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Mortgage- Home Loans

Introducing Low Mortgage Interest Rates

Rates have bottomed out again and its the time to get the cheapest deals on the best mortgage loans today.

With today's low interest rate environment you can purchase a better home for less money. Financing terms are highly favorable to borrowers. If you own real estate you can just as easily refinance your current mortgage and reduce your monthly interest payments.

Compare our rates and fees to your bank and save.

  • No Closing Cost Options
  • Competitive Interest Rates
  • Great Customer Service
  • Online Discount Lender

Call us now at 1-800-350-9987




Why choose EKV Financial over your bank?

As mortgage broker we can submit your loan to many lenders with one credit report. This saves you time and prevents having too many inquiries on your credit report. Contact us today for a personal mortgage quote for your next refinance or purchase pre-approval.

To get your customized mortgage quote simply fill out the brief contact form and one of our customer service specialist will help you start the loan process.

One of our highly trained loan officers will oversee your transaction.

EKV Financial is an online lender in the US and our mortgage website has all the news and information you need to make an informed decision on your next mortgage loan.

If you are not sure and would like to compare mortgages here are just a few banks and lenders we have recently beat on a side by side comparison of home loan rates and fees.

  • Ditech
  • B of A ( Bank of America)
  • Countrywide Home Loans
  • Wachovia now Wells Fargo
  • US Bank

Conforming Mortgage / Home Equity Loans Guidelines and Qualifications:

Conforming Mortgage Loan Description

The conforming loan program is for those seeking to purchase a one to four unit property with a loan balance not to exceed the limit of $417,000. For current real estate owners it allows you to refinance or remortgage your current loan to a lower interest rate. Another option is to use the equity in your home to get cash out. The program is available with fixed rates, ARM (adjustable or variable rate)fully amortized and interest only. It can be used on primary residence, second home and investment properties.

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Mortgage Loan Limits

Minimum Mortgage Loan Amount $50,000

Maximum Conforming Loan Amount $417,000

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Mortgage Payment Terms

All equity programs have the following payback terms available. The short terms programs allow you to be mortgage free in half the time.

Fixed Rates

  • 30 Year Fixed Rate Mortgage
  • 25 Year Fixed Rate Mortgage
  • 20 Year Fixed Rate Mortgage
  • 15 Year Fixed Rate Mortgage
  • 10 Year Fixed Rate Mortgage

ARMS- Adjustable Rate Mortgages

Adjustable or Variable rates mortgages allow you to have initial lower payments than those found on fixed rate loans.

  • 3/1 Libor ARM
  • 5/1 Libor ARM
  • 7/1 Libor ARM
  • 10/1 Libor ARM

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Interest Only Mortgages Purchase and Remortgage

Our conforming home equity loan program offers an interest only option to those who are interested in seriously reducing their payments. Most interest only programs are for the first 10 years of the loan and then may convert to a fully amortized mortgage loan. They are available for purchase loans and refinance loans.

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Borrower Eligibility

Loan are made to individual that posses a valid social security number no tax id's. Permanent Resident Aliens are allowed the same privileges as long as they can document their legal status.

Non-Permanent residents may qualify provided they can provide copies of work permits issued by the United States Government.

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Cash Reserve Requirements

Most loans require two months worth of cash reserves. Investment properties require up to 6 months of cash reserves.

Only 70% of the value of stocks bonds and mutual fund can be used to meet reserve requirements. Retirement accounts are limited to 60% of the current value.

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Credit Requirements

Minimum Fico Scores may be determined by Automated Loan Approval System.

Derogatory Credit accounts between $1000 and $5000 must be paid in full prior to closing the mortgage loan.

Consumer Credit Counseling Service (CCCS) must received Automated Underwriting approval in order to qualify.

Bankruptcy Chapter 13 must be:

  • Discharged 24 months
  • or dismissed at least 48 months
  • No pending Bankruptcy allowed
  • Non Chapter 13 must be discharged or dismissed more than 48 months.

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Mortgage Foreclosures and Short Sales

If you have a foreclosure on your credit report it must be 5 years since its completion.

Deed in Lieu of Foreclosure or Pre foreclosure sales need at least four years to have passed.

Short sales and loan modifications require at least four years of re-established credit.

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Down Payment and Home Equity Requirements

Minimum down payment required is 5%.

To remortgage/refinance a home equity loan the borrower must have at least 5% equity or 95% loan to value. 2-4 units require 20% and 25% respectively or 80% - 75% Loan to Value.

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Cash out on Equity Loans

The conforming mortgage loan programs allows for borrowers to take equity from their homes to uses for home improvements, bill consolidation or pay off a second mortgage.

Conventional loans allow up to 80% loan to value to be borrowed. Borrowers looking for higher loan to value percentages should consider an FHA Loan

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Debt to Income Ratios

Maximum ratios should not exceed 50% but are determined on a case by case basis.

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Gift Funds

Gift are allowed if they are from a relative,domestic partner, fiance/fiancee.
A relative is defined as a borrowers spouse, child or other dependent or any individual related by blood, marriage, adoption or legal guardianship.

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Location

CA
United States