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BUYING PROCESS

Whether you’re a first-time buyer or in the market to buy your second or third home. It can be exciting yet overwhleming. One of the most important steps in buying a home is getting financing. Before you even start searching for your dream home, you should talk to a lender and determine what you can afford and learn about what types of loans are available. You’ll also need to understand some mortgage basics. 

 

 

 

MORTGAGE BASICS

Fixed-rate or adjustable-rate mortgage? To escrow or not to escrow? Pre-qualification vs. pre-approval? Mortgage financing can seem confusing, but it doesn’t have to be. There are a few key things to understand, and the more you know, the more prepared you’ll be.

 

 

 

 

  • Fixed-rate mortgage â€“ Interest rate remains the same for the life of the loan providing you with a stable and predictable monthly payment.

  • Adjustable-rate mortgage â€“ Interest rate is flexible and subject to adjustments—either on specific dates (3-, 5-, 7-year adjustments) or based on market conditions. An adjustable rate mortgage may provide you with a lower rate in the beginning of the loan; however, the payment may increase over time.

 

 

  • Government guaranteed mortgages â€“ Both the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) offer loans to help homeowners with income restrictions or those who are currently in the military or a veteran respectively. Typically these loans have lower down payment requirements and less restrictive qualifying guidelines, but they do require you to meet certain criteria. Always check with the FHA or VA for complete details and if you think you may qualify for this type of loan, inform your lender.

OUR MORTGAGE PRODUCTS FALL INTO THE CATEGORIES BELOW

To explore your options, or to get prequalified, call us today!

Monday thru Friday - 9:00am thru 6:00pm  PST

Saturday & Sunday by Appointment only

323-972-6983

Joseph S. Valerio

Broker & Owner

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

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