Sunny Long Beach is one of the most coveted residential areas in California. We’re not surprised why, with safe neighborhoods, good employment rates, and a fantastic quality of life. But the difference between finding your dream home, and financing it, can be a completely different situation.
They say finding a good mortgage broker is half the battle, and it’s true: with Elite One Mortgage, say goodbye to your Long Beach home loans worries. We have a team of lending professionals who have years of experience, and are dedicated to helping you maneuver the tricky real estate market in California. Elite One Mortgage offers a variety of loans, each of which we are happy to guide you through in order to find the one that’s meant for your specific needs.
Elite One Mortgage offers the following Long Beach home loans:
• Fixed Rate Mortgage (FRM) are the most popular loan of choice for most of our home buyers. Fixed Rate Mortgages make up 70% of home loan transactions, mostly due to the stability it offers. The interest rate is locked down for the duration of the loan, and the cost of payments never vary no matter what the current market rate is. For homebuyers that intend to live in their homes for seven years or more, the Fixed Rate Mortgage plan is highly recommended.
• Adjustable Rate Mortgages (ARM) offers adjustable mortgages depending on the existing market rates, and can cost more in the long run but is also easier to apply for compared to the Fixed Rate Mortgage. The Adjustable Rate Mortgage is linked to a certain index, and will adjust depending on established intervals, although caps limit the increase of rates.
• Conventional and Federal Housing Administration (FHA) Long Beach home loans are also an option. Conventional loans typically utilize the Fannie Mae and Freddie Mac loan principles, which indicate that single family loans are around $417,000 or less, depending on the state. In order to apply for conventional loans, applicants need to submit documents that prove one’s income requirements and credit scores, as well as take part in minimum down payment schemes. On the other hand, FHA loans are also offered at Elite One Mortgage; these types of loans may be adjusted depending on how much down payment is made. FHA loans are well suited for borrowers who wish to put down less than 15% down payment, whose credit scores have yet to improve, and whose debt-to-income ratios are moderate.
• Reverse Mortgages are a popular Long Beach home loans choice for the aging population. Unlike standard mortgage loans, Reverse Mortgages allow the lender to pay the property owner. The borrower then doesn’t have to make payments to the loan, until it is sold, or no longer occupied, as long as all insurances and taxes have been paid.
Elite One Mortgage also offers refinancing of loans, which can be a good option especially if the market’s rates are better than what you are paying with your existing loan program. We can guide you to determine if this is the best course of action, as refinancing requires careful planning, especially in considering long-term savings.
These materials are not from HUD or FHA and were not approved by HUD or a government agency.