Lending options for any credit type
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30yr fixed conforming
20yr. fixed conforminG
15yr fixed conforming
30yr fixed agency high balance.
FHA 30yr. fixed conforming
FHA 15yr fixed conforming.
FHA 30yr fixed high balance
VA 30yr fixed conforming.
COMMERCIAL LOANS/ MULTI-FAMILY
PRIVATE MONEY LOANS
WHAT ARE THE DIFFERENCES?
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Answers to Your Questions
What is the difference between a fixed rate and adjustable rate mortgage?
A fixed rate mortgage has regular monthly payments that will not change over the life of the loan. With an Adjustable Rate Mortgage (ARM), the loan has an initial fixed rate period, typically 3 to 10 years. The interest rate may change on an annual basis once the fixed portion of the loan expires. ARMs are 30 year loans and are a great option for home buyers who do not plan on staying in their current home for a long period of time.
What is a VA mortgage?
A VA Mortgage is the Veteran’s Administration (VA) loan program sponsored by the US Government’s Department of Veteran’s Affairs. VA loans are available to credit-worthy individuals who are or were:
- An honorably discharged Veteran
- An active duty service member
- An un-remarried surviving spouse of a military service member
- A Reservist
- A National Guardsperson
With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.
When refinancing my mortgage, can I get extra money at closing so I can pay off other debt?
Receiving extra money at the time of closing is called a cash-out refinance. When there is extra equity available in your home, you may take extra cash out in a lump sum payment at closing when refinancing.
What is an FHA mortgage?
An FHA loan is a mortgage loan that is insured by the Federal Housing Authority (FHA). Borrowers can typically qualify for an FHA loan with a down payment as little as 3.5% and a credit score of 580 or higher. Another advantage of an FHA loan is it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. Because FHA loans have more flexible lending requirements, interest rates for FHA loans may be somewhat higher, and the buyer will pay monthly mortgage insurance along with their monthly loan payment.
What information do I need to have when I apply for a mortgage at SA Mortgage corp.?
When applying for a mortgage loan with us, you will be asked for the following:
- W-2s (current 2 years) and 1 month current consecutive pay stubs
- Residence and employment history (2 years)
- Last 3 months’ bank statements (all accounts, all pages)
- Loans, credit cards: list of addresses, account numbers, balance and monthly payment
- Real Estate owned: property address, lender, loan number, balance and monthly payment
- If self-employed/commissioned/bonus/overtime: last 2 years tax returns (all schedules) and YTD P&L and balance sheet
Sr. Mortgage Loan Consultant
Alt (928) 565-7330
Fax (866) 216-1349
License # 01130224
S/A Mortgage (Corporate Headquarters) PO Box 1040, Palm Desert CA 92261 | License # 01868567| NMLS# 238365
This is not an offer for an extension of credit or a commitment to lend. All applications are subject to borrower and property underwriting approval.
Not all applicants will qualify. All loan products and terms are subject to change without notice.