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

Tracy, CA is just 60 miles east of San Francisco and located in the San Joaquin Valley. Tracy has well planned commercial, industrial, and residential developments, beautiful parks, a low crime rate, quality schools, and affordable housing. Many residents choose to live in Tracy and commute to the Bay Area. This “small town” is surrounded by orchards, farmlands, and ranches. If you are relocating or are already a homeowner in Tracy, our experienced loan officers can help you find the mortgage, refinancing loan, or home equity loan that meets your needs.

How Do I Qualify for a Loan?

Be prepared to provide your personal and financial information whether you are applying for your first mortgage, refinancing, or securing a home equity loan. This information will be used to help determine what type of loan you can afford.

● Information on Employment – Your employer will be asked to fill out a Verification of Employment form and you will be asked to provide pay stubs. This information will enable our loan officers to find the right loan for you.

● Financial History – Your credit history, tax returns, current housing costs, and information regarding your assets will need to be provided. A Verification of Deposit form will be sent to your banks to show how well you are handling your financial transactions. This information can help to determine the loan size, interest rate, size of payments, and the term of the loan.

You may be required to provide additional information which will help our loan officers find the mortgage, refinancing loan, or home equity loan for you. We will keep all your information safe and guide you through the loan process so that you can start enjoying your home as soon as possible.

What Types of Loans are Available?

The common types of loans available include fixed, adjustable rate, balloon, and interest only. Your current circumstances will help to decide which type of loan is best for you.

Fixed rate loans – With a fixed rate loan your payment will be the same amount for the duration of the loan as the interest rate never changes. Loan durations are typically 15 or 30 years.

Adjustable rate loans – This loan has an interest rate that can change at specific intervals which usually are 1, 3 or 5 years. Your payment will go up or down depending on the interest rate at the end of the interval .

Balloon loans – This loan provides you with a low interest rate for the duration of the loan which is only 5 years. Payment in full is expected at that time. This payment can be accomplished by the sale of the home itself, refinancing, or a lump sum payment.

Interest only loans – Interest only loans allow you to make payments on the interest of the loan for the first 10 years. From that point on your payment will include both interest and principal.

Exiting Homeowners Options

Existing homeowners have the options of refinancing or getting a home equity loan that will allow them to either lower their interest rate or mortgage term, or have cash to pay unexpected medical costs, education costs, remodeling, or even for purchasing a new car.

Refinancing will allow you to change your interest rate to a lower rate than the initial mortgage. You will also have the option of changing to a different loan type. Your monthly payments can be lowered when the right refinancing loan is found for you.

The equity in your home can be used to obtain a home equity loan. This can either be in the form of a lump sum or a line of credit. The duration of this loan is usually shorter than your initial loan.

You should let our experienced loan officers help you with whatever loan you are in need of. Fill out the form below and one of our loan officers will contact you to discuss your lending needs.

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Last Updated: Tuesday, May 22nd 2012