Jim Benincasa

 A fixed-rate loan provides you with a solid, fixed interest rate on your loan. This means your payment will not fluctuate or change over the term of your loan, providing you with stability and peace of mind.

There are a variety of options with down payments on conventional loans, including receiving gift funds for the payment. Borrowers putting 20% down can avoid paying PMI, or Private Mortgage Insurance. As an incentive for first-time homebuyers, conventional loans can now be acquired with as little as 3% down.

Based on your current situation, an Adjustable Rate Mortgage, or ARM, could be the right mortgage solution for you. Generally, ARMs provide lower interest rates in the beginning of the loan and can be great options if you do not plan to stay in your home long-term.

With an ARM, your rate will be fixed for the first part of the loan term. After the initial term, your rate will adjust based on a particular index. Depending on your situation, this type of loan could give you the flexibility you desire.

 When looking at your mortgage options, often the first place to focus is the down payment requirement. Different loan programs have different requirements, with some as low as 3% down. Depending on the program, you can also receive gifts towards the down payment or work with a local program for assistance with the payment.

With the best programs and products available, let our dedicated Mortgage Consultants find the right program for you. Many of the FHA and Conventional loan programs offer minimal down payments with flexible qualifying criteria.

 Owning a home has traditionally been part of the “American Dream”, but in today’s financial climate some Americans doubt they can afford the dream. The good news is that there are many programs available today to assist first-time homebuyers in obtaining a mortgage.

While the specific rules vary by program and state, some basic guidelines revolve around your credit score, income, employment and price of the home. Employment can offer its own set of benefits with programs specific to teachers or public safety workers.

 VA loans are the most powerful lending programs available and are reserved exclusively for vets like you. Cambria Mortgage is proud to help you get the VA loan - and home - you worked so hard to earn with your service to our country.

 Whether you’re purchasing a new home or refinancing an existing VA or non-VA loan, you always enjoy: 

No down payment 

Competitive interest rates 

No private mortgage insurance

Limited closing costs

 If your idea of paradise is more about wide open spaces than bustling cities, the USDA mortgage program may be right for you. With a USDA mortgage you could be eligible for 100% financing options with little or no money required for a down payment.

If you qualify for a USDA home loan, your down payment could be $0! Because there are certain requirements of the program, it is best to contact your Mortgage Consultant right away so that you are sure to find the right program for you. 

 You have worked hard to build equity in your home. Let your hard work help you to get cash for things like home improvements, college tuition and other large expenses. While home values continue to increase, tapping into home equity by refinancing remains a solid option for homeowners to access cash.

 With interest rates near historical lows, it is a perfect time to look at lowering your monthly payments or shortening the term of your current loan. Even if you think the rate may not make that much of a difference, give your Mortgage Consultant the opportunity to run the numbers and see if you can make your mortgage work for you.

 With home values rising, you could be in a position to refinance your home and eliminate your monthly mortgage insurance payment, or the PMI, on your loan. Depending on your goals, you could also shorten the term of your loan or take out some extra cash and pay off a large expense or update your current home.

A reverse mortgage is a unique loan that allows you to borrow against the equity in your home. You still own your home, but instead of making monthly payments, you receive them. A reverse mortgage can help if you need to: 

Eliminate an existing mortgage or pay off debts Supplement your income or fund a financial planning solution 

Cover medical expenses 

Upgrade your home or right-size to a new home

 Building a new home is an exciting process, don't let your construction loan bring you down. Construction loans can be tricky so you want to work with a Mortgage Consultant familiar with the process and dedicated to your success.