All California Mortgage

QUALITY PEOPLE ~ QUALITY SERVICE

Since 1992, All California Mortgage has provided quality service in every area of mortgage lending. From purchase to refinance to construction and commercial lending, we have access to a full range of mortgage sources. Our lending specialists are dedicated to finding you the right loan-with great rates, terms and costs to meet your unique needs. 

COME HOME WITH THE HELP OF ALL CALIFORNIA MORTGAGE.  

 

© 2017 All California Mortgage, a division of American Pacific Mortgage Corporation  NMLS #1850 / BRE #01215943
17 E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545   inquire@allcalifornia.com 
Licensed by the Department of Business Oversight under the CRMA     Disclaimer  |  Privacy Policy 

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Loan Program Comparisons

What Loan Programs Are Most Commonly Used Today? There are many loan programs designed to meet borrower's individual criteria. The following is a comparison of some of those programs.


LOAN PROGRAM

ADVANTAGES

            DISADVANTAGES


FIXED RATE

Ranging from 10-40 years(15 & 30 year being the most common)

  • 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

ADJUSTABLE / HYBRID

10/1 ARM
5/1 ARM
7/1 ARM
3/1 ARM
1 year
6 month ARM

  • Lower initial monthly payment
  • Rates and payments may go down if rates improve
  • May qualify for higher loan amounts
  • Cash flow advantages (use funds to invest, etc.)
  • 40 year loan terms available
  • More risk
  • Payments may change over time
  • Potential for higher payments if rates increase

FIRST TIME HOME BUYER PROGRAMS

  • Lower down payment
  • Easier to qualify
  • Lower rates may be available

 

  • May be subject to income and property value limitations
  • Some government subsidies programs may have a recapture tax if you sell too soon
  • Counseling may be required to qualify for these loans

INTEREST ONLY PROGRAMS

30 Year
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
1 Year ARM
6 Month ARM

 

 

 

 

NO POINT, NO FEE PROGRAMS




 

IMPERFECT CREDIT PROGRAMS

 

 


 

 

HOME EQUITY LINE OF CREDIT WITH FIXED RATE OPTIONS

 


 

 

 

 

 

 

HOME EQUITY FIXED LOAN

  • Allows for more than one payment option
  • Lower monthly payments
  • Qualify for a higher loan amount
  • Qualify at interest only payment
  • Option to pay the fully amortized payment
  • Cash flow advantages (use funds to invest, etc.)
  • 40 year loan terms available 
  • Principle pay downs will result in an immediate reduction in the monthly payment during interest only term 

 

  • No closing costs
  • Less money required to close
  • Refinance without increasing your loan amount

     
  • 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
  • Can be used as temporary financing until you qualify to refinance into a mortgage with better terms
     
  • 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
  • Good source for an emergency fund
  • Can be used for debt consolidation and lower payments
  • Rates usually lower than consumer loan or credit card
  • Can be used for investment opportunities

     
  • Fixed payments
  • Interest may be tax deductible
  • Debt consolidation
  • Can be used for investment opportunities
  •  
  • Principal loan balance will not decrease in any month the interest only payment is chosen
  • Payment can increase when loan converts to fully amortized

 

 

 


 

 

  • Higher rates
  • Higher payments

 


 

  • Higher rates
  • Terms may not be as favorable
  • Harder to obtain long term fixed loans
  • Loans may have prepayment penalties

 

  • Rates can change
  • The maximum interest rate can be relatively high
  • Payments can change






 

 


 

  • Higher interest rates compared to a first mortgage
  • Proceeds received in one lump sum as opposed to drawing funds as needed
  • Interest is paid on the entire loan amount, compared to an equity line of credit where interest is charged on the amount drawn only

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  ©  2017  All California Mortgage
a division of American Pacific Mortgage Corporation - NMLS #1850 / BRE #01215943
17
E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545      inquire@allcalifornia.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Act     Disclaimer  |  Privacy Policy