Our wide range of loan products and resources allow us to meet virtually every need
and situation. Give us a call at (800) 724-5404 to talk with one of our loan
professionals. We will be happy to help you get the right loan for your needs.
Purchases
California Mortgage Corp. has several programs to fit your needs. Your ability to purchase a new
home is primarily driven by down payment, credit and monthly income. Your mortgage
professional will help you select the best program to fit your personal situation. The most
commonly used loan types are:
FHA
This program is primarily used by first-time homebuyers, although not required, and provides the
most flexibility and options available. It allows the borrower to have higher debt and less down
payment than other loan programs. It does have a maximum loan amount depending upon where
you are purchasing. Down payment assistance programs and seller-paid closing costs can be
used to allow a borrower to purchase a home with little or nothing out of pocket.
VA
This loan is reserved for use by veterans of military service. Active duty, retired, and reservists are
eligible depending upon length of service and status of discharge. A Certificate of Eligibility is
required, which your loan officer can help you obtain with a copy of your DD214. This loan can
provide 100 percent financing for the purchase of a home and does not require any monthly
mortgage insurance, a common requirement of other down payment loans.
Conventional
(Conforming)
This loan can accommodate all borrowers. It has a maximum loan limit of $417,000.00. Its
traditional down payment is 5%, but options exist to accommodate a lower down payment if
necessary. It usually requires mortgage insurance unless the borrower puts in a down payment of
at least 20%, but split mortgages such as 80/20 and 80/15 can be done to eliminate the
requirement for mortgage insurance.
Jumbo
(Non-Conforming)
This loan is to accommodate larger loan amounts. Any loan over $417,000.00 is considered a
Jumbo loan and is subject to program variations and pricing adjustments due to the large nature of
the loan. However, there are also advantages to Jumbo loans that benefit the large home
purchaser.
Construction
This loan is an interim source of financing that is used while constructing a new home. Funds are
made available on a "Draw" basis to pay for the construction as the home is being built. A long-
term loan is pre-approved and available upon the completion of the home, and will pay off the
construction loan once the home is finished. This loan can often be obtained in either the
borrower's name or the contractor’s name. Also available are one time close construction
programs in which the long-term financing and construction loans are closed at the same time.
Zero Down
Are you looking to buy a home with no money down?California Mortgage Corp. works with a
number of grant programs that provide down payment assistance. Many of the grant programs
have few, if any, qualifying conditions. Call one of our mortgage loan professionals for additional
information.
Refinance
Envision Lending Group can help you take advantage of refinancing opportunities. Ask one of our
loan professionals for more information about how you may benefit from refinancing. Below are a
few reasons people choose to refinance:
Debt Consolidation
This type of refinance is done by using the equity in your home to consolidate your other personal
debt into one monthly payment. It provides you with an improved monthly cash flow, better tax
advantages, fewer payments, and with no pre-payment penalty the ability to pay the entire debt off
faster. Several different loan programs can be used on this type of refinance; your loan officer can
assist you in selecting the program that best fits your needs.
Cash-Out
This type of refinance is used when individuals wish to pullout equity from their home with no
specific purpose. The equity or cash taken from the home can be used at the borrower's
discretion whether it is for the purchase of another home, investment purposes or simply to
purchase a new vehicle. Additional tax benefits can be used on the amount of money taken out.
Loan to value limits may apply.
Rate/Term
This type of refinance is used when you are paying off your existing mortgage. Usually it is done to
reduce the interest rate of your current loan, which reduces the monthly payments, or it can be
used to reduce the term of the mortgage in an effort to pay off the existing mortgage faster.
Rate/Term refinances are a wonderful way to improve your monthly payments or to help you own
your home sooner. Your loan officer can show you if in fact it would be beneficial to your specific
needs.
