fa fa-chevron-left Press Release

Anew Lending Helping Families Obtain Home Loans in Elk Grove, CA Monday, September 14th, 8:00 PM
Direct Lender Providing Residents Of Elk Grove, CA With Easy and Fast Residential Mortgage

Elk Grove, United States - September 14, 2020 / Anew Lending /

If you wish to become a homeowner but cannot afford the total cost of the house upfront, you may need to apply for a residential mortgage. However, this is not a decision you want to make in a rush. You need to understand the typical house financing process and what it means for you after buying your house.

What Is Residential Mortgage?

A residential mortgage is a large loan designed to help the borrower buy a house with the property in question being used as security. The term “residential mortgage” is generally used to distinguish a home loan from a commercial mortgage loan used to finance a property for business purposes.

Residential mortgage rates are typically lower than on commercial mortgages and usually have lower down-payment requirements. Residential mortgage also covers loans used to refinance an existing mortgage on a residence.

What Are The Common Categories of Residential Mortgage?

The common categories of residential mortgages include:

Fixed-Rate Loan

Fixed-rate loan applies the conventional loan arrangement where a single interest rate or monthly payment is made throughout the life of the loan which can last for 15-30 years. This means that your interest rate doesn’t vary with changes in market condition. A fixed loan requires a down payment.

Adjustable-Rate Mortgage

Commonly shortened as ARM, adjustable-rate mortgage is a type of mortgage in which the interest rate applied on the outstanding balance varies throughout the life of the loan. The initial interest rate is fixed for a period of time, usually for 5-10 years. Afterwards, the interest rate resets periodically.

FHA Home Loans

Federal Housing Administration loans are government-backed loan schemes that allow you to put down as little as 3.5% for a down payment. It is a fixed-rate mortgage that can last for either 15 or 30 years.

What Is the Best and Fastest Way To Get A Residential Mortgage?

The easiest way to get a residential mortgage is to work with a direct lender. The following are the reasons why you want to work with a direct loan lender:

  • You have a better chance of getting your loan approved fast.
  • Direct lenders offer you better terms on your loan than what you will get from traditional lenders such as large banks.
  • You can avoid a large down payment
  • You can get approved for a loan with a fair credit score
  • You will be able to skip lots of paperwork associated with traditional lending institutions
  • You work one-on-one with a loan lender

Where To Find The Best Direct Loan Lender In Elk Grove, CA

One of the best residential mortgage direct lenders in Elk Grove, CA is Anew Lending. Anew Lending is a full-service direct lender with years of experience and expertise in every area of mortgage lending.

Anew Lending evaluates each borrower’s unique loan scenario to find the loan that meets their needs. They are known to offer favorable terms and great rates. Lending specialists at Anew Lending have helped hundreds of clients to obtain home loans with ease. To find out how they can help with your loan request, visit their official website or call (916) 226-9991.

Contact Information:

Anew Lending

9323 Laguna Springs Dr STE 110
Elk Grove, CA 95758
United States

Hieu Lam
(916) 226-9991

Terms & Conditions Privacy Policy

© {{ new Date().getFullYear() }} Archive Place.