Posted: Fri Aug 04, 2006 4:41 am Post subject: Popular mortgage options in South California
The Conforming loan limit in South California does not reflect the cost of living. The Southern Californians therefore rely on jumbo and super jumbo mortgages. These home loans provide homebuyers with increased purchase power so that they afford the costs of homeownership.
The common home loan programs available in South California are negative amortization loans with deferred interest - payment option ARM and pick a payment mortgage with introductory rates as low as 1%. Then there are multiple payment options so that borrowers can make low payments when they have less cash and higher monthly payments when they can afford more.
The most common payment plans are 40 year and 50 year amortization and interest-only options. Such options allow borrowers to pay down the loan throughout a longer term.
Posted: Fri Aug 04, 2006 4:45 am Post subject: RE: South California Mortgage
Hi,
I got some more details on South California mortgage. Here's what I found.
The South California mortgage industry also offers standard 30 year fixed rate mortgages and various adjustable rate mortgages requiring borrowers to make fully indexed payments. Unlike the fixed rate options, interest rates on negative amortization loans and ARMs are based on CODI, MTA, COFI and Prime Rate that are subject to frequent rate changes.
Hope this will help the community.
Thanks,
Jerry.
jason Guest
Posted: Fri Aug 04, 2006 4:58 am Post subject:
Hi guys,
That's good deal of information on South California mortgage. It's the right time for me to know these as i am looking to buy a home there and have to rely on a home loan.
Santosh Kumar Singh Guest
Posted: Sun Aug 06, 2006 10:55 pm Post subject: About Mortgage
Posted: Mon Aug 07, 2006 12:18 am Post subject: RE: Overview on mortgage
Hi Santosh,
Welcome to the forums.
Mortgage loans are taken in order to purchase a home or pay off another such loan. Usually such loans are offered keeping the home as the security for the debt. That is, if you do not repay the loan, your house will be taken away by the lender.
Refer to our Guides for further knowledge on mortgage and the process involved.
Caron
