Purchase Mortgage Loans
Purchase Home Loans from Sonoma County Mortgages
Sonoma County Home Purchase Loans made easy and convenient. Looking for a mortgage to purchase a primary residence? How about a purchase mortgage loan for a second home or even an investment property. We offer flexible and competitive mortgage rates for purchase mortgage loans throughout Sonoma County.
Here's how we work:
- Complete No obligation mortgage rate quote online prequalification form, securely
- Receive Mortgage loan numbers for your unique scenario
- Give us a call to discuss to discuss the mortgage loan numbers
- Select the loan program that makes the most sense for you
Begin a secure online mortgage rate quote request today. Choose from a variety of local mortgage loan programs. We offer fixed rate mortgages and some variable-rate programs.
Get pre-qualified today quickly and securely. Choose the right purchase mortgage loan for your financial situation. Our system allows you to compare loan programs against each other to determine which program makes the most sense for you. Compare mortgage rates on fixed-rate mortgages as well as deciding whether not to pay discount points.
Need help deciding which mortgage loan program makes the most sense? Check out our mortgage tips with the latest news and mortgage loan guidelines or try out our online mortgage calculator for your convenience.
Learn how to begin the home buying process.
Research first time home buyer programs for your home purchase.
Understand the biggest obstacles home buyers have in securing a home.
See how the loan process works from start to finish.
Here are the steps to buying a home.
Yes, buying a house without 20% Down is a reality.
How to document and source monies used for securing a home loan.
See what you can expect to happen to decide to purchase a home.
Learn the loan programs first time home buyers are eligible for. Some government programs have no down payment requirement!
Find information related to investment property mortgage loans.
Learn what the banks want to get your purchase mortgage loan approved quickly.
Recent Questions & Answers
This is the mother lode question on every consumer’s mind seeking mortgage loan financing. Everybody wants to get the lowest and best possible interest rate for their mortgage right? Obviously, the lowest possible interest rate and least possible cost is ideal. The cold reality is that after you close escrow rates can drop below what you have thus you didn’t get the lowest interest rate. This happens all the time. Simple strategy smart consumers should look for….
Know The Game
Goes without saying, pay attention to the news on interest rates and run payment scenarios to see what your situations rate and payment would look like. Bar none the best possible place to get the best barometer of where interest rates are on any given day is none other than www.FreddieMac.com. Why? Because Freddie Mac is a government entity, it is unbiased and pure in its form.
For example compare any interest rate mortgage website and you’ll see ultra low interest rates, with a whole lot of very fine print. These interest rates come, with specific terms, specific steps, specific action items ‘you’ the consumer must do in order to get that ridiculously low interest rate as well as being adept to the fine print language. The overwhelming majority of people when it comes time to get in their mortgage rate want to know series of very simple things. How will I benefit? How much is it going to cost, what’s my rate, what’s my payment? Anything other than that, means using your own time putting together your own loan together in an effort to chase rate which may not be attainable anyway due to credit characteristics (credit score, loan to value etc).
Why A Government Site
Freddiemac.com takes an average of pricing against multiple lenders on a weekly basis and publishes it for consumers on the most common loan programs; a 30 year fixed-rate mortgage and a 15 year fixed-rate mortgage and any associated points and fees with those products. It is unbiased. There is no fine small print language, unnecessary steps nor sales pitch. It’s just the raw data which smart consumers should use to get the best idea of where interest actually rates are.
Know The Rates & Pick A Lender
Now you know the interest rates, time to shop lenders. Once you have an idea of where the market is in terms of interest rate, then you can start comparing fees and loan programs and determe what mortgage lender is best suited to your financial situation. Unless you have the time and the energy of structuring your own loan program with the lowest priced lender, leave the heavy lifting to the lender, make them answer the tough questions that you come to know and deserve as informed smart mortgage consumer. Start by Getting A Free Mortgage Rate Quote Now!
Few Helpful Blog Tips…
Yes, but not in the way most home buyers would think. Let’s say for example you agree to purchase a house for $450,000 and your putting down 20%, $90,000 so the amount you’re looking to finances $360,000. There is not a way to simply increase the loan amount for covering closing costs.
Seller Credit-this can be accomplished by inflating the purchase price to cover the amount needed for closing costs. The risk here is that the house doesn’t appraise and then the seller would either have to take a lower net or you the buyer would have to figure out another way to come up with the cash needed for closing costs. Looking at our purchase price example, by increasing the purchase price $10,000to %460,000, you’d only need an extra $2,000 in down payment for the seller to pay the closing costs for you. Essentially you are financing the closing costs because financing is based upon the value of the property and the value of the property dictates how much funds are available for paying items such as closing costs.
Lender Credit-lender credit is accomplished by inflating the interest rate so the lender has enough room to provide a credit for closing costs. *Note- in a situation like this, the cost of the money is higher because the associated interest rate with needing the lender credit is higher. In other words, if cash to close its tight, financing closing costs can be accomplished at the cost of paying more interest over the term of the loan.
If you are trying to buy house or want to see what you qualify for, start by getting a complementary prequalification from scott@sonomacountymortgages. today!
