Spec Home Loans focuses on the needs of the client by providing the highest level of service.
We are happy to work on any transaction, of any size in California.
- Cash Out
- Equity Financing/Re-Financing
Conventional Loans: A mortgage loan not insured by any government program. The most common type of mortgage.
FHA Insured Loan: A Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender.
HARP Loans: The Home Affordable Refinance Program is an effort to help stabilize the housing market. The government developed the program to help homeowner’s who either did not have enough equity for a traditional refinance or who were having problems making payments on their current mortgages.
Stated Income Loans: A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 forms, income tax returns, or other records. Instead, borrowers are asked to state their income and taken at their word.
FHA Stream-Line Re-Financing: A refinance program designed for people who currently have an FHA loan to be able to take advantage of lowering their interest rate when rates drop with less documentation than a normal refinance requires.
Fixed Rate Mortgage Loans: A loan on which the same rate of interest is charged for the life of the loan.
Adjusted Rate Mortgage Loans: A type of mortgage in which the interest rate paid on the outstanding balance varies according to a specific benchmark. The initial interest rate is normally fixed for a period of time after which it is reset periodically, often every month. Also known as a “variable-rate mortgage” or a “floating-rate mortgage”
Read more about SPEC Home Loans and Mortgage Expert Brian Barre.