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Learn MoreTo start the process of getting a mortgage loan, you can visit one of our branches in Riverside, CA or contact one of our Mortgage Loan Officers directly.
Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we’ll issue an approval subject to you finding the perfect home. We will provide a pre-qualification letter to you. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification may give more weight to any offer that you make.
When you find the perfect home, simply call your Mortgage Loan Officer to complete your application. You will have an opportunity to lock in our great rates and fees.
There really isn’t one best mortgage for everyone. With a 15-year mortgage, you pay less interest. You can also eliminate debt more quickly. On the other hand, although a 30-year mortgage does have higher interest, it also has lower monthly payments. This is a good option if you have other large purchases you’re saving for or currently paying such as college tuition.
It is possible to pay off your 30-year mortgage in fewer years. However, your monthly payment obligation will remain the same. If you want to increase your monthly mortgage payments, make sure you designate your extra payment as “principal payment” and discuss your decision with an Altura lender.
Paying extra principal on your mortgage can save you money! By paying more, you won’t have to worry about paying as much interest. Ultimately, you’ll also pay off your mortgage sooner. However, this still isn’t the best option for everyone. Make sure you assess your financial goals and think about other areas you can cut costs before you decide to start paying extra principal.
You may still owe money even after your house has been foreclosed. If the proceeds from the sale of your home don’t cover the amount you owe on your mortgage, you will still owe your lender. The resulting debt is known as a deficiency.
The most important documents you will sign at closing are the note and mortgage, sometimes called the deed of trust. Unless there are special circumstances, these documents are usually prepared one to two days before your closing. Other documents are prepared by the closing agent the day before or the day of your closing. If you would like copies of the completed documents to be sent to you after they are prepared, please contact your Mortgage Loan Officer.
