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California Refinancing Options
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Summary of Basic Loans

Here is a basic summary of some of the loans available to California borrowers:

Payment Option Loans

  • Full documentation
  • Stated documentation
  • No ratios
  • Up to $3 million
  • Ignore consumer payment lates up to 90% loan to value ratio

Interest Only Loans

  • These loans offer the borrower the chance to make a lower payment than a regular loan
  • Interest only options are available for different loan terms, including 5, 10 or even more years

30 Year Fixed Loans

  • This is the standard mortgage loan
  • Options now include a 10 year interest only option
  • Some lenders even offer an interest only options for all thirty years

40 Year Loans

  • This is a newer loan term that allows borrowers to have a lower monthly payment
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50 Year Loans

  • This is a newer loan term that allows borrowers to have a lower monthly payment
  • They are often only fixed for 30 years
  • Some loans have a balloon payment after the 30th year

90 Days No Payment Loans

  • These loans allow people to not pay their mortgage for 90 days
  • This is a variant on the minimum payment option loan
  • They often feature minimum payment loan options

No documentation loans

  • Mortgage lates OK
  • Verbal verification of employment
  • Generally no need to document income, assets, or employment

Cash Out Loans

  • Very low documentation to 80% of the value of the property

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For additional Mortgage Refinancing information
and resources visit Mortgage Refinancing.
(http://www.refinance-refinance.net)
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This entry was posted on Thursday, September 28th, 2006 at 4:03 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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