Pacific Residential Mortgage
Pacific Residential Mortgage: At pacific residential mortgage, there is a prioritized desire to put people first. This desire in itself has transcended the desire to accumulate gains and maximize profit-making at all costs. They aim at making the mortgage experience for individuals and households less burdensome and better.
The services at pacific residential mortgage are people-based and this desire has seen and ensured the development and growth of the company over the years. The company keeps growing year in and year out as they expand their influence continued in the mortgage industry. The emphasis on people is not just peculiar to customers but also employees. Their most important achievement is well stated to be the development of their people and celebrating their achievements.
The Pacific residential mortgage keeps its focus on local communities, from the Pacific Northwest to the Southeast. The company’s mortgage advisors are licensed in more than 34 states.
Pacific residential mortgage is located in Beaverton, OR, United States. It was founded by Eric Wiley in 2004 and it operates under the legal name Pacific residential mortgage.
The Pacific residential Mortgage is well furnished with gold-hearted individuals who show up day in and day out every other day of the year to ensure that the work at the Pacific residential mortgage is done excellently and efficiently. They have adopted the visions and principles of the company to ensure that people are accurately served to their taste by helping them realize their dreams and goals which are both professional and personal. This is why the results recorded by the pacific residential mortgage have been consistent and praiseworthy.
A residential mortgage is a long-term loan that helps to fund the purchase of a property. The mortgage is to be paid back to the lender over a span of approximately 25years or more with additional interest. The residential mortgage loan usually requires an initial cash deposit of 10-30% of the total property value.
Every mortgage has a loan to value ratio (LTV) which is the amount you borrow set against the total value of the property. The lower the loan value ratio, the lower the risk to the lender and the better the interest rate you will be eligible for. Mortgages with the lowest interest rate typically have an LTV of 60%, while mortgages with the highest interest rates typically have an LPV of 85% or more.
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Owning a home of your own is very important, especially at the rate at which constant changes are being effected with rent and sudden eviction notices. Owning a home of your own comes with peace of mind and respect socially, it births a degree of emotional and mental satisfaction in the owner.
But the process of transition from a tenant to a homeowner can be difficult considering the down payment and insurance. At Pacific residential mortgage, the advisors are trained to help you get the loan you need without the additional stress and they understand that everybody’s home need is peculiar and unique.
Pacific Residential Mortgage Loan Options
At Pacific residential mortgage there are a variety of loan options for you to choose from. These loan options consider your financial capabilities and aim at making the payment process flexible and free of hassle. There are currently five major loan options to help meet your residential mortgage needs.
This loan is for those who are financially stable with both a steady and good income flow coupled with good credit. A conventional loan is a mortgage that is not insured or guaranteed by the federal government.
This loan adheres to the Fannie Mae guidelines and requirements. It is not a loan that is obtained by government agencies but by private investors and personnel. With this financing, there is an active option for both fixed and adjustable-rate loans are available. For further clarity and proper guidance, you can contact a Pacific residential mortgage advisor.
If you desire to win a luxurious home in the best parts of town, then you should go for the Jumbo loan option. It is a mortgage loan that makes it possible for individuals to finance the purchase of big houses and competitive real estate properties. So, that building with a jumbo price tag can become yours with the Pacific Residential Mortgage.
A jumbo loan is also known as a non-conforming mortgage because it is for an amount that exceeds the conforming limits regulated by federally sponsored enterprises. It also helps increase your purchase power and keeps your assets liquid. You can be further clarified by contacting one of the Pacific residential mortgage advisors.
The first thing to note about this loan is that it is a government-insured loan. It is a government-insured 100% purchase program. Peculiar about the USDA loans are
- No down payment
- Low monthly private mortgage insurance
- Very low-interest rates
- Flexible credit guidelines
The pacific residential mortgage has the USDA loans available in rural areas and individuals can apply and qualify for this loan with a low down payment. This loan is suitable for low-income earners.
This is a loan option that is highly recommended for those with the desire to own a home with a low income or homebuyers with limited savings. An FHA loan offers an attractive low down payment and flexible income, debt, and credit requirements. FHA is government-insured and it stands for Federal Housing Administration.
FHA home loans offer the following:
- A low 3.5% down payment
- Flexible income and credit requirements
- Low closing costs
This home loan offer is open and suitable for first-time home buyers and also accommodating for seniors.
VA Mortgage Loan
Veterans who have served with the military and have had an honorable discharge are eligible for the VA loan. The recognition of the importance of a home base for military personnel is part of the reason why this loan option has been made available. Apart from an honorable discharge, after a minimum of 90days of service during wartime, or a minimum of 181 continuous days during peacekeeping a veteran can be eligible for a VA loan. They are partly guaranteed and offer the following benefits
- No down payment
- Higher loan value
- No private mortgage insurance
- Limit on closing costs
- Option for seller to pay closing costs
- No penalty fee for early payoffs
- Possible VA payment assistance
For military men who are in active service or have been honorably discharged from duty this loan is suitable for you and can help provide a comfortable home for you and your family.
For seniors above the age of 62 years, this loan option can be a great retirement planning tool. It can help you achieve your goals and does not require a monthly mortgage payment. This works unlike a traditional mortgage because it allows the homeowner to borrow against the equity in their homes. With the reverse mortgage option, the borrower does not pay money to the lender, but in this case, the lender pays money to the borrower.
The loan becomes due when the last borrower moves out of the home or passes away.
The income requirements for a Reverse mortgage are very minimal
- Be a homeowner
- Live in the home
- Be 62 years and above
With the vast loan options from the Pacific Residential Mortgage, it can be very easy to own a home after you consider and choose from the numerous loan options. There are loan options that cover the low-income earners, the old, veterans, and those with a comfortable financial life. Become a homeowner today with the help of Pacific Residential Mortgage.
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