Thousand Oaks is a city in Ventura County, CA named after the many oak trees that grace the area. The city composes the most populated part of a regional area called the Conejo Valley, including Thousand Oaks Proper, Newbury Park, Westlake Village, Agoura Hills, Agoura, Oak Park and parts of Calabasas.
California Lutheran University can be found in Thousand Oaks . Although Thousand Oaks has a downtown area centered around the Janss shopping center, the Oaks Mall and Thousand Oaks Boulevard, a large portion of the city's residents live in suburban communities outside of the commercial centers of the city.
Organized sports and recreation for children and teenagers are major focuses in the community. Thousands of Thousand Oaks participants and their parents are involved year in and year out in AYSO soccer, Conejo Youth Basketball Association, Pop Warner football, Little League baseball, CYFFA flag football, girls' softball, organized swim team leagues, ice hockey and even lacrosse and field hockey. The term "soccer mom" seems to refer specifically to a large number of Thousand Oaks parents. With such a warm family appeal, it’s not surprising that so many who live here want to stay and so many who don’t live here yet want to.
The Terms of Mortgages
In making a Thousand Oaks home purchase, think carefully about your many mortgage options. Learn the game as you would with any sport. Start by finding out the lingo.
Fixed Rate Mortgages – these are loans with one set interest rate for the entire lifetime of the loan.
Adjustable Rate Mortgages – these are loans that offer a stable interest rate only for a set period of time.
Adjustment period – this is a set period of time when the interest rate is reevaluated in an adjustable rate mortgage.
Index – this is the basis for the way the interest rate is reevaluated at the end of the adjustment period.
Cap – this is a limit set to prevent your loan payments from rising too dramatically during any one adjustment period.
Biweekly mortgage – this is a mortgage that lets you make payments every two weeks, turning a thirty year loan into one that can be paid off in only nineteen years.
Options ARM – this loan has an adjustable interest rate, but it also allows you to choose from an interest only monthly payment, a minimum monthly payment, or an amortized monthly payment.
FHA loan – this loan can enable you to purchase a home with only a small down payment.
Rate lock – this is a lender's promise to hold an interest rate with a specific number of points over a certain period of time during which your loan is processed.
Closing costs – these are fees and charges from the lender to close your loan.
Good Faith Estimate – this is a written estimate required from lenders ahead of time that lists all of the fees and charges involved in processing and closing your loan.
Interest Only Loan – this is an adjustable rate loan where you pay just the interest for the first ten years, making your payments during that time much lower.
Balloon Loan – this is a loan that can offer the lowest interest rate possible, but it matures in only five years.
APR – this isthe Annual Percentage Rate actually charged for your loan representing the actual cost of the loan with the yearly mortgage interest rate.
Prequalifying – this means receiving advance approval from your lender for the amount that you can afford in a monthly payment along with the total mortgage amount that you qualify for.
If you already own a home in Thousand Oaks, maybe it’s time to consider a refinance or a home equity loan. Understanding these terms are just as important.
Refnancing – replacing your first mortgage with a new one. Your new loan will come with new rate/term options, and it will entirely pay off your first mortgage.
Equity - the difference between the value of your home and your current mortgage balance.
Cash Out Loan – a refinance loan that not only pays off your first mortgage, but also gives you a check for the equity you’ve built up.
Home Equity Loan – a loan that borrows only against the equity you’ve built up in your home. It will not replace your first mortgage. It will, instead, act as a second mortgage.
Home Equity Line of Credit – an equity based loan that works like a credit card. Borrow only as much as you need, whenever you need, and only pay interest on the money you borrow.
If you would like more details about the different mortgages, home equity loans or refinancing available in Thousand Oaks, contact us today. Just fill out the easy form below and a lender will contact you to answer all your questions.