In most cases the closing costs are not actually higher, although they appear that way due to accounting for reoccurring costs such as mortgage interest, property taxes and fire insurance. Before we dive into the nuts and bolts let’s go over closing costs….
Re-occurring Vs. Non-reoccuring Closing Costs
Recurring Closing Costs: are the carrying costs of owning a home such as interest, property taxes and fire insurance. They are reoccurring in the sense that they are continual and open ended and they are not one time fees
Nonrecurring Closing Costs: these are the one-time fees associated every time you do some type of a mortgage or real estate transaction. Included in these fees are things such as title insurance, recording fees, a lender fee, escrow fee, Doc prep fee, payoff fees, things like that, one time fees specifically tied to some type of a transaction.
…..As For Why The Closing Costs Appear Higher
Closing costs on purchase transactions typically range about 2.5 to 3% of the purchase price of the property, not the loan amount. On refinance loan transactions, closing costs are approximately 1% of the loan amount on average. It does not necessarily matter whether purchasing the home or refinancing a mortgage, lenders are under tight scrutiny to disclose all material fees associated with the transaction.
If you have an escrow account or plan to have an impound account, same thing, by the way, the lender you’re making your house payment to every month will collect for monthly property taxes and fire insurance in addition to your principal and interest payment. Upon inception of the loan, the new mortgage lender will set up an ahccount for collecting these monies at settlement/at close of escrow. Because the lender has to have a surplus of funds in the newly established escrow account they have to collect for future months worth of property taxes and fire insurance which increases the loan amount on a refinance transaction or the cash to close in a purchase transaction, thus making the closing costs seem higher on the disclosures lender provides.
In other words, the closing fees aren’t necessarily higher it’s a function of setting up for the escrow account which inflates the figures, but at the end of the day it becomes a wash because these additional items such as the property taxes, fire insurance etc. are carrying costs are required to own property.
*Mortgage Tip: if you are financing real estate anytime up October through December February through April, the lender has to account for first and second installment of property taxes which are due even if you have an escrow account on the loan you’re paying off ( when refinancing) because the new lender does not have a way to reach into the escrow account with a lender being paid off to pay the first installment or second installment of property taxes when they are due. In such scenarios, a reimbursement is offered after the fact from the tax collector in about 2 to 3 weeks.
Looking to get an estimate of what your closing costs will be for a mortgage? Let us send you a complimentary spreadsheet of the numbers, no obligation start with our online mortgage rate quote today.
Mortgage lenders are under incredibly tight protection laws from the Consumer Financial Protection Bureau, CFPB. As a result, lenders must send disclosures every single time there is a change to the loan amount, loan program, fees, apr, any aspect of the payment including principal and interest, taxes, insurance or mortgage insurance, think of it like this, despite the annoyances of receiving 3 to 4 loan disclosures during the loan process wouldn’t that full transparency be better, then than receiving one set of loan disclosures and having there be a change later on at the closing table? The mortgage loan officer whom you’ve hired to help you with your loan should be able to go over any questions that might arise from new sets of loan disclosures. Always best to check in with your lender to see how things are going during the process unless of course, the lender you’re working with proactively updates you* a sign you’ve chosen a true professional.
Here is how our loan process works. We can walk you through the step-by-step guide to successfully purchasing a home or refinancing a mortgage. Let’s get started today by ascending use some complementary no obligation figures.
Let’s say, you want to put more down when buying house or your in the process of refinancing and your home appraisal comes in lower. In any case, an event transpires during the loan transaction that causes you to want to switch loan types, can be anything from moving from an FHA Loan, to a Conventional Loan or moving from a 30 year fixed rate mortgage to a 15 year fixed rate mortgage. In such instances, changing anything with regards to the loan program or loan type will cause the lender to resend loan disclosures.
Switching loan types can also have an effect on the costs especially when the appraisal comes in to play. For example most mortgage lenders will have you pay for an appraisal upfront with plastic. On average an appraisal fee is $450. Let’s say for example, your applying for a conventional mortgage loan on a refinance and the appraisal comes in slightly lower than where you need it to be. As such, you elect to change loan types to an FHA Loan. To change the appraisal from a Conventional appraisal to an FHA appraisal, will typically mean one of two things either a product change fee the appraiser will collect if the appraiser is licensed to do FHA or it might mean having to pay for a whole new appraisal, yep another $450 all over again. This is unfortunately is the nature of the beast when borrowing big money.
For this reason it’s incredibly important to work with local Santa Rosa/ Sonoma County mortgage loan officer that has a thorough understanding of mortgage underwriting and can best advise you on the most appropriate loan type on the front and so as to avoid a product change fee or worse, paying for a new appraisal. If the changing of loan type during the loan process has to do with home valuation, no mortgage loan officer no matter how good they are can avoid you having to pay a fee to switch the appraisal to the appropriate program.
Having a hard time with your big bank? Is your broker too busy to help? Give us a shot, and let us earn your business by giving you a complementary no strings attached mortgage rate quote for your refinance loan or home purchase.