The 50,500 residents of Yucaipa, CA know that their community is a great place. Benefits of living in this growing community include 10 parks, an equestrian arena, a senior center, and a skateboard park. Yucaipa Valley Regional Park and Wildwood Canyon State Park are also close to Yucaipa.
Education is provided by the Yucaipa-Calimesa Joint Unified School District and Crafton Hills College. Yucaipa High School has been recognized as a leader in technology education.
If you are buying a new home or are already a homeowner in Yucaipa, finding the loan that fits your needs is essential. Qualifying for a mortgage, refinance loan, or home equity loan requires you to gather both personal and financial information. It is also essential that you find a lender you feel comfortable with and who you can trust to keep your information safe.
Mortgage Options Available to You
First-time buyers have many loan options available to them. They include fixed rate loans, adjustable rate loans, balloon loans, and interest only loans. With the help of your loan officer, you can determine which loan will work best for your current circumstances.
● Fixed rate loans will provide you with the same monthly payment for the duration of the loan because the interest rate never changes. Loan durations are usually 15 or 30 years.
● Adjustable rate loans have an interest rate that changes at pre-determined intervals.
Common intervals are 1, 3, or 5 years. Depending on the interest at the time, your payments will go up or down.
● Balloon loans have a low interest rate and loan duration of 5 years. At the end of the 5 years the loan must be paid in full. This can be accomplished by either the sale of the home itself, obtaining a refinance loan, or a lump sum payment.
● Interest only loans initially have payments that obviously include the interest only.
After a 10-year period the principal is added in and your payments from that point on will include both interest and principal.
Refinancing an Existing Loan
If you are already a homeowner, an option available to you is to refinance your existing loan. Refinancing at a lower interest rate or extending your loan duration from your original loan will help to decrease your monthly payment. This will free up money you can use to pay off credit card bills, medical expenses, or education costs.
Home Equity Loans
If you have resided in your current home for a number of years, you may be able to use the equity in your home to qualify for a home equity loan. This type of loan can either be in a lump sum or as a line of credit. This money will allow you to pay for a myriad of expenses including tuition, a family vacation, or even a new car.
What Do I Do Next?
Your next step for obtaining a mortgage, refinance loan, or home equity loan is to find an experienced loan officer to guide you. You will need to provide information regarding your personal and financial situation. Your employer will be asked to fill out a Verification of Employment form and your banks will receive a Verification of Deposit form. You will need to gather together a lot of important information including your pay stubs, bank statements, tax returns, and current housing costs. This information will allow your loan officer to assist you in finding the right loan for you.
It is important that you find a loan officer you feel comfortable with, one who is able to answer your questions, and one who will guide you through the loan process from beginning to end.
For assistance with a new mortgage, a refinance loan, or a home equity loan, fill out the form below. One of our experienced loan officers will contact you to discuss your home financing needs. You and your family will soon be enjoying your new home or the benefits you receive from refinancing your existing loan or obtaining a home equity loan.
