If you're thinking about buying a house in California, Park Place Funding has the experience and reputation to guide you through the most crucial steps of the process. We can help you gain pre-qualification and pre-approval before you apply for a mortgage loan. Pre-qualification and pre-approval are useful for enabling you to determine the size and type of loan best suited to your lifestyle. Even better, pre-qualification gives you a distinct advantage during the application and negotiation process.

Because each homebuyer is unique, we offer several types of mortgages. We can then help you determine which kind of loan best meets your needs. Fixed rate mortgages (FRMs) charge an interest rate that remains stable throughout the life of the loan. In California, you can apply for a fixed rate mortgage with a life of 30-years, or a 15-year mortgage.

While it is always changing, the currently average 30-year mortgage interest rate in California will be fixed in a fixed rate mortgage (FRM). This means that your payments on this mortgage would remain constant over the 30-year period. However, depending on your situation, this may or may not be your ideal plan. You might find that an adjustable rate mortgage (ARM) is better suited to your circumstances.

The interest on an adjustable rate mortgage can rise or fall depending on the actions of several underlying indexes. As a result, ARM interest can fluctuate above and below FRM interest. However, an ARM does have an initial fixed period, during which the interest is significantly lower than that of an FRM. If you're not planning on living in a house for more than five years, an ARM might be the best option. That way, the interest rate stands a greater chance of averaging out to be lower than that of an FRM. Let Park Place Funding help you find the mortgage that's right for you!