Mortgage Tips That Can Save You Money

Government Shutdown And Your Mortgage Application

Should You Be Concerned?:

A concern is growing among homeowners, homebuyers and realtors – will this current government shutdown prevent borrowers from closing their mortgage on time? The quick answer is not yet. If you are closing in the next week or two you should be fine because your mortgage company has probably already received the 4506-T report back from the IRS. However, if this goes on for weeks or even months there may be an impact to not only closing on time but also mortgage rates. However, for now homeowners and homebuyers should be able to close their loans as planned. The first thing you should do is check with your Loan Officer as to what their procedure is if the shutdown continues.

IRS

How Mortgage Transactions Are Tied To The Government:

When you apply for a mortgage there is a form that is included with the initial disclosures package you sign called the 4506-T. It’s included with the Loan Estimate, Equal Credit Opportunity Act form, Appraisal Disclosure form and others. The 4506-T is not a mortgage company document; it actually comes from the IRS. It’s used to verify income; more specifically verify you filled a return (or returns) with the IRS and the income you claimed. Lenders typically use this verification to confirm the income documentation you’ve sent to them.

Years Ago:

Just after the market crashed in 2008; lenders were not willing to close mortgage loans if the results from the 4506-T were in. This presented a lot of problems for people buying homes with specific close dates. However, lenders were under a lot of pressure post 2008 and were unwilling to take a chance until they received confirmation of your income from the IRS.

Mortgage Loan Application

Impact On Mortgage Rates:

For now there has been no impact on mortgage rates. In fact mortgage rates have improved since the shutdown started. However that may change as time goes on so we will have to keep a close eye on the market. A negative impact on rates long term might happen if the government has to increase borrowing costs due to the shutdown. Higher levels of borrowing can put pressure on bond yields and that may end up affecting consumer mortgage rates. Be sure to visit our Mortgage Rates page where we update daily the current market and outlook for mortgage rates.

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US National Debt As Of January 2nd, 2019

Processing A 4506-T:

The IRS is in charge of processing the 4506-T form and typically it takes 48-72 hours to receive the verification. At times it can take 7-10 days; all depends on how many requests they have to process and how busies they are.

What If The Request Was Not Processed Before The Shutdown?:

Are you concerned about closing because you just found out your mortgage company has not ordered the 4506-T yet? Don’t panic just yet. If you have a high credit score, low debt to income ratio and plenty of equity your mortgage company may not require they receive the results prior to you closing. And for those that have less than perfect credit; you can also remain calm. While each file and loan is unique it has been my experience that underwriting will try figure something out. If it’s a purchase there clearly is a greater sense of urgency than if it’s a refinance.

Solutions:

What underwriting will do is completely up to them since they make the final decision however if you’re purchasing a home they may waive the requirement so you can close on time. It really helps if you have a strong file but if not you still may find underwriting is willing to work with you so that you may close on time.

As for homeowners trying to refinance; you also might receive a waiver as well but a more likely solution is underwriting will extend your lock out to see if they can get it in before closing. For a refinance having a strong credit profile and low debt really helps getting the waiver to close without the 4506-T results.

JB Mortgage Capital, Inc.:

Not sure if your loan is a conforming loan? Check out our conforming loans page and see what the limits are in your county. CLICK HERE.

When Not To Do A Refinance

Deciding To Do A Refinance:

It doesn’t always make sense to refinance your current mortgage and here are some guidelines to follow when making that determination.  We all want the lowest rate and payment possible but sometimes doing a refinance is not good idea and it’s important to make sure you’re making informed financial decisions – especially when it comes to Mortgage Home Informationyour most or one of your most valuable assets. Obviously getting a great rate and a term you can afford are of super importance when making the decision to refinance.  But other factors come in to play as well so it’s equally important to evaluate the big picture to make sure a refinance makes sense.

Here are six instances where a refinance of your current mortgage does not make sense:

You’re Moving:

If you’re moving in the next 1-2 years you may not want to refinance.  If rates are so low; and you can lock in that rate with little to no cost then maybe…but generally speaking if you’re moving or about to move than you’ll probably want to skip a refinance.

Not Much Savings:

This is a no brainer – if you are not saving enough money than don’t do the refinance. Current mortgage rates change daily; weekly and monthly so if the rate is not low enough and there is little to no savings than wait until rates move down.

