of this page and we will contact you.


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