Are you looking for the best home loan rates and the best home mortgage service in Redding? Omega Mortgage can help! Mortgage rates are still incredibly low and the housing market has turned around. The time to buy is now. Omega offers many type of loans including FHA loans, Conventional Loans, VA Veterans Loans, Reverse Mortgages and 203K Mortgage Loans.
FHA loans are backed by the Federal Housing Administration and are loans that are attractive to buyers with lower credit scores and first time home buyers. For almost 80 years, the FHA has offered loans that are easier to qualify for have a low interest rate and require smaller down payments than conventional loans. First time Home Buyers START HERE.
USDA loans are insured by the US Department of Agriculture and also known as Farm Home Loans. These loans provide 100% $0 down financing and are available in all of Tehama County and for properties outside the city limits of Redding and Shasta Lake City in Shasta County. If you are looking to buy a home outside the city limits, this could be a great option for you. See if you qualify HERE.
If you have good credit and can put down at least a 5% down payment towards the purchase of a home a Conventional loan could work well for you. Interest rates are still historically low with rates based off of credit score and down payment. The higher your score and the more you put down the better the interest rate. Get a Conventional Loan NOW
We at Omega Mortgage appreciate our veterans. We are always happy to help them with a VA loan by the Department of Veterans Affairs office. These loans are tailored specifically to those who have served our country. They offer zero down financing at great rates and are backed by the U.S. Government. Ready for a VA Loan?
A Reverse Mortgage is perfect for retiring and retired seniors who need income for their retirement. This program works for seniors who are at least 62 years old and allows them to convert the equity of their homes into cash with a reverse mortgage loan. For more information call us at 1-800-971-2066 or CLICK HERE.
Buying distressed or foreclosed homes and fixing them up can be a great way to make money. With a 203K Mortgage loan qualified borrowers can get one permanent fixed or adjustable rate mortgage to finance the purchase and rehabilitation of a house. The mortgage can be obtained before doing the repairs or renovations. Apply for a 203K loan
Need a Home Loan in Redding? Call 530-223-1400.
Fixed Rate Mortgage
You can choose from 10-year to 50-year fixed-rate mortgages, all of which are completely amortized. This is the loan of choice in nearly 70 percent of home purchase transactions. During the early years of the loan, much of the monthly payment goes toward interest. Toward the end of the loan period, more is applied toward principal. A 30-year loan is most common. Borrowers can shorten the loan periods by paying more principal with each payment. Paying more each month and allocating the extra to principle can cut the life of the loan down and save the borrower many thousands of dollars, depending on how quickly the principle is paid down.
(ARMs) come in many configurations. The interest rate is tied to an index, such as 1-year Treasury bonds or the Cost of Funds Index (COFI) which reflects the cost of borrowing on the credit markets. The loan's interest rate fluctuates with the movements of its index. It can move up or down monthly, semi-annually, annually or remain fixed for a period of time before it adjusts, according to the terms spelled out in the loan.
A limit on how far the rate can fluctuate at any one time is achieved through a rate adjustment cap. It is not as easy to pay off an adjustable-rate loan early as it is with a fixed rate mortgage. Some agreements may require the buyer to pay special fees or penalties if the ARM is paid off early.
FHA (Federal Housing Administration) Mortgage Loan
FHA loans are insured by the government through mortgage insurance that is funded into the loan. FHA insured loans are a type of federal assistance. First-time home buyers are ideal candidates for an FHA loan because the down payment requirements are minimal and FICO scores do not matter.
This type of government loan is available to veterans who have served in the U.S. Armed Services and, in certain cases, to spouses of deceased veterans. The requirements for receiving a VA loan vary. A main benefit is that the borrower does not need a down payment. The loan is guaranteed by the Department of Veteran Affairs, but funded by a conventional lender.
Interest-Only Mortgage Types
An "interest-only mortgage" allows you to make an interest-only payment for a certain period of time. After that time, the borrower begins making payments on the principle. So if a borrower had a thirty-year mortgage loan and the first ten years were interest only, at the end of the first ten years the principal balance would be amortized for the remaining period of twenty years. However, some junior mortgages are indeed interest only and require a balloon payment, consisting of the original loan balance at maturity.
Equity Mortgage Loan Types
Equity loans are second in position and junior to the existing first mortgage. Borrowers take out equity loans to receive cash. The loans can be adjustable, fixed or a line of credit from which the borrower can draw funds as needed.
Other types of mortgage loans include Option ARMs, Hybrid ARMs, Balloon Mortgages, Biweekly Mortgages, Home Equity Lines of Credit (HELOC).