The Payment Is Too High:Home Kitchen

You might think this is even more of a no brainer however I’m referring to a situation in which a client was moving from a 30 year fixed rate to a 15 year fixed rate.  The rate will be lower however the payment usually is always higher so it’s important to make sure you can afford the payment.

Paying Too Much In Closing Costs:

We’re not big believers in paying a lot of closing costs.  It’s important to keep the costs down when doing a refinance.  If you paying points; make sure you make up the cost to buy down the rate in a respectable time frame.  If it takes more than 2-4 years you might want to reconsider paying points.

Not Understanding The Loan Terms:

Personal ServiceIf you are looking to do a refinance and switching over to a lower rate adjustable rate mortgage; do not do the loan until you fully understand the loan terms.

Your In The Middle Of Remodeling Your Home:

Usually when you refinance you’ll have to do an appraisal (not always though) and if you’re remodeling your home that could present some issues in underwriting.  An underwriter may ask for the remodel to be finished prior to the closing of the loan.

JB Mortgage Capital, Inc.:A+ Rating

If you would like to go over your specific situation, ask questions or even get a quote please contact us directly at 1-800-550-5538.  We’re a top rated company, we have industry low mortgage rates and provide a high level of customer service.

Buying Down The Rate

Lower Interest Rate:

Years ago someone came up with the idea that a borrower could pay a fee to lower the interest rate. In the mortgage industry this has become known as “buying down the rate”. So what does that mean and how is it figured out? For starters buying down the rate on a new mortgage generally means you are going to pay a percentage Spacious Family Room In Homeof the loan amount to get a lower mortgage rate however is some cases a loan officer may offer a lower rate based on the borrower paying the basic closing costs of underwriting, title and escrow fees.

The Actual Buy Down:

Generally the buy down is 1% of the loan amount however it can be less or more than that. And when you pay that you’ll receive a lower mortgage rate than if you didn’t pay that amount. To figure out your cost associated with the buying down of the rate simply times the loan amount by 1% (or whatever the percent of the buy down is). When you buy down the rate it’s usually a costs in addition to regular closing fees. So for example; if you were getting a new mortgage with a 1% buy down plus closing costs and your loan amount was $300,000.00 then you would pay $3,000.00 plus the regular closing costs associated with the loan. On a refinance you usually can roll these costs into the loan however on a purchase they must be paid up front by either the buyer or with a seller credit towards closing costs.

Two Scenarios:Low Mortgage Rates At JBMC

Getting the best mortgage rate does not always mean getting the lowest mortgage rate. What do I mean by that? Let’s say you have two options when getting a new mortgage; option one is at 4.00% and your only costs are the regular closing costs fees and option 2 is with a 1% buy down plus closing costs with a rate of 3.75%. Now if you stick with the loan for a long time it usually makes sense however if you refinance or move too soon that that “lower rate” just cost you more money. Every situation is different but generally it’s questionable as to whether there is a benefit to buying down the rate based on current mortgage spreads. With some loan scenarios it does make sense so you certainly don’t want to be completely opposed to the idea. If you do buy down the rate make sure you’re clear on how long it will take for you to see the actual savings of the lower rate. For our company it’s probably less than 20% of the transactions actually have a buy down point.

A+ RatingWondering who has the best mortgage rates in California? If you would like a quote on a new mortgage please contact us directly via the sidebar quote request or you can call us directly at 1-800-550-5538.  We’re a top rated company with the Better Business Bureau and have industry low rates.

Current Mortgage Rates:

If you are looking for current mortgage rates we have you covered on our current mortgage rates page. We’ll not only keep you up-to-date with where mortgage rates are at but also cover important bond market information and general economic news that may influence mortgage rates.

Best Mortgage Lenders For Refinancing

Everyone Is Different:

So who are the best mortgage lenders for refinancing?  To determine that we need to establish what is important to a homeowner when he/she looks to refinance their current mortgage.  For some people it’s all about the mortgage rate; for others it’s more about the service and then there are others that want both a great mortgage rate and great customer service.  Everyone is different in terms of what’s important to them but we can come up with some important guidelines to help Low Mortgage Rates at JBMCyou find the best mortgage lenders out there.

