Obtaining a mortgage or refinancing one is often a little confusing and occasionally stressful. Working with the right mortgage professional can simplify the process and ensure that you receive the best outcome.
Key City Lending has years of experience helping Los Angeles property owners get the best interest rates on home mortgages. Our combination of superior customer service and access to the latest technologies allow our loan officers to deliver the most efficient mortgage application process.
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Are you nearing or at retirement age and want to start using the equity in your home? Consider applying for a reverse mortgage. A reverse mortgage allows you to receive monthly payments to cover any expenses, such as medical bills or your new retirement lifestyle.
A reverse mortgage is a type of loan that is taken out on the equity that you have built up over the years. Instead of receiving a lump sum, you receive monthly payments. You stay in your home and do not need to repay the loan until you vacate or sell your property. The proceeds from the sale of the home cover the reverse mortgage. Any remaining equity gets passed to your beneficiaries.
Reverse mortgages are available for those aged 62 or older. You can only get a reverse mortgage on your primary residence and need to have enough equity to cover the new loan. Lenders also require your homeowners’ insurance and property taxes to be current.
If you meet the requirements, a reverse mortgage gives you a simple way to access your equity now, when you may need it the most.
A fixed mortgage is often the best financing option when buying a new home. Your interest rate remains the same throughout the life of the loan, which results in predictable monthly payments on your LA property.
Fixed mortgages offer greater security compared to a variable rate mortgage. With a variable-rate mortgage (or adjustable-rate mortgage), the interest rate is adjusted periodically based on a financial index. Most lenders use the prime rate as a benchmark, which is based on the Federal funds rate. If the Federal interest rate increases, your monthly payments increase.
Getting a fixed-rate home loan results in regular mortgage payments each month. Other than your property taxes and homeowners’ insurance, your mortgage payments stay consistent. Fixed mortgages also hedge against inflation, as you can lock in a rate based on current economic conditions.
Fixed mortgages have a 30-year term. Compared to a loan with a shorter term, your monthly payments are going to be much lower, as the balance is distributed across many more payments. While other living costs may fluctuate, you can gain peace of mind knowing that your home loan will stay the same. At Key City Lending, we offer no-obligation consultations for individuals seeking fixed mortgages for Los Angeles homes.
Refinancing may offer significant savings for those with good credit or a lot of equity. The typical mortgage is a 30-year loan. At some point during the life of your loan, you may qualify for a lower interest rate.
Mortgage refinancing is the process of replacing your current loan with a new loan. People often choose to refinance when the new loan results in lower mortgage payments due to lower interest rates. However, you can also choose different terms to suit your goals, such as a shorter term to pay off your loan sooner.
Your personal finances are likely to change from the time that you first obtain a mortgage. Over the years, you may start earning more, improve your credit score, and build more home equity. These changes improve your creditworthiness, which allows you to get better rates when applying for a loan.
Along with changes to your finances, mortgage interest rates also fluctuate through the years. Key City Lending provides a convenient way for Los Angeles homeowners to explore mortgage refinancing options. Act now to lock in lower rates for the remainder of the life of your home loan.
Applying for a mortgage is one of the more stressful aspects of shopping for a new home in the Los Angeles area. You want to ensure that you get the best rates and monthly payments that you can afford.
At Key City Lending, we aim to eliminate the hassle of the typical mortgage application process. We understand that every situation is unique. Our experts help find a solution that works for you, whether you are considering reversed mortgages, fixed mortgages, or refinancing.
You can submit an online application and review financing options using our convenient mortgage calculator. We can also work with you through every step to deliver a less stressful loan experience.
Contact our loan officer today to explore options!
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