Santa Paula, California, the Citrus Capital of the World, is located in Ventura County, California. Santa Paula is in the southwestern portion of California and, in the census of 2000, had just below 30,000 residents. The climate is perhaps one of the best in the nation, with summers averaging highs in the low 80s and winters averaging highs in the low 70s.
If you are lucky enough to already live in Santa Paula and have an existing mortgage, find out what a home equity loan can do for you. If you have an existing mortgage and want to refinance to obtain a better interest rate and lower your monthly payments, that is an option also. If you are just now deciding to move to Santa Paula, many alternatives exist to help you purchase a home.
The Loan Process
The first thing you should do is decide on a lender and get the pre-approval process started. You will need to take documentation to your lender to prove your past work history and ability to pay your bills on time. This documentation will include: W-2 tax forms (1099 forms if you are self-employed), recent pay stubs, recent bank statements, and recent cancelled mortgage or rent checks. The lender will also run a credit check on you to help determine how you have handled your past debts.
Home Equity Loans
After you have been pre-approved for a loan, you will need to decide what kind of loan is best for you. If you have an existing mortgage and have been making mortgage payments for some time, you have equity built up. Equity is the difference between your home’s value and the amount you still owe on the loan. You can choose to take that equity out in cash, as a lump sum payment. You will begin to accrue interest on that cash as soon as you receive it. This option will let you have access to a substantial amount of cash if you find yourself with unexpected medical expenses, needing to make home improvements, needing to purchase a vehicle, or sending your children to college. It is another wonderful reason to buy your own home.
Refinance Loans
If you have an existing mortgage, but the interest rates when you purchased your mortgage weren’t as good then as they are now, you need to refinance. Refinancing your mortgage is similar to paying off your old mortgage by taking out a new one. Reasons to refinance are to obtain a lower, more favorable interest rate, and reduce your monthly mortgage payment so that you can have a little extra cash each month for other expenses.
There are several types of refinance loans to choose from, but the two most common are fixed rate mortgage and adjustable rate mortgage (ARM).
A fixed rate mortgage lets you obtain and keep the best interest rate you can get at the time for the duration of your loan. The loan term is generally 15 or 30 years. Your interest rate and your payment will never change, regardless of what happens in the economy or market indexes.
An adjustable rate mortgage offers a lower interest rate to start, giving you time to acclimate to your monthly mortgage payments. In a few years, your ARM interest rate can change, and so can your monthly payment amount and loan term, according to fluctuations in the market indexes and economy conditions. This is a great way to get started on your mortgage loan, and you can always refinance later to a fixed rate mortgage if a great interest rate comes along.
If you have been paying on a mortgage for a while, you may want to explore your home equity loan option. A home equity loan allows you to access the equity in your home as cash.
When you are in Santa Paula, California, you are only 20 minutes away from the beautiful Pacific Ocean. Simply fill out the form below to find out how you can begin to enjoy your own little piece of paradise.
