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California Mortgage Options

Knowing your California Mortgage Options

Living in California provides a lot of opportunities to those that reside here. When searching for a California mortgage, we believe in providing as many options as possible to our clients so they can choose which loan is best for them. A fixed rate mortgage, an adjustable rate mortgage, an interest only mortgage are just some of the few mortgage programs that we can provide. As residents of California you expect the best we will deliver the best.

Most borrowers these days want three things when they look for a mortgage:

Lowest Rate
Lowest Fees
Quick and Easy Funding

At koloans.com you will find all three when you work with us. We strive to ensure we provide a mortgage with the lowest possible rate and fees with a easy funding process. Understanding the mortgage process is hard enough and you don’t need an inexperienced loan officer creating more headaches for you. When you work with us, you work with a team that has closed millions of dollars in loans and has years of experience.

Current California mortgage programs allow most clients to achieve their goals, even with less than perfect credit. Find out today how a new California mortgage can help you.

California Mortgage, Home Loans for Refinance or Purchase

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Mortgage Information Debt Consolidation Daily Mortgage News Refinance Purchase

Mortgage Options

Years you plan to stay in the home	Recommended program
1-3 years	Pay Option ARM, 2/1 ARM or 3/1 ARM
3-5 years	3/1 ARM or 5/1 ARM
5-7 years	5/1 ARM or 7/1 ARM
7-10 years	10/1 ARM, 30, 20 or 15 year fixed
10+ years	30, 20 or 15 year fixed

Loan Programs available to all clients

Loan Program	Advantages	Disadvantages
Fixed Rate Mortgages 50 Year fixed 40 Year fixed 30 year fixed 20 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Loan Program	Advantages	Disadvantages
Adjustable Rate Mortgages (ARM) 10/1 ARM 7/1 ARM 5/1 ARM 3/1 ARM 2/1 ARM	Lower initial monthly payment Rates and payments may go down if rates improve May qualify for higher loan amounts	More risk Payments may change over time Potential for higher payments if rates increase

Loan Program	Advantages	Disadvantages
Pay Option Arm	Lowest initial monthly payment Lowest payment for a predetermined period of time 3-4 payment options per month	Risk of rates being higher at the end of the initial fixed period Potential for negative amortization

Loan Program	Advantages	Disadvantages
First Time Buyer Programs	Lower down payment Easier to qualify Lower rates may be available	May be subject to income and property value limitations

Loan Program	Advantages	Disadvantages
Stated Income Programs	Don't need to verify income Faster approval Good for borrowers who may not qualify with a full income documentation program	Higher rates Higher down payment

Loan Program	Advantages	Disadvantages
Interest Only Programs	You have several payment options Lower monthly payments Qualify for a higher loan amount Qualify at the interest only payment Option to pay the full normal payment Interest only payments for up to ten years	Higher rates Principal loan balance will not decrease during the interest only payment period Payment will be higher for the remaining term

Loan Program	Advantages	Disadvantages
No point, No fee Programs	No out-of-pocket loan costs at closing Closing costs are paid from the lender rebate Less money required to close Refinance without increasing your loan amount	Higher rates Higher payments Some lenders may have a short payoff penalty which is usually charged to the loan broker, but may be passed on to you Some require a prepayment penalty for the first one to five years

Loan Program	Advantages	Disadvantages
Imperfect Credit Programs	Potential for reestablishing credit if you pay your mortgage on time When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long-term fixed loans Loans may have prepayment penalties

Loan Program	Advantages	Disadvantages
Home Equity Line of Credit	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible May be free of closing costs A good source for an emergency fund, if set up in advance Can be used for debt consolidation and lower payments Rates are usually lower than consumer loan or credit card rates	Rates can change. The maximum interest rate can be relatively high Payments can change

Loan Program	Advantages	Disadvantages
Home Equity Fixed Loan	Fixed payments Interest may be tax deductible Get cash out for any purpose	Higher interest rates compared to first mortgage Interest is paid on the entire loan amount, compared to an equity line of credit

In addition to our California mortgage industry standard loan programs, you may benefit by obtaining one of our many special California mortgage programs:

Purchase your new home with zero down payment.
2nd mortgage or Piggyback loans: 80-10-10 or 80-15-5.
California Debt Consolidation Programs.
Large Home Improvement Loans.