FHA/VA Streamlines
California Mortgage Corp. helps homeowners that currently have a FHA or VA mortgage convert
their current interest rate to a lower fixed or adjustable rate without having to go through the
complete re-qualifying process. There are no credit checks, employment and income verifications
or appraisals required. The program is designed to benefit the client so the results of the refinance
must lower the borrower’s monthly mortgage payment or lower the number of years left on the
mortgage. No cash may be taken out on mortgages refinanced using the streamline refinance
process. The mortgage to be refinanced should be current (not delinquent). You may have no
more than two thirty-day lates in the last twelve months. The mortgage to be refinanced must
already be FHA or VA insured.
Home Equity & 2nd Mortgages
California Mortgage Corp. provides the following programs to help homeowners take advantage
of the equity in their home. Talk with one of our loan professionals if you’d like more information.
HELOCs
The Home Equity Line of Credit is an excellent way for you to take equity out of your current home
without disturbing your present mortgage. HELOCs are a line of credit that utilizes the equity in
your home on a “Want To" basis. The line can be opened for a specific amount, but you can use
as little or as much of it as you would like, and your payment is calculated on the amount of money
that you have used. The interest will usually be on a variable rate basis but will often be lower than
the current fixed rate. This type of loan gives you a lot of flexibility in using the equity in home at
your convenience. Loan-to-value limits may apply.
2nd Mortgage
Second (2nd) mortgage refers to any type of mortgage that is used to take advantage of the equity
in your home without disturbing the present mortgage currently against your home. Below are the
most common types of 2nd mortgage’s.
Fixed Payment/Closed End
This type of home equity loan also uses the equity in your home, but it is usually for a specific
amount of money, borrowed at a specific rate (usually fixed) over a specific amount of time. This
type of loan also allows you to take equity out of your home without disturbing your present
mortgage but gives you the comfort of knowing what your monthly payment will be. Loan-to-value
limits may apply.
Alternative Lending
Alternative lending loans are usually for borrowers with less than perfect credit. If you have
experienced financial challenges and have gotten a little behind in making your payments to
creditors, California Mortgage Corp’s alternative loans may be able to help you get back on track.
We will work to consolidate your debt and reduce your monthly payments. The sooner you call, the
more we can help.
and situation. Give us a call at (800) 724-5404 to talk with one of our loan
professionals. We will be happy to help you get the right loan for your needs.
Purchases
California Mortgage Corp. has several programs to fit your needs. Your ability to purchase a new
home is primarily driven by down payment, credit and monthly income. Your mortgage
professional will help you select the best program to fit your personal situation. The most
commonly used loan types are:
FHA
This program is primarily used by first-time homebuyers, although not required, and provides the
most flexibility and options available. It allows the borrower to have higher debt and less down
payment than other loan programs. It does have a maximum loan amount depending upon where
you are purchasing. Down payment assistance programs and seller-paid closing costs can be
used to allow a borrower to purchase a home with little or nothing out of pocket.
VA
This loan is reserved for use by veterans of military service. Active duty, retired, and reservists are
eligible depending upon length of service and status of discharge. A Certificate of Eligibility is
required, which your loan officer can help you obtain with a copy of your DD214. This loan can
provide 100 percent financing for the purchase of a home and does not require any monthly
mortgage insurance, a common requirement of other down payment loans.
Conventional
(Conforming)
This loan can accommodate all borrowers. It has a maximum loan limit of $417,000.00. Its
traditional down payment is 5%, but options exist to accommodate a lower down payment if
necessary. It usually requires mortgage insurance unless the borrower puts in a down payment of
at least 20%, but split mortgages such as 80/20 and 80/15 can be done to eliminate the
requirement for mortgage insurance.
Jumbo
(Non-Conforming)
This loan is to accommodate larger loan amounts. Any loan over $417,000.00 is considered a
Jumbo loan and is subject to program variations and pricing adjustments due to the large nature of
the loan. However, there are also advantages to Jumbo loans that benefit the large home
purchaser.
Construction
This loan is an interim source of financing that is used while constructing a new home. Funds are
made available on a "Draw" basis to pay for the construction as the home is being built. A long-
term loan is pre-approved and available upon the completion of the home, and will pay off the
construction loan once the home is finished. This loan can often be obtained in either the
borrower's name or the contractor’s name. Also available are one time close construction
programs in which the long-term financing and construction loans are closed at the same time.
