Rancho Cordova

6 Tips for Buying a Home During Times of High Rates

August 24, 2023 by Mortgage Consultants Group

Mortgage rates recently hit 7.23%, which represents the highest they have been since 2001. When shopping for a home during a time with high mortgage rates, you need to work extra hard to find affordable rates. Below are some recommendations that can help.

Choose the right interest rate format. A good thing to ask yourself before you choose a mortgage is, “Do I want a fixed rate or an adjustable rate?
- With an adjustable rate, you start out with a low introductory mortgage rate. After several years with that rate fixed, the rate then is determined by market rates going forward.
- With a fixed rate, you lock in a rate that is permanent for the lifetime of the loan.
  
  The advantage of choosing an adjustable rate mortgage in this scenario is pretty clear. A fixed rate mortgage can work out too though; just plan on refinancing it later.
Learn about the different mortgage types. When you are choosing a mortgage, make sure you look into all of your options—especially those that may help you to qualify for affordable interest rates. In particular, government-backed loan programs like FHA, VA and USDA are great for keeping rates low even without perfect credit. During your consultation, our loan experts can help you explore these different loan programs and figure out what you qualify for.
Enhance your borrower profile. Now is the time to do what you can to make your borrower profile as competitive as possible in order to qualify for the most affordable rates. That means increasing your credit score, and doing the same with your income if you have that option. Try paying off debts to improve your debt-to-income (DTI) ratio if you have the means. And make sure you have properly documented all of your assets. These steps will all be a big help no matter what type of home loan you are applying for.
Increase your down payment size. Are you familiar with the concept of loan-to-value (LTV)? The LTV is the percentage of the home’s value that your lender is loaning you to purchase the property. The rest of the value is what you are paying upfront with your down payment. By raising your down payment amount, you reduce your LTV. When the LTV is lower, so is the risk for the lender. As a result, they may be willing to offer you lower mortgage rates.
Buy your dream home. This might sound like an unexpected bit of advice, but if rates are high, now is the time to really focus your search for your dream home. You may be competing against fewer homebuyers, who could be staying out of the market right now because of the rates. That also means that more properties could be for sale. So, you can shop a wider home selection, and your chances of making a successful offer may have increased.
Work with a mortgage company that goes above and beyond. Another way to handle shopping for a home when mortgage rates are high is to choose an experienced mortgage company that will spare no efforts to bring you affordable rates.

Contact Your Local Mortgage Broker Today!

At Mortgage Consultants Group, we have over 29 years of experience helping homebuyers move affordably into new homes regardless of economic factors. Whether you are shopping for a home in Rancho Cordova or anywhere in California, we can connect you with a flexible mortgage featuring affordable rates. To schedule your consultation now, please give us a call today at (916) 669-1682.

Why Rancho Cordova Is Your Next Home: 5 Compelling Reasons

July 20, 2023 by Mortgage Consultants Group

Rancho Cordova is a city located in Sacramento County, California. It offers a vibrant and diverse community that comes with plenty of opportunities for both residents and tourists. Read on to discover some of the reasons why you should consider moving to Rancho Cordova.

5 Reasons Rancho Cordova Should Be Your Next Home

Move to Rancho Cordova for Its Thriving Economy. Rancho Cordova has a thriving economy, with a large number of companies and businesses operating in the city. The top employers in the area include Dignity Health, VSP Global, and Aerojet Rocketdyne, among others. This means that you’ll have plenty of job opportunities if you’re looking to move to the area. The city also has a business-friendly environment, with low taxes and a streamlined permitting process. This has attracted many companies to the area, and it’s no surprise that Rancho Cordova is one of the fastest-growing cities in California.
Move to Rancho Cordova for More Housing Opportunities. Rancho Cordova has a range of housing options to suit different lifestyles and budgets. From single-family homes to apartments and condos, you’ll find something that suits your needs. The city also has a low cost of living compared to other cities in California, making it an affordable place to live. In addition, the city has a good mix of urban and suburban areas, so you can choose to live in a bustling neighborhood or a quiet suburb, depending on your preferences. The housing market in Rancho Cordova is also competitive, so you’ll need to act quickly if you find a property you like.
Move to Rancho Cordova for Quality Education. Rancho Cordova has some of the best schools in the state, which is great news if you’re a parent. The Folsom Cordova Unified School District serves the area, and it has a range of public and private schools that offer quality education. There are also several universities and colleges in the greater Sacramento area, including California State University Sacramento, which is just a few miles away from Rancho Cordova. This means that you’ll have plenty of options if you’re looking to further your education or enroll your children in college.
Move to Rancho Cordova for Its Recreation Opportunities. Rancho Cordova has plenty of recreational opportunities for residents and visitors alike. The city is home to the American River Parkway, which is a 23-mile trail that runs along the American River. You can hike, bike, or jog along the trail and enjoy the beautiful scenery. The city also has several parks, including Hagan Community Park, which has sports fields, picnic areas, and a playground. There are also several golf courses in the area, such as the Mather Golf Course and the Cordova Golf Course.
Move to Rancho Cordova for Its Rich Culture. Rancho Cordova has a rich culture that reflects its diverse population. The city hosts several cultural events throughout the year, such as the annual International Festival and the Rancho Cordova Fourth of July Celebration. The city also has a vibrant arts scene, with local artists showcasing their work in galleries and exhibitions. You can also catch a performance at the Harris Center for the Arts, which is located in nearby Folsom.

