If you are searching for home loans in Los Angeles and your credit rating is high, then you are looking for a prime loan.
A “prime” loan refers to any loan offered to a customer who fits within the prime classification of borrowers.
Prime loans are the most affordable home loans available. They include lower fees, lower interest rates, and lower premiums. The loan terms are also typically more favorable. This is because you are a low-risk customer.
If your credit rating and history, debt-to-income ratio, and other credentials qualify you as a creditworthy individual, then you most likely will qualify for a prime loan.
Examples of prime loans in Los Angeles include:
Conventional
These are conforming loans which fit within the limits set by Fannie Mae and Freddie Mac. Down payments may range up to 20%, and loan terms typically span 10-30 years.
VA
Military veterans and spouses can apply for a federally-backed VA loan. With a VA loan, you do not need mortgage insurance, and you can enjoy zero down payment.
FHA
First time homebuyers can apply for a federally-backed FHA loan and qualify for a 3.5% down payment and friendly loan terms. An FHA loan may even be available to you with less-than-perfect credit.
Reverse Mortgage
If you need extra cash flow, a reverse mortgage can help you to pull equity out of your home for other purposes.
Jumbo
A jumbo loan is any home loan which does not fit within the conforming loan limits. In a high-cost city like Los Angeles, jumbo loans are common.
Pacshores Is Your Broker For Affordable Prime Loans in Los Angeles
Even though prime loans are typically very affordable and have favorable terms, it still pays off to shop around for the lowest possible interest rate and fees. That is where we can assist. As your Los Angeles mortgage broker, we can help you find the best prime loans with the most competitive rates and terms.
Give us a call today at 310-478-5005 for your consultation. Soon, you could be living in your Los Angeles dream home!