Whether you are a new home buyer who just came out from renting or a home property owner looking to refinance, it will come in handy if you read and be familiar with home loans in Ventura, CA. Knowing pertinent information about the mortgage industry in the area will help you choose the best option if you buy a new home or refinance a property.
So, without further ado, here are some options for home loans in Ventura, CA, you should know about:
Conventional home loans: are considered the most commonly used home loan in Ventura, CA. These are private (not government-backed) loans preferred by first-time home buyers. The mortgage term can be 15 or 30 years or interest only, which means you are not paying any principal in your payment.
FHA loans: Federal Housing Administration loans are mortgages designed to help those borrowers who find it challenging to get loans from private lenders. Since these loans are government-backed (guaranteed by the government), you may qualify for an FHA loan even if you have debt or your credit score is low. You may successfully apply for it even if you have bankruptcy on your record.
VA Loans: these are for qualified and eligible veterans in California. These home loans are available through private lenders such as banks, mortgage brokers, and direct lenders. This type of loan offers flexibility, rate security, and lower equity. Moreover, down payment and mortgage insurance are not a requirement.
ARM: Adjustable Rate Mortgage is the choice of those who plan to sell their home before five years. Those choosing ARM also understand that payments for it can change over time. One can also opt to change it to a fixed-rate loan, which can be more sensible when interest rates are low.
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