We have the most competitive loan programs for all of Ventura County.  Whether your are located in Agoura Hills, Camarilo, Newberry Park, Ojai, Oxnard, Santa Barbara, Thousand Oaks or Westlake Village we have financing that will meet your needs.

A fixed rate loan for Ventura County remains the most popular option.  The program is fixed for a specific period of time and amortizes in full during this period.  Most people throughout Ventura chose a 30 year fixed loan because they want to know what their payments will be each month and their goal is to pay the loan off and have a home free and clear.  However, a 15 year fixed rate loan becomes a suitable option for Ventura County homeowners who want to pay the loan off quicker.

In some cases an Adjustable Rate Loan or (ARM: Adjustable Rate Mortgage) is a better option. When purchasing a home in Westlake Village or Thousand Oaks the payments might be too high for a standard fixed rate loan and the ARM program allows you to qualify for more home.  With an Adjustable Rate Loan program the interset rate is fixed for only a short period of time and then it will adjust according to an index and a margin.  The index will be determined by the lender and the margin is defined in your initial loan terms.

Some of the most common indexes include:
Treasury Bill Index (6 month, 1 year)
Libor Index (1 month, 6 month, 12 month)
11th district cost of funds index
MTA index
Prime Rate

For example, the index might be the 6 month treasury bill index. This index provides a history of what treasury bill rates are selling for on wall street.  The bank does not control this index, but rather this index changes based upon economic conditions.  The index assumes what the cost of money is for the bank.  Thus the bank will add a margin to this index.  The margin is set by the bank upfront and this margin or profit is what the bank relies upon throughout the loan.  

The ARM program might be fixed for as long as 10 years or as short as 1 month. There are ARM programs that are 1 month, 3 month, 6 month, 1 year, 5 year, 7 year and 10 year.  Throughout Ventura County and in most areas of Santa Barbara the most popular ARM program is the 5/1 ARM. This program means the rate is initially fixed for 5 years and then will adjust according to the index plus margin thereafter.

ARM programs will have adjustment caps. This helps protect the Ventura Homeowner.  The Cap will limit the maximine rate the the loan can adjust to for each rate period as well as the lifetime rate of the loan.  A common adjustment cap on ARMS throughout Ventura County and the Conejo Valley is a 5/2/5 cap.  This means that the loan cannot adjust more than 5% above the initial starting rate in it's lifetime.  The loan will adjust adjust to a max of 2% each year and on the first adjustment the loan could adjust to 5% or the lifetime cap.  As an example if the rate started at 4% the lifetime cap would be 9%.  After 5 years on a 5/1 ARM for your home in Agoura Hills your rate could jump to 9% on the 61st month, however thereafter the limit would be 2% each year with a max of 9%.  It doesn't mean that your home in Ojai will adjust to 9% on the 61st month but that it could.  It will only adjust to whatever the interest rate and margin are at the time.

Sometimes these 5/1 ARMS are called Hybrid loans because they combine characteristics of fixed rate loans with an adjustable rate loan.

Another loan program, not quite as popular to Ventura County Residences is a Balloon Program. This means the rate is fixed for a certain period of time and then the loan is due and payable.  A 30/15 is a common loan throughout the Conejo Valley which means the loan is amortized over a 30 year period but due in 15 years.  This loan is more common with 2nd Trust Deeds.

A less popular loan is a Pledge Asset Loan which offers Ventura County homeowners the ability to take funds in a stock account and pledge them as collatoral. The result can mean some fantastic rates on