Independent Research:

Keep in mind there is a lot of independent research you can do with the Better Business Bureau (BBB), the Business Consumers Alliance (BCA), the Nationwide Mortgage Licensing System (NMLS) and the California Bureau of Real Estate (CalBRE).  Like finding the best mortgage rates; finding the best mortgage companies to work with takes a time and effort.

Five Important Questions To Ask:

Here are five important questions I suggest a homeowner ask and get answers to so that they can determine who the best mortgage lenders are for refinancing:

  1. Does the mortgage company have a top rating with the Better Business Bureau (BBB), a top rating with the Business Consumers Alliance (BCA) or similar consumer focused industry group?
  2. Does the mortgage company offer a wide variety of programs including both fixed rate mortgages and adjustable rate mortgages?
  3. Does the loan officer that provides the quote have a long-well established track record in the mortgage industry that you can independently verify withFirst Time Home Buyer Home Nationwide Mortgage Licensing System NMLS?
  4. Does the loan officer take the time to clear explain the quote and answer any questions you have?
  5. The quote that’s provided-is it competitive and are the fees low.

Additional Considerations:

There are other criteria to add to that list for different circumstances; like someone with bad credit will probably want to find a mortgage company for people with bad credit  and a loan officer that is not only going to help them obtain a great mortgage but also provide some education on how to repair/rebuild the homeowners credit.  A homeowner looking to do a streamline FHA refinance will probably want to find a loan officer that offers that loan program and has experience closing FHA loans.  How about someone who wants to refinance a rental property? This person needs to find a mortgage company and a loan officer with a lot of experience in financing non-owner occupied properties.

BBB A+ AccreditedJB Mortgage Capital, Inc.

Whatever your situation is take the time to do a little research to make sure you are working with a reputable mortgage company.  We would love the opportunity to earn your business so if you’re in the market to refinance your current mortgage please contact us directly at 1-800-550-5538.  We have a top rating with the BBB and BCA, a wide variety of loan programs and industry low rates.  With many years of experience we also have learned what it takes to provide the best possible customer service to each and every client.

Previous Post On Koloans:

Here is part of a previous post on Koloans that could end up saving you money: Below is a list of key mortgage terms everyone should know and understand before moving forward with a new mortgage.  To help obtain the lowest interest rate on your next California mortgage loan be sure to take the time to understand mortgage terminology. Refinance or purchase; it’s important to understand the various terms used before, during and after the process. A borrower with a good understanding of mortgage terms will be in a better position to secure a low interest rate mortgage. For the most up-to-date information on current mortgage rates please be sure to visit our mortgage rates page.

How Much House Can I Afford?

JB Mortgage Capital, Inc.Having A Clear Picture:

Trying to figure out how much house you can afford is a big part of the home buying process. To determine that you must have a clear picture of your income; debts, down payment and what level of payment you think you might be comfortable with are all important factors when determining how much house you can afford.

Simple Tip:

Here’s a simple tip that most people leave out; when determining the level of house payment you think you might be comfortable with make sure you know that amount includes estimated property taxes and insurance. Why? Well because that is a part of the cost associated with owning a home that needs to be factored in since it’s not something associated with when you pay rent.  So for example; if you say “A $1,500 a month mortgage payment is something I can afford” keep in mind that $300-$500 may go towards property taxes and insurance (even if you don’t set up an impound account).  If you don’t include an amount for your property taxes and insurance you’re avoiding the true cost of your home and that can be dangerous.  FYI – all lenders factor into your Debt-To-Income ratio the property taxes and property insurance associated with the home in determining how much you can afford.

Use An Experienced Loan Officer:Home Kitchen

The best thing to do is to contact an experienced loan officer at a reputable mortgage company (that has a top rating with the Better Business Bureau) that can help you determine how much house you can afford. A loan officer can also have you pre-approved and it should not cost you a single penny. If you are First Time Home Buyer (FTHB) then it’s even more important that you contact an experience loan officer to help you determine the amount you qualify for when it comes to getting a new mortgage.

