California Refinancing Options

Borrowers in California have a wide range of mortgage options. There are many loans created to help people purchase, refinance, and consolidate their debts.

Summary of Basic Loans

Here is a basic summary of some of the loans available to California borrowers:

Payment Option Loans

• Full documentation
• Stated documentation
• No ratios
• Up to $3 million
• Ignore consumer payment lates up to 90% loan to value ratio

Interest Only Loans

• These loans offer the borrower the chance to make a lower payment than a regular loan
• Interest only options are available for different loan terms, including 5, 10 or even more years

30 Year Fixed Loans

• This is the standard mortgage loan
• Options now include a 10 year interest only option
• Some lenders even offer an interest only options for all thirty years

40 Year Loans

• This is a newer loan term that allows borrowers to have a lower monthly payment

50 Year Loans

• This is a newer loan term that allows borrowers to have a lower monthly payment
• They are often only fixed to 30 years

90 Days No Payment Loans

• These loans allow people to not pay their mortgage for 90 days
• They often feature minimum payment loan options

No Documentation Loans

• Mortgage lates OK
• Verbal verification of employment

Cash Out Loans

• Very low documentation to 80% of the value of the property
• Nearly all other loans allow for cash out