Popular Loan Overviews

The following page provides you with a list of popular terms used in the Mortgage Industry with a focus on the different loan options you can choose from at Pacific Mortgage Group. You can click on the “learn more” link found next to each loan type for a more detailed definition, as well as, information about the loan process, fees, requirements etc..

Reverse Mortgage - Learn More

A reverse mortgage is a home loan that provides cash payments based on home equity. In a reverse mortgage, a homeowner is not required to make monthly payments. If payments are not made, interest is added to the loan’s balance.

30 year fixed rate mortgage - Learn More

A 30 year fixed rate mortgage is a loan where the interest rate stays the same for the 30 year period. A simple example for a fixed mortgage loan would look like this: Suppose you are looking to purchase a $500,000 home with an interest rate of 5.50% and a 25% down payment, your initial loan will be $375,000. The monthly payment for the loan will be $2,129.21. Initially your payments will consist mostly of interest and less of principal, In time this will reverse and your monthly payments will be growing your equity.

VA Loan - Learn More

VA Loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs, it guarantees loans made by an approved institutional lender, much like the FHA loan. The main difference between the FHA loan and the VA loan is:

1. Only an eligible veteran may obtain a VA loan
2. The Veterans Affair does not require a down payment up to a specific loan amount, which means a qualified veteran could get 100% financing>