JB Mortgage Capital, Inc.:

A+ RatingWe offer one-on-one personal service and industry low mortgage rates. Contact us today for a no-cost/no-obligation quote. Loan Officer Kevin O’Connor has over 14 years of experience. JBMC, Inc. has an A+ rating with the Better Business Bureau and is AAA rated with the Business Consumers Alliance.

Previous Post On Koloans:

As far as a process to determine if now is a good time to refinance; here is how I suggest a homeowner determine if it’s a good time to refinance. When a homeowners consider a refinance they first should clearly understand their current rate/term before doing anything else. Second; try and locate your previous closing statement to determine if you paid points and if you paid any closing costs. Why is this important? Because if you paid points on your current loan and let’s say you’re looking to refinance a few years later; you probably want to avoid paying points again because of the added costs you paid previously. Or let’s say you didn’t pay points last time and now you’ve been offered a really good mortgage rate but it comes with a point.

A Mortgage Company For People With Bad Credit

Credit Problems:

Do you happen to have “less than perfect credit” or “bad credit”? There are many homeowner’s or potential homeowner’s that don’t have great credit and locating a new mortgage might seem impossible. Just because you have less than perfect or bad credit does not mean you can not obtain a new mortgage. There are many Credit Application Approvedloan programs available to those that have late payments, collection accounts and/or judgments and liens. We work with all types of clients and various situations and know how to navigate the mortgage landscape to find our clients solutions.

Knowing What’s In Your Credit:

Understanding your credit is an important part of the process and we’ll take the time to review your credit report and answer your question you may have. Having looked at thousands of credit reports over the years we have the experience and knowledge to help our clients get on a better path with their credit history. Knowing what is in your credit will also allow you to fully understand your credit profile and long term that can save you thousands of dollars.

Being Realistic:Credit score range

The key for someone in this situation is to be realistic and only work with mortgage companies that have a stellar reputation. Before you even consider getting a quote from a mortgage company go to the Better Business Bureau (BBB) and Business Consumers Alliance (BCA) websites to review mortgage companies. If a mortgage company does not have a high rating and/or they are not even listed I would be extremely careful working with them.

Be Careful and Watch Out For Scams:

There are a lot of people that will try and take advantage of your current situation so it’s super important you only work with a reputable mortgage company. Some websites offer online reviews but keep in mind those reviews may not be real so use your best judgment when it comes to reading them.

FHA MortgageFHA Might Be An Option:

When considering a new mortgage be realistic and understand that the best advertised mortgage rates that some lenders put out there are probably not going to be the terms you receive. Be open to a FHA mortgage even though you may not like paying mortgage insurance. FHA mortgage rates w/ the mortgage insurance premium added in are generally more attractive to people with bad credit when compared to conforming loans (especially those seeking cash out on a refinance transaction).

JB Mortgage Capital, Inc.:

If you would like to discuss  your current situation and/or obtain a no cost – no obligation quote than feel free to contact us directly at 1-800-550-5538 or via the side bar where it says “Quick Quote”. We offer our unique 1-on-1 personal service along with our low rates. We’re happy to answer any questions you may have and we’ll work hard to earn your business. We offer a streamlined process and we have a top rating with the BBB and BCA. Our Senior loan officer Kevin O’Connor has a five star rating with Zillow. Also we’ll look to the future and tailor your current transaction to meet not only your short term goals but long term as well. We don’t charge any junk fees and we’ll clearly explain the details of our quote.A+ Rating

Key Mortgage Terms:

Would you like to know more about important mortgage terms? Then visit our Key Mortgage Terms page:

Below is a list of key mortgage terms everyone should know and understand before moving forward with a new mortgage.  To help obtain the lowest interest rate on your next California mortgage loan be sure to take the time to understand mortgage terminology. Refinance or purchase; it’s important to understand the various terms used before, during and after the process. A borrower with a good understanding of mortgage terms will be in a better position to secure a low interest rate mortgage. For the most up-to-date information on current mortgage rates please be sure to visit our mortgage rates page.

Who Has The Lowest Mortgage Rates In California?

