New Option Mortgage, Inc.
APPROVED FHA / VA CORRESPONDENT
DRE Lic. #01525584 | NMLS ID #318057
323-972-6983
We answer all our calls
Refinance
Lower your payment, cash out or remove your annual mortgage insurance (MIP)
Fixed rate mortgage
Your monthly mortgage payment remains the same for the entire term of the loan. If interest rates increase, your mortgage payment won't be affected.
10, 15, 20, 30 year fixed terms available. Take advantage of near record low fixed mortgage rates. Ask about our no closing cost option.
Adjustable rate mortgages (ARMs) generally start with a lower interest rate and a lower payment. However, the interest rate may change during the life of the loan.
10/1, 7/1, 5/1 and 3/1 ARMs available. The first number (10 for example) is the length of the initial period, during which the interest rate is fixed. So, the interest rate on a 10/1 ARM will be fixed for the first 10 years.
Jumbo Loan
Loan amounts which are greater than conventional limits. Buy more home with a New Penn jumbo loan. Loans up to $3 million.
Fixed and adjustable rate terms available Our jumbo loan programs do not include mortgage insurance premiums - saving you even more money.
FHA Mortgage
Only a 3.5% down payment required for rate/term refinance. Cash-out refinancing up to 85% loan-to-value. Finance most of the closing costs.
An FHA loan is insured by the Federal Housing Administration. Ideal loan program if you have a lower credit score or limited cash available for a down payment.
FHA 203K Streamline
The FHA Streamline 203K mortgage program allows a homeowner to refinance and receive extra money to repair the home. The idea behind the program is that fixing a home in need of some extra repair will increase the value of the home. The 203K mortgage will provide extra money to pay for the repairs. A 203K loan can be a 15- or 30-year mortgage.
The FHA Streamline 203k refinance program will provide between $5,000 and $35,000 above the current loan balance to make repairs on a home. The extra money will be held in an escrow account and paid out as bills for the repairs are presented. When all of the repair work is completed, a Department of Housing and Urban Development--HUD--inspector must sign off on the work and any unused repair money returned to the lender to pay down the loan balance.
Get Prequalified today.
Call us at (323) 972-6983 to speak directly with a Mortgage Specialist.
Monday thru Friday 9:00am to 5:00am PST
Saturday & Sunday by Appointment only.
Adjustable rate loan
HARP
HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2015.
HARP may be an option if:
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You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
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Your home is your primary residence, 2nd home or investment property.
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Your home value has decreased.
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You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
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Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookuptool.
Joseph S. Valerio Broker/Owner DRE Lic. #01132807 | NMLS ID #313764
New Option Mortgage, Inc. DRE Lic. #01525584 | NMLS ID #318057
3333 N. Glendale Blvd. Suite #3 Los Angeles, CA 90049
© 2009-2015 New Option Mortgage Inc., All Rights Reserved
Tel: 323-913-9617 Fax: 323-661-8030
