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What is a Mortgage Loan?

July 24, 2017 By ajwpaccess

A mortgage requires you to pledge your home as the lender’s security for the repayment of your loan. The lender agrees to hold the title to your property (or in some states, to hold a lien on your title) until you have paid back your loan plus interest. If you do not repay your mortgage loan, the lender has the right to take possession of your house and sell it in order to satisfy the mortgage debt.

Principal & Interest.

All Mortgages have two features in common:

  • Principal: The first feature is the mortgage principal, which in the actual amount you borrow. For example, if you take out $200,000 mortgage, you mortgage principal is $200,000.
  • Interest: The second feature is the interest, which is the money you pay for the use of the money you borrow. Interest rate are highly volatile and how much interest amount you pay over the mortgage loan depends upon many different factors. The interest you pay on your mortgage may be deductible. (Consult a tax professional for advice) The higher the income tax bracket the more you may save in taxes by owning your own home.

Amortization:

Over specific time of loan (30 years – 15 years – 7 years – 5 years – 3 years – 1 year, etc,), you will pay your mortgage gradually through regular, monthly payments of principal and interest. The amounts of these payments are calculated to let you own your home debt-free at the end of a fixed period. During the first few years, most of your payments will be applied toward the interest you owe. During the final years of your loan, your payment amounts will be applied almost exclusively to the remaining principal. This type of re-payment is called amortization. In addition, when you sell your home you will be required to pay back any remaining principal balance due on your mortgage loan to your lender.

Four major factors that affect your mortgage payments:

The price of the house is determined by location, size, special features (such as garage, a deck, an extra bathroom, extra master bedroom), and over all market condition. However, before you fall in love with your new home, learn the four factors that maybe the key to whether or not you can afford that house of your dream.

  • The size of your down payment,
  • The amount of your mortgage,
  • Your mortgage interest rate, and
  • Re-payment term of the mortgage loan you choose.

A change in any of these four factors will influence how much house you can afford. Examine each of these four factors in detail and carefully, so you can get a good grasp of your buying power.

Filed Under: FAQ's, Loan Process, Loan Programs

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Client Testimonials

Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

Tony – Orange, California

 

I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

Tracy – Los Angeles, California

 

Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

Javier – West Covina

 

Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

Susan – Fresno, California

 

My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

Cindy – San Diego, California

 

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What Kind of Loans
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Conventional Loans
Conventional Loans

These are loans which conform to the guidelines set by Fannie Mae and Freddie Mac.

VA Loans
VA Loans

These federally backed loans are available to veterans and spouses, and allow you to qualify for a loan with zero down payment.

FHA
FHA

If you are a first time homebuyer in Los Angeles, you may be able to qualify for a down payment as low as 3.5% with a government-backed FHA loan.

Reverse Mortgage
Reverse Mortgage

If you need to pull equity out of your home to convert to cash, a reverse mortgage makes it possible.

Jumbo
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.

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