The Simple Fact:

Have you ever asked a family member, friend or even a realtor this question? I would guess most home buyers or homeowners looking to refinance their mortgage have at one point in time or another asked someone “Who has the lowest mortgage rates in California?”. Here is a simple fact of life in the mortgage industry: no one lender has the lowest mortgage rate day in and day out. Mortgage rates change daily; sometimes more than once a day, and so it’s impossible for a lender to say they always have the lowest mortgage interest ratemortgage rates in California. Some days, weeks or even months a lender will be really competitive; in fact they are usually the lowest however at some point that will adjust otherwise the lender would have too much business. To slow down business they raise their mortgage rates a bit to slow down the number of applications and when they get caught up they then will look to attract new business.

Getting your Quotes:

The best mortgage rates in California are not always offered by the same lender so it’s important to obtain 2-4 quotes from reputable mortgage companies (this is super important). I’ve never understood someone who thinks a quote from a lender with a C or lower rating from the Better Business Bureau is a legitimate quote.  If a lender does not have at least a B (at a bare minimum) I think you’re wasting your time. There’s a reason their rating is so low and it’s best to work with higher rated companies that are making legitimate offers.

Not All Quotes Are The Same:Mortgage Pre-qualify

Keep in mind that not all rate quotes are the same, an important factor is cost. A 4.00% 30 year fixed with $1,000 total costs (for everything) is better than a 3.75% rates with $10,000 in total closing costs.  So when you get a quote find out the “total costs for everything”. I am a big fan of no or low cost mortgage rates for borrowers that qualify (when it makes sense).  Reason is if you were to refinance again or sell the property before you recoup the costs associated with the transaction then the costs you’ve paid becomes wasted money.  However not everyone and not every transaction qualifies for a no cost mortgage rate.  Even if you have perfect everything but your loan amount is less than 200k it’s going to be difficult to get a no cost rate that makes sense. If you are paying costs to do a transaction don’t think it’s a total loss because there are many situations in which paying costs make sense.

JB Mortgage Capital, Inc.

If you have any questions or would like a quote please be sure to contact us directly at 1-800-550-5538 for a no cost – no obligation quote. We offer industry low rates and top notch customer service. We have many A+ Ratingdifferent types of loan programs including both fixed rate mortgage options as well as adjustable rate mortgage options. We have a top rating with the Better Business Bureau and the Business Consumers Alliance. We utilize the latest technology and have one-on-one personal service. Loan Officer Kevin O’Connor has over 14 years of experience and will be happy to answer your questions and provide solutions for your home mortgage needs.

Is Now The Right Time To Refinance?

First Step To Take – Your Current Loan:

As far as a process to determine if now is a good time to refinance; here is how I suggest a homeowner determine if it’s a good time to refinance. When a homeowners consider a refinance they first should clearly understand their current rate/term before doing anything else. Second; try and locate your previous closing statement to Mortgage Home Informationdetermine if you paid points and if you paid any closing costs. Why is this important? Because if you paid points on your current loan and let’s say you’re looking to refinance a few years later; you probably want to avoid paying points again because of the added costs you paid previously. Or let’s say you didn’t pay points last time and now you’ve been offered a really good mortgage rate but it comes with a point. Knowing clearly the amount of closing costs you paid/didn’t pay in your previous transaction might help with making a decision. So understanding your current rate and the costs you paid with your previous transaction are the first steps to answering the question: “Is now the right time to refinance?”.

Second Step – What’s The Purpose?:

The next step is to determine the purpose of your refinance: is it to obtain a lower rate? Do you want to move from a 30 to a 20 year fixed rate or 15 year fixed rate mortgage? Is it to get cash out to fix up the house? Maybe you’re moving in 3-5 years and currently have a 30 year fixed rate and want to consider moving to a 5/1 ARM to lower your rate before you move. What ever the reason may be make sure it’s clear so that you have a good understanding of your objective. Talk with your Loan Officer about your objectives when you start to get the quotes. Being open about what you’re trying to accomplish will help the Loan Officer find solutions.

Third Step – Getting Quotes:Welcome Home

Obtaining a mortgage quote can be fairly easy if you have the first three steps down. When you call to get these quotes try and have an idea of what loan program (30 year fixed, 15 year fixed, 5/1 ARM etc) you want and be open to other possible solutions. Try and get 2-4 quotes from reputable mortgage companies with a high rating at the Better Business Bureau. Stay away from companies that have low ratings or even no ratings. Working with a company that has a C or maybe even a B rating with the Better Business Bureau means that company might be having some problems honoring their commitment to their clients.

