Frequently Asked Questions about MortgagesFor more answers, call Zachery Adam
Review the list or search for your question here. Our glossary can help you understand unfamiliar terms. If you can’t find the answer on our Frequently Asked Questions about Mortgages page, call Zachery Adam at 831-226-1210 or contact him online.
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Is now a good time to buy a house in California?
Among the most Frequently Asked Questions about Mortgages, this one is common. The answer is always changing. It’s not just based on the California housing market and specific Bay Area location. Your unique situation will also influence your decision and ability to buy a home. Ask yourself these questions:
- Do you have money for a down payment?
- Are you a veteran or are you eligible for other assistance?
- Is your credit score high enough and do you have a stable income?
- Are you ready for the responsibilities of California home ownership?
Do I need a 20 percent down payment?
Another common Frequently Asked Questions about Mortgages had to do with the need for a 20% down payment. Banks will often require a significant down payment, but there are other types of loans and government programs that can reduce the amount you need. Some may even be $0 down. First time home buyers can also qualify for financing with a low – to no – down payment. However, if you do have the money to make a 20% down payment, you’ll get good terms for your mortgage loan. An independent mortgage lender can work with you on this process to buy your home in the Bay Area.
How do I compare California mortgage loan products?
There are several mortgage loan products available for California home buyers. An independent mortgage lender like Go Prime Mortgage, can help you learn about your options.
When deciding between loans, ask yourself these questions:
Do I need to have the same job for two years before buying a home in California?
This frequently asked question is based on very outdated information that really doesn’t apply to homebuyers today. At one time, it was standard procedures but things have changed. Lenders do need to verify stable employment, but there are other factors to review as well such as debt-to-income ratio. Compare requirements from banks and independent mortgage lenders to learn more about the income requirements.
How do I find out how much I can borrow to buy my home in the Bay Area?
You can use our Mortgage Calculator to get a quick estimate. Just enter the cost of the house, an interest rate, and the life of the loan. However, we understand that this may be a guess, so there are better ways to determine your actual figures. For a more in-depth look at your mortgage options, contact Zachery Adam of Go Prime Mortgage. You can be pre-qualified or pre-approved for a loan before you start looking for your California dream home.
Are there other costs to add to my budget besides the mortgage?
So many homebuyers overlook the additional costs of buying a new home in the Bay Area. All Mortgage lenders require that you carry the right homeowner’s insurance policy. You will also be paying property taxes on the home. There are other costs as well, such as maintenance, that you may want to consider in your budget.
What’s the difference between interest rate and APR?
APR stands for the Annual Percentage Rate which refers to the total yearly cost. It encompasses the interest and fees you pay over the life of the loan. The interest rate is only the interest percentage on the principal you are borrowing. While the interest rate may seem enticing, the APR is what you actually pay and it will be more.
What’s the difference between getting pre-qualified and getting pre-approved?
Pre-qualification is a nonbinding estimate of the amount you can borrow. Pre-approval determines the amount that the lender will be willing to loan you to buy your California home. You can learn more about this process on our Get Prequalified page.
Is it better to get a fixed-rate mortgage or an adjustable-rate mortgage?
The most common mortgages on the markets have a set duration, such as 30 years, and a fixed rate that stays the same for the life of the loan. But those aren’t the only options available for California home buyers. When you talk with an independent mortgage lender, like Zachery Adam, you’ll learn about all your options. The right mortgage loan for you can depend on a lot of factors. An adjustable rate mortgage, or ARM, can save money for some homebuyers. No loan is one-size-fits-all. Zachery, with Go Prime Mortgage can work with you to find the right match to buy a home in the Bay Area.
What do I need to apply for a mortgage loan?
There are a number of documents needed to apply for your California mortgage. You will have to show your income, debts and past payment history. The specific paperwork varies depending on your situation. You can see our full list on the Document Checklist page. Talk to an independent mortgage lender about what documents you’ll need to apply for your specific loan.
Enjoy a mortgage process built for the modern world.
Borrowers can easily complete a loan application, upload supporting documentation, eSign disclosures, and monitor the status of their loan — in a single, easy-to-use location. Apply Securely Online
The Advantage of an Independent Lender
An Independent California Mortgage Lender like Zachery Adam does not work for the banks. They underwrite most of their loans in-house. Independent lenders approve — and pre-approve — mortgages throughout California. Here are the top five reasons to talk to an independent California mortgage lender:
While a bank can offer many financial products for a wide range of customers, independent California mortgage lenders like Zachery only do mortgage loans. Zachery Adam of Go Prime Mortgage has the knowledge and experience to match you with the right mortgage with the best rates and terms for you.
Independent California mortgage lenders have been around for a long time, surviving the crash and thriving in the new market. Go Prime Mortgage was founded in in 2005. It’s a well-established company with the funding to find mortgage loans even for unusual mortgage applications.
Being independent means independent California mortgage lender Zachery Adam can move faster than big banks to approve mortgages and close loans. Go Prime Mortgage can close in less than 30 days. Our goal is to close on time, every time.
Independent California mortgage lenders like Zachery Adam work directly with you throughout the entire approval process. You’ll be in contact with your lender every step of the way making the entire mortgage approval process much more transparent.
When it comes to mortgages, a California mortgage lender can outmaneuver banks because they offer more types of loans, such as first-time VA loans and debt consolidation loans. Being a California mortgage lender, we have the expertise to find the right loan for you.
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Don’t forget our Glossary for definitions of unfamiliar mortgage terms.
Did we miss a question on our Frequently Asked Questions about Mortgages page? Call Zachery with Go Prime Mortgage at 831-226-1210 or send him a message if you have any additional questions.
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“Zack made the process of getting a mortgage very smooth and straightforward. There are inherently a lot of steps in the process (forms to be filled out, etc.), but Zack explained everything clearly, outlined our various options, and in the end found a loan that fit our needs at a very good interest rate. Almost all the documents could be signed electronically, which was a great help, as we were buying a house in Asheville from out of state. We would be happy to work with him again.”