Finding a mortgage designed just for you is precisely what we do.

We've been helping home buyers and homeowners get the financing they need to buy a new home, refinance an existing mortgage, or consolidate high-interest debt. Customer satisfaction is our highest priority (we've even won awards!), and we are always developing new products to fit the unique needs of our borrowers. When you work with us, you'll discover why getting a mortgage is so much better with Park Place.

Conventional  Mortgages

There are 3 types of conventional loans in the United States:

A conventional mortgage is a mortgage in which the underlying terms and conditions meet the criteria for Fannie Mae / Freddie Mac. Approximately half of all mortgages issued are conventional mortgages. Or, to put it another way… Fannie Mae and Freddie Mac guarantee or purchase about half of all mortgages.

A conforming loan is a mortgage that follows the strict guidelines of the housing GSEs (government-sponsored enterprises) such as Fannie Mae and Freddie Mac. The best-known guideline is loan size limit, which as of 2017 is $424,000 for single family homes in the continental USA. 

A non-conforming loan, aka a Jumbo Loan, can be larger than the GSE limits, making it a prime choice for purchasing a luxury home or an expensive condominium or co-op. The highly experienced, professional and licensed Loan Originators.

A high-balance mortgage loan is a conventional loan with a higher limit of conformity, designed for certain high-cost areas in which a mortgaged property is located. For example, even with the $424,000 GSE limit, a homeowner in a designated high-cost area can procure a loan of $625,000 or more for a single-unit dwelling.

Fixed Rate Mortgages

There are 3 types of conventional loans in the United States:

Fixed-rate mortgages are available in 10, 15, 20 and 30 year loans, and have an interest rate that is valid for the entire life of the loan. There are pros and cons to consider when deciding between a fixed-rate loan versus an adjustable-rate loan. Some of these trade-offs depend on current conditions within the housing and mortgage industry, and some will depend on your own financial circumstances.

A Fixed-Rate Mortgage is probably for you if:

  • You have long term goals for your home
  • You need the peace of mind of having the same payment           for the life of your loan
  • You prefer not to have to deal with the potential           of fluctuating interest rates
  • ​You are confident and comfortable with your monthly payment .

Adjustable Rate Mortgages

An adjustable-rate mortgage (ARM) has a flexible interest rate that responds to market fluctuation. Initial interest rates on ARMs tend to be lower, resulting in lower monthly payments than at the beginning of a 30-year fixed mortgage. ARMs tend to begin with a predetermined fixed-rate period then convert into an adjustable-rate model. There are caps in place to limit how much rates and payments can change.
  • Adjusts every six months will normally have a 1% cap per adjustment
  • You need the peace of mind of having the same payment for the life of your loan
  • You prefer not to have to deal with the potential of fluctuating interest rates
  • ​You are confident and comfortable with your monthly payment .

Let FHA Loans Help You

FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) - which is part of HUD - insures the loan, so your lender can offer you a better deal.

  • Low Down Payments
  • Low Closing Costs
  • Easy Credit Qualifying

What does FHA have for you?

Buying Your First Home?

FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price. Available on 1-4 unit properties.

Financial help for seniors

Are you 62 or older? Do you live in your home? Do you own it outright or have a low loan balance? If you can answer "yes" to all of these questions, then the FHA Reverse Mortgage might be right for you. It lets you convert a portion of your equity into cash.

FHA Home Loans

VA Home Loans

Department of Veterans Affairs Home Loans

VA home loan programs to help you buy, build, or improve a home or refinance your current home loan—including a VA direct loan and 3 VA-backed loans. Learn more about the different programs, and find out if you can get a Certificate of Eligibility for a loan that meets your needs.

How does a VA direct home loan work?

With a VA direct home loan, we serve as your mortgage lender. This means you’ll work directly with us to apply for and manage your loan. The Native American Direct Loan (NADL) program often has better terms than a home loan from a private lender (a private bank, mortgage company, or credit union).

Find out if you qualify for a NADL

Specialty Loans

Professional and licensed loan specialist to ensure you receive the very best loan available to you.

Foreign National

Non-citizens of the United States are subject to added regulations and higher down payments in order to buy a home. When considering buying property in the US, it’s important to contact a firm that specializes in home loans to non-resident aliens and foreign nationals. The highly experienced, professional and licensed loan specialists have helped many foreign nationals with their purchases.

Reverse Mortgages

With a reverse mortgage, senior homeowners aged 62 and older can convert sizable equity to income and can defer full repayment of the loan until they sell, move or pass on. Reverse mortgages may be received as lump sums, lines of credit or a combination. If needs change over time, the payout schedule can change as well, ensuring a reliable source of worry-free income.

Second Mortgages

Once a house is purchased, homeowners may take a second mortgage, also known as a home equity loan or home equity line of credit. Common reasons to do this are to repair or renovate a home to increase its value, or to consolidate debt. Home equity loans usually have lower interest rates and longer repayment terms than consumer loans or credit cards and may lower overall monthly payments and interest. Additionally, interest paid on a second mortgage may be tax deductible.

Construction Loans

A construction loan is a niche financial product that is great for new-home builders who do not have a finished home to use as collateral. Because of this added risk to the lender, construction loans typically come with a rigorous set of credit requirements for both the borrower and the builder. In many instances, money above what is needed for the project is borrowed and intermittently released to pay the builder until the home is finished. Your loan professional and licensed loan originator will direct you to the best construction loan for your scenario.

Refinance Your Existing Loan

Refinancing is replacing your existing mortgage with a new and improved one. There are several types of refinance loans, each with its own benefits. And there are several good reasons to refinance a mortgage. When you refinance to a lower interest rate, you can reduce your monthly payments and improve your cash flow. With a debt consolidation refi, you can combine credit cards, auto loans, and other debt into one low monthly payment. And a cash-out refinance lets you use the equity in your home to get cash to pay for renovations, college tuition, or even that vacation you’ve always wanted.

 

It may sound complicated, but refinancing is an easy process if you have the right help. Our mortgage specialists will work with you to find the right loan for your situation. There’s no application fee and no obligation.

  • Could reduce your payments and/or pay down your principal faster. 
  • Reduce your mortgage insurance payment or eliminate it all together
  • ​ Tap into your home’s equity to get extra money.
The licensed professionals at Park Place Mortgage are committed to helping you find the right mortgage for your needs. Every borrower is different, and as a trusted California mortgage broker we provide the personalized attention and a wide variety of mortgage solutions to meet your specific requirements. Our goal is to help make the process of securing a first-time mortgage or refinancing an existing mortgage as simple and straightforward as possible.

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