Fourth Step – Making A Decision:

Now that you have your quotes take some time to evaluate your options before making a final decision. Do any of the quotes meet your goals? Also make sure you’re comparing apples to apples when comparing mortgage quotes. Not only ask for the “rate” but you also want to ask for “total fees; for everything including points”. Key word is total. The reason is that some Loan Officers Home Brownavoid talking about “total fees; for everything including points” because they want hide the true cost of the loan. So that one great quote; the one that’s 0.25% below everyone else – make sure you ask what are the total fees including points to make sure you have a clear understanding of what the loan costs. And ask questions!  A reputable mortgage company; one with a high rating at the Better Business Bureau, will be happy to answer any questions you may have. If your Loan Officer is avoiding answering you directly it may be time to find a new Loan Officer.

A General Rule:

If you’re not looking for cash out or to change your term from a 30 year fixed to a 20 year fixed or a 15 year fixed then here is a “general” rule to follow: If you have the opportunity to lower your current rate by .50% or more with no points; then it’s worth a consideration. I’ve heard homeowners claim at least 1% – 1.5% drop is the minimum drop before you consider a refinance however there is almost never a chance to drop your rate that much unless you really over paid on your current loan. In some cases when you move from a 30 year fixed rate to a 15 year fixed rate or a 5/1 ARM you will see close to a 1% drop.

An Example:Spacious Family Room In Home

Let’s say you have 25 years left on a 30 year fixed mortgage and your current rate is 4.50% with a monthly payment of $1,773.40 (original loan amount of $350,000). You now have the opportunity to refinance your mortgage to a 25 year fixed rate at 4.00% with zero points (current loan amount of $319,052). Your payment drops almost $90 per month (new payment is $1,684.07), you do not extend the length of your loan and over the course of 5 years you’ll save over $5,000.00. Again you will not extend the life of the loan, your payment goes down and over 5 years you’ll save over $5,000.00. Enough to help upgrade a bathroom; go on a really nice vacation or additional money for a child’s college fund.

Additional Consideration:

Are there times where you need more or maybe less of a change? Absolutely; the .50% reduction is only a “general” rule to follow. For example; let’s say you closed on your purchase less than 12 months ago, you have a loan amount of $375,000.00 and rates are 0.375% lower with no points and very little closing costs. You currently have a 30 JB Mortgage Capital, Inc.year fixed and you are looking to get in to another 30 year fixed rate mortgage. Furthermore this is your “dream home” and you plan on staying in the home at least 10-20 years.. So does it make sense to refinance? I think so; you’ll save thousands in interest over he 10-20 years and to do the loan will cost you very little. Besides you probably have everything ready to send in since you just completed the purchase.

JB Mortgage Capital, Inc.:

If you are considering a refinance and would like a no-cost/no-obligation quote please be sure to contact us directly at 1-800-550-5538. We have both fixed rate mortgages and adjustable rate mortgages along with top notch customer service. We haveA+ Rating an A+ rating with the Better Business Bureau, AAA rated with the Business Consumers Alliance and Loan Officer Kevin O’Connor has a five star rating with both Zillow and Mortgage101. We offer industry low mortgage rates and one-on-one personal service from loan application to closing.

Are 2017 Mortgage Rates Good?

Post Election:

Generally speaking; yes they are (as we head into summer)!  Back in the Summer/Fall of 2016 mortgage rates were super low heading into the election.  Post election they jumped fairly significantly and kept moving up as we started 2017.  For another month or two rates remained elevated however since the beginning of Spring mortgage rates have generally improved.  Have their been weeks were mortgage rates were elevated?  Sure but overall the general trend has been down; albeit a slow Home-Kitchentrend.

Mortgage Rates In A Good Place:

As we had into summer it’s clear that overall mortgage rates are in a good place for 2017.  Most lenders are offering 30 year fixed conforming mortgage rates below 4.00% (zero points) and 15 year fixed conforming mortgage rates below 3.375% (zero points).  Are they the best mortgage rates we’ve ever seen in California? No; but historically these mortgage rates are now well below average.  Also  for those with a 30 year fixed rate mortgage in the high 3% or low 4% range may want to look into a 15 year fixed mortgage.  With a rate drop associated with the 15 year fixed you may find the monthly payment works for your budget and you’ll get the benefit of paying off your mortgage much faster.

