Los Angeles Home Loans

What is a Mortgage?

The Simple Definition of a Mortgage is a debt to buy real estate.

A mortgage is a promise to pay back the bank for their loan with a set amount of interest. If the borrow misses too many mortgage payments the bank may foreclose on the home and take back the property.

There are several types of mortgage loans to choose from. The conventional fixed-rate mortgages are the most common (75% of all home loans) and popular home loans and will often be your best choice- but there are many different kinds of special loans that might fit better for your particular situation. 

Loan Sizes:

  • Conforming
  • Conforming High Balance
  • Jumbo Loans
  • Super Jumbo Loans
  • Stated Income Loans/Low Doc or No Doc Loans

Types of Home Loans:

Fixed-Rate Loans 

  • 30-Year Fixed Loans
  • 15-Year Fixed Loans

Adjustable-Rate Mortgages

  • 5 Year ARM
  • 7 Year ARM
  • 10 Year ARM
  • Interest Only

Low Downpayment Loans

Low downpayment loans allow you to buy more quickly because you don’t have to save up 20% however they come with Mortgage Insurance and they have larger loan balances which mean larger mortgage payments. 

 

  • FHA Loans (3.5%)
  • FHA Condo Loans (3.5%)
  • VA Loans (0%)
  • 5% Down Conventional
  • 10% Down Conventional
  • 80/10/10 (no mortgage insurance)
  • 15% Down

Investment Loans

  • Investment Loans
  • Second Home Loans
  • Hard Money Loans

Specialty Loan Programs:

  • Bridge Loans
  • Construction Loans
  • Doctor Loans
  • Foreign National Loans

Loan Programs for Existing Homeowners:

  • Refinance
  • Home Equity Line of Credit (HELOC)
  • Reverse Mortgages