The right type of mortgage for you depends on many different factors including, but not limited to, your current financial situation, expectations, objectives and comfort level. Our mortgage consultants will work with you to find the mortgage that best suits your needs.

The down payment required varies based on what program you qualify for and what mortgage arrangement you choose. Currently, FHA loans will allow as little as 3.5% down and VA loans allow 0% down. Other loan arrangements that include Private Mortgage Insurance (PMI) or subordinate financing can also greatly reduce the down payment required. Cambria Mortgage consultants can discuss all these options with you.

Closing costs usually include an appraisal fee, title and recording fees and other costs associated with preparing and closing the loan. These costs can sometimes be financed within the loan.

Conforming loans are fixed-rate or adjustable-rate mortgages that meet Fannie Mae and Freddie Mac loan limits as well as property and borrower guidelines. The current limit on these loans is $453,100.

Discount points are prepaid interest, which you can pay to your lender at closing in exchange for a lower interest rate on your mortgage. Paying discount points is often called “buying down” your rate.

If you have enough equity in your property, you can refinance with a loan amount greater than your current mortgage and keep the difference in cash. You can use the money for home improvement, debt consolidation or any other need you may have.

A good faith estimate is the list of charges that the lender is obliged to provide the borrower within three business days of receiving the loan application. These mortgage charges, also called settlement costs or closing costs, cover every expense associated with a home loan that a buyer will encounter, including inspections, title insurance, taxes and other charges. A good faith estimate is a standard form that is intended to be used to compare different offers. The good faith estimate is only an estimate. The final closing costs may differ from the estimate.

A mortgage that exceeds eligible conforming loan limits (currently $453,100) is a jumbo loan. The interest rates on jumbo mortgages are typically higher than conforming mortgages, and vary depending on property types and mortgage amount.

In order to close a mortgage you must lock in a rate and loan program. Locking your interest rate means your lender guarantees the rate on your loan even if market rates change. Typically, the longer the lock on your mortgage, the higher the points or the interest rate of the loan. This is because the longer the lock, the greater the risk for the rates to increase prior to closing.

Eliminate those “what if” feelings / Make the most of retirement A reverse mortgage is a special type of home loan allows you to borrow against the equity you’ve established in your home. The “reverse” part of a reverse mortgage is that instead of making monthly payments you receive them. A reverse mortgage can help:

• Eliminate an existing mortgage
• Supplement your income
• Avoid foreclosure
• Cover medical expenses
• Update your home
• Pay off existing debt

Enjoy financial freedom You are eligible to receive a Reverse Mortgage if you are older than 62 years old, own and occupy your home as your principal residence. There are no income; employment or credit requirements to qualify. Lender’s use a formula based on the youngest borrower’s age and the FHA Lending limit, your home’s appraised value and current interest rates. Usually the older you are the lower the rate and the more money you will receive. You can choose how you want to receive your cash: a lump sum, monthly payments, as a line of credit or a combination of all options. Feel secure with your decision You do not need to repay the loan until your home is no longer your principal residence. You will need to keep current on tax and insurance payments and maintaining the property. You and your heirs can pay the balance due at any time with no penalty, or sell the home and use the proceeds to pay off the Reverse Mortgage. Keep in mind that your home will likely appreciate over the years and that any equity left after you repay your loan will always belong to you or your heirs. We’re with you all the way Since each senior’s situation is unique, it is important that you talk to someone you can trust when exploring your Reverse Mortgage options. Contact Cambria Mortgage today – we specialize in helping senior homeowners make the most of retirement.

VA loans are guaranteed against default by the U.S. Department of Veteran Affairs. VA loans require no down payment and are offered exclusively to United States military personnel who are active, discharged or retired. VA loans often carry lower interest rates than conventional loans.

The Federal Housing Administration (FHA) was established to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to buyers who might not be able to qualify for conventional loans. Some FHA loans are available with as little as 3.5% down payment.

Private mortgage insurance (PMI) insures the lender in case the buyer defaults on the loan. The lender requires PMI when the buyer’s down payment is less than 20% of the purchase price of the home. A Cambria mortgage consultant can discuss this option with you.

Many homeowners look to refinance when the interest rates decline or they have a change in financial circumstances. Refinancing is done to save money by obtaining a lower interest rate or reducing the term of the loan. Refinancing can also be done to convert an adjustable-rate loan to a fixed-rate loan or to consolidate debts. Our experienced mortgage consultants can help you make an informed decision.

The property is the collateral for the mortgage, therefore an appraisal is almost always required before a mortgage is given. If a borrower pays for the appraisal he or she is entitled to receive a copy of it.