Zero Down
Are you looking to buy a home with no money down?California Mortgage Corp. works with a
number of grant programs that provide down payment assistance. Many of the grant programs
have few, if any, qualifying conditions. Call one of our mortgage loan professionals for additional
information.
Refinance
Envision Lending Group can help you take advantage of refinancing opportunities. Ask one of our
loan professionals for more information about how you may benefit from refinancing. Below are a
few reasons people choose to refinance:
Debt Consolidation
This type of refinance is done by using the equity in your home to consolidate your other personal
debt into one monthly payment. It provides you with an improved monthly cash flow, better tax
advantages, fewer payments, and with no pre-payment penalty the ability to pay the entire debt off
faster. Several different loan programs can be used on this type of refinance; your loan officer can
assist you in selecting the program that best fits your needs.
Cash-Out
This type of refinance is used when individuals wish to pullout equity from their home with no
specific purpose. The equity or cash taken from the home can be used at the borrower's
discretion whether it is for the purchase of another home, investment purposes or simply to
purchase a new vehicle. Additional tax benefits can be used on the amount of money taken out.
Loan to value limits may apply.
Rate/Term
This type of refinance is used when you are paying off your existing mortgage. Usually it is done to
reduce the interest rate of your current loan, which reduces the monthly payments, or it can be
used to reduce the term of the mortgage in an effort to pay off the existing mortgage faster.
Rate/Term refinances are a wonderful way to improve your monthly payments or to help you own
your home sooner. Your loan officer can show you if in fact it would be beneficial to your specific
needs.
FHA/VA Streamlines
California Mortgage Corp. helps homeowners that currently have a FHA or VA mortgage convert
their current interest rate to a lower fixed or adjustable rate without having to go through the
complete re-qualifying process. There are no credit checks, employment and income verifications
or appraisals required. The program is designed to benefit the client so the results of the refinance
must lower the borrower’s monthly mortgage payment or lower the number of years left on the
mortgage. No cash may be taken out on mortgages refinanced using the streamline refinance
process. The mortgage to be refinanced should be current (not delinquent). You may have no
more than two thirty-day lates in the last twelve months. The mortgage to be refinanced must
already be FHA or VA insured.
Home Equity & 2nd Mortgages
California Mortgage Corp. provides the following programs to help homeowners take advantage
of the equity in their home. Talk with one of our loan professionals if you’d like more information.
HELOCs
The Home Equity Line of Credit is an excellent way for you to take equity out of your current home
without disturbing your present mortgage. HELOCs are a line of credit that utilizes the equity in
your home on a “Want To" basis. The line can be opened for a specific amount, but you can use
as little or as much of it as you would like, and your payment is calculated on the amount of money
that you have used. The interest will usually be on a variable rate basis but will often be lower than
the current fixed rate. This type of loan gives you a lot of flexibility in using the equity in home at
your convenience. Loan-to-value limits may apply.
2nd Mortgage
Second (2nd) mortgage refers to any type of mortgage that is used to take advantage of the equity
in your home without disturbing the present mortgage currently against your home. Below are the
most common types of 2nd mortgage’s.
Fixed Payment/Closed End
This type of home equity loan also uses the equity in your home, but it is usually for a specific
amount of money, borrowed at a specific rate (usually fixed) over a specific amount of time. This
type of loan also allows you to take equity out of your home without disturbing your present
mortgage but gives you the comfort of knowing what your monthly payment will be. Loan-to-value
limits may apply.
Alternative Lending
Alternative lending loans are usually for borrowers with less than perfect credit. If you have
experienced financial challenges and have gotten a little behind in making your payments to
creditors, California Mortgage Corp’s alternative loans may be able to help you get back on track.
We will work to consolidate your debt and reduce your monthly payments. The sooner you call, the
more we can help.
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