Cypress Real Estate Cypress Mortgage

08/20/2020

Refinance now

12/05/2019

Buying a Home? – How to Choose the Right Mortgage Option

Home mortgages are a part of buying a home and they can be the most confusing and stressful aspect of buying a home. What option is right for you? Which one meets your budget and your long term needs? Which one will you qualify for?

Let’s take a look at your options so you can make an educated decision when the time comes.

The most common type of mortgage, particularly after the past few years of mortgage scams and subprime mortgage crises, is a fixed rate mortgage. This is the traditional mortgage and it’s here to stay because it is a reliable and less risky type of mortgage. There are essentially four types of fixed rate mortgages. They include:

* 30-Year Fixed Rate Mortgages
* 15-year Fixed Rate Mortgages
* Biweekly Mortgages

The fixed rate is called such because you lock in your interest rate and it doesn’t change – it’s fixed. They’re a good bet for buyers because you know what your mortgage payment is going to be for the life of your loan. It won’t change based on fluctuating interest rates or fluctuating loan terms.

A 30 year fixed rate means your payments are spread out over the course of 30 years. The 15 year fixed rate means your payments will be spread out over 15 years. Biweekly means instead of paying a monthly payment, you pay every other week. That cuts your mortgage duration to around 19 years rather than 30.

The faster you pay off your mortgage, the less you pay in interest. That’s the benefit of 15 year and biweekly mortgages. However, if you’re on a strict budget, a thirty year may be the best bet because the monthly payment will be lower even though you’ll be paying over a longer period of time and paying more in interest.

11/26/2019

Adjustable Rate Mortgage

Another common type of home loan is the adjustable rate
mortgage or ARM. With this type of loan, the interest rate
will fluctuate depending on the 6 different real estate
indexes.

The interest rate changes so the lender of the loan gets a
proper margin. That's due to the fact that the indexes
influence the cost of funding that loan in the first place.

11/24/2019

Mortgage rates are steady to slightly improved...

Mortgages Rates are steady to slightly improved today after rising for the first time in a month yesterday. Although rates change slightly every day, those changes are usually small enough as to only effect the closing costs associated with a particular rate...

11/24/2019

Looking for a home without being pre-approved?

Pre-approval and pre-qualification are two different things.

During the pre-qualification process, a loan officer asks
you a few questions, then hands you a "pre-qual" letter.

The pre-approval process is much more thorough.

During the pre-approval process, the mortgage company
does virtually all the work associated with obtaining full-approval.

Since there is no property yet identified to purchase, however,
an appraisal and title search aren't conducted.

When you're pre-approved, you have much more negotiating
clout with the seller.

The seller knows you can close the transaction because a
lender has carefully reviewed your income, assets, credit
and other relevant information.

In some cases (multiple offers, for example), being
pre-approved can make the difference between buying
and not buying a home.

Also, you can save thousands of dollars as a result of being
in a better negotiating situation.

Most good Realtors® will not show you homes until you are
pre-approved. They don't want to waste your, their, or the
seller's time.

Many mortgage companies will help you become
pre-approved at little or no cost. They'll usually need to
check your credit and verify your income and assets.

11/24/2019

Finding The Right Realtor

11/24/2019

Cypress Realty serving all of Santa Cruz County California.
San Fransisco Bay Area, La Selva Beach, Aptos, Rio Del Mar,
Seacliff, Capitola, Soquel, Santa Cruz, and Scotts Valley.

11/24/2019

What Is a Mortgage?

Every homeowner knows what a mortgage is but do you?

Many people have heard that term on movies, television
shows, and commercials but don't really know what it
really means.

To put it simply, it's a loan where you are using your
house as collateral. The difference between this and a
normal loan is that your house becomes your backup just
in case something happens and you are unable to continue
payments.