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FAQ's

Choosing a home loan that is right for you
often leads to more questions than answers

Here are some frequently asked home loan questions.

What does a mortgage consist of?
What is a home equity loan?
What are closing costs?
What are points?
What is an Escrow Account?
Loan-to-Value Ratio

Q: What does a mortgage consist of?

A: A mortgage is a loan for the purpose of buying a home. The four basic
components are principal, interest, taxes and insurance (PITI).

Q: What is a home equity loan?

A: Often referred to as a second mortgage, a home equity loan allows you to borrow
against the equity accumulated in your home..

Q: What are closing costs?

A: Closing costs involve a variety of expenses in addition to the purchase price,
including such items as points, credit report fees, and title insurance.

Q: What are points?

A: A point is equal to one percent of your mortgage loan. You may consider "buying
down" your interest rate by paying discount points up front.

Q: What is an Escrow Account?

A: An account held by the lender into which the home buyer pays money for tax or
insurance payments. Also earnest deposits held pending loan closing.

Q: What is Loan-to-Value Ratio (LTV)?

A: The relationship between the amount of the mortgage loan and the appraised
value of the property expressed as a percentage called LTV.

Let us help you get all the answers you need.
Give our experienced loan specialists a call.

All rights reserved, Licensed by, California Department of Real Estate. Programs available only to qualifi ed borrowers. All borrowers subject to approval. Rates and programs subject to change without notice. Some restrictions may apply.

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