Conclusion

Rancho Cordova is a wonderful place to live, work, and play. With a thriving economy, affordable housing, quality education, and plenty of recreational opportunities, it’s no wonder that so many people are moving to the area. Now, if you’re considering a move to California, make sure to check out Rancho Cordova and see what the city has to offer.

Contact Mortgage Consultants Group Today!

Do you need help purchasing a home in Rancho Cordova? Mortgage Consultants Group is here to help you find the perfect home, contact us at (916) 669-1682. With over 29 years of experience and flexible financing options, we can make your homebuying or refinancing dreams happen. Don’t wait–reach out to our friendly loan experts now!

Short-Term & Long-Term Fixed Mortgage Loans

July 19, 2023 by Mortgage Consultants Group

When purchasing a home, one of your biggest decisions is choosing a mortgage loan. One of the first considerations is whether to opt for a short-term or long-term fixed mortgage loan. Both options have pros and cons, and weighing them carefully is important to make the best decision for your current financial situation and future goals.

What Is a Fixed Mortgage Loan?

Before diving into the differences between short-term and long-term fixed mortgage loans, it’s important to understand what a fixed mortgage loan is. A fixed mortgage loan is a home loan whose interest rate remains unchanged throughout the loan’s term.

This means your monthly mortgage payment will remain the same every month, making it easier to budget and plan your expenses. Fixed mortgage loans are typically available in various term lengths, ranging from 10 to 30 years.

Short-Term Fixed Mortgage Loans

Short-term fixed mortgage loans typically have a term of 10 to 15 years. These loans come with higher monthly payments than long-term fixed mortgage loans, but they also have a lower interest rate.

One of the biggest advantages of a short-term fixed mortgage loan is that you’ll pay less interest over the life of the loan than a long-term loan. This can save you a significant amount of money in the long run.

Short-term fixed mortgage loans are also ideal for those who want to pay off their mortgage quickly. If you plan on retiring soon or want your mortgage paid off before your children go to college, a short-term fixed mortgage loan could be a good option.

Long-Term Fixed Mortgage Loans

Long-term fixed mortgage loans typically have a term of 20 to 30 years. These loans come with lower monthly payments than short-term fixed mortgage loans but also have a higher interest rate.

One of the biggest advantages of a long-term fixed mortgage loan is the lower monthly payments. This can make budgeting and planning for your expenses easier, especially if you have other financial obligations.

Long-term fixed mortgage loans are also ideal for those who plan on staying in their home for a long time. If you’re not planning on moving anytime soon, a long-term fixed mortgage loan could be a good option.

Which Option Is Right for You?

Choosing between a short-term and long-term fixed mortgage loan depends on your financial situation and future goals. If you have a tight budget and other financial obligations, a long-term fixed mortgage loan may be your best option. However, a short-term fixed mortgage loan could be a good option if you want to pay off your mortgage quickly and have the financial resources.

It’s important to consider all factors when making this decision, including your income, expenses, and the overall cost of the loan. Consulting with a financial advisor or mortgage expert can help you make a well-informed decision.

Conclusion

Consider all factors carefully, including your income, expenses, and the overall cost of the loan. Consulting with a financial advisor or mortgage expert can help you make a well-informed decision. Ultimately, the right loan option will depend on your unique financial situation and goals.

Are You Looking For The Best Home Loan Consultants?

At Mortgage Consultants Group, we work with you every step of the way to ensure you get the best possible financing options for your home purchase or refinance. Contact us now at (916) 669-1682 to get started!