Cash Out Option:Mortgage Pre-qualify

Another factor is those wishing to obtain cash out from their property to cover home improvement, educational or possible medical expenses.  If you’ve been waiting for mortgage rates to improve; heading into summer has been the best time this year to get a low mortgage rate.  More and more people are choosing to consider an adjustable rate mortgage that is fixed for 5 or 7 years because they offer a much more attractive 30 year fixed rate and are a lot less “riskier” compared to the sub prime adjustable rate mortgages of pre-2008.

JB Mortgage Capital, Inc.:

If you are considering a refinance of your current mortgage or you are looking to buy a new home in California please be sure to contact us directly for a no cost – no obligation quote.  We offer industry low mortgage rates and top notch customer service.  Our direct number: 1-800-550-5538.

Current Mortgage Rates:

If you are looking for current mortgage rates we have you covered on our current mortgage rates page. We’ll not only keep you up-to-date with where mortgage rates are at but also cover important bond market information and general economic news that may influence mortgage rates.

Getting A Mortgage In California

The Process:

Are you looking to refinance your current mortgage or are you looking to buy a new home in California? Getting a mortgage in California doesn’t have to be hard and if you’re prepared the process can be fairly simple and straightforward. We work with clients all throughout California, and those wishing to move to California, can look to us JB Mortgage Capital, Inc.to obtain a low rate mortgage with no junk fees.

The First Step:

One of the basic things you’ll need to know when getting a mortgage in California is that there are two general type of mortgages; fixed rate mortgages and adjustable rate mortgages. Fixed rate mortgages have their rate fixed (never changes) for the entire life of the loan. Adjustable rate mortgages are loan where the rate is fixed only for a limited time (generally 5 or 7 years) and after that the rate will adjust (usually once every year) until the loan is paid off. The adjustable rate, after the fixed period, is comprised of two things: a margin and an index. The margin generally stays the same however the index usually changes from day to day or month to month. Adding the margin to the index will give you your interest rate.

The Next Step:

A second important detail to getting a mortgage is to know your credit. Have you missed any payments? Do you max out your credit cards each month or do you only use them sometimes? Understanding your credit is important because this is one of the biggest factors that determines your mortgage rate. There are various sites that offer a free credit report; but not all of them supply a credit score unless you pay a little bit extra for this. If you do pay for the credit score part please know that the websites rating may be different than the actual credit score used by lenders.

An Important Detail:Home Kitchen

A third important detail is know your income. It doesn’t have to be exact to the penny when you call for quotes but the number you communicate should be fairly close. So if you make $54,954 per year you can probably round that off to $54,000 or to $55,000. If you make a lot more than that your margin can be a bit wider. Self employed people need to know their net income after expenses while W-2 employees need their gross income (since generally they don’t have business expenses).

JB Mortgage Capital, Inc.:

If you are interested in getting a new mortgage in California please be sure to contact us directly at 1-800-550-5538. We will be happy to answer any questions you have and/or go into further detail about what it takes to get a new mortgage. We are a California mortgage company that offers industry low mortgage rates and top notch customer service. We have a top rating with the Bette Business Bureau and the Business Consumers Alliance. When you work with us you’ll work with First Time Home Buyers In Californiaone loan officer from the first call to the very end. Unlike most lenders we do no pass you off to another loan officer or another process during your transaction. We’re committed to a smooth transaction so that is why your loan officer will focus on you and be your point of contact during the entire transaction.

Connect with us on Social Media:

INSTAGRAM: JB Mortgage Capital, Inc.
Instagram is mainly a photo and video sharing social media site that is owned by Facebook. Instagram’s popularity over the years has increased significantly especially among young adults and famous people. It was launched in October, 2010.

REDDIT: Loan Officer Kevin O’Connor
Reddit is perhaps the most well known news aggregation, and discussion social media website on the web today. Members post news items, thoughts and questions andA+ Rating these posts are voted up or down. More popular posts are more widely seen by Reddit members.

BEHANCE: Loan Officer Kevin O’Connor
BeHance is a group of websites on the web that provides promotional elements to it’s members with posts focused sharing an online portfolio.