Almaden. It is a vibrant community, filled with long time residents who do not leave!
But, what if you do not already live here? People have to determine commutes, cost and schools just like any other community.
What often separates Almaden can be the cost to live here - how much down payment can you afford?
What is your monthly income, and how much of a payment can you fit into your budget?
Well, from a lending perspective, we now have more choices than we have had for many years, and these choices can make living in Almaden a reality for you.
We review 2 main concerns when discussing financing for Almaden-
1) The down payment
2) The monthly payment
1) The down payment - it was assumed for a considerable amount of time that 20% or more would be required to purchase a home here. With the typical market value in Almaden as $1,000,000, this left quite a few out of the market.
Today, we how have financing options for 10% down, up to a purchase price of $830,000. This would be 2 loans, a first and a second (Equity line).
We also have financing with 15% down for purchase prices to $1,250,000. This also would be split into 2 loans if you want a 30 year fixed first mortgage, which would combine with an equity loan (HELOC). If you would rather, we offer 1 loan which is a 5 year fixed Adjustable Mortgage (ARM).
2) The monthly payment would look like the following -
10% down on a purchase price of $830,000
1st mortgage would be $625,500, and a fixed rate today of 4.5% (APR 4.63% as of 2/26/14). The payment would be $3169, and it never changes. The second (HELOC) would be for a loan amount of $204,500, with an adjustable rate of 5.24% (prime +2.24%). This loan only requires an interest only loan, so the monthly payment is quite low - $893.
15% down payment on a purchase price to $1,25,000
1st mortgage would 85% of the purchase price, and would be one loan of $1,062,500. The loan would be a 5 year fixed, with an interest rate of 3.375%, and an APR of 3.61% (as of 2/26/14). The monthly payment would be $4697.
Each of the above programs are not including the property taxes or homeowner's insurance. The rates are subject to change without notice.
These programs are an ideal fit for higher income clients who do not have a large down payment.
If you have any questions about how to obtain these or other programs and lending options, just call or email me at the following contact info:
Eric O. Nelson, III
Sr. Mortgage Planner
408-268-2442 begin_of_the_skype_highlighting 408-268-2442 FREE end_of_the_skype_highlighting
NMLS # 120412
CA BRE # 01258488