CRES - California Real Estate
What is the CRES (California Real Estate Services) mortgage advantage?
Creshome.com’s in house broker is an authority on California home loans. He can develop a custom solution based on the best interest rate, the lowest payment and the overall expenses. Whether you’re refinancing or purchasing California real estate CRES will help you find the mortgage that’s best for you. The options for financing California real estate are Fixed-rate mortgages, adjustable-rate mortgages, home equity loans and lines of credit based on your California real estate property value.
Fixed rate mortgage
These are mortgages that carry the same interest and payment rate over the loans life. These mortgages usually mature in 30 years, but now 15 year loans with a lower rate are becoming common. This type of mortgage is referred as a FRM or simply ‘fixed’.
Adjustable Rate mortgage
These mortgages start out with a low rates and payments but increase as the loan matures. This type of mortgage is often referred as an ARM. These mortgages are often desirable for financing California real estate because they offer lower rates to get into a property.
Second mortgages
These are often referred to as HOME EQUITY LOANS or HELOCS. They can carry and fixed or adjustable interest rate. The rates for a second mortgage are almost always higher than the refinance rate.
Refinance an existing loan
This type of loan allows the home owner to lower the payment , provide cash, or consolidate debt. In order to lower your payment you’ll need to refinance at a lower rate or lengthen the loans maturity time. To cash out or consolidate a loan you must have sufficient equity in the property. This can come from an increase of the property value or from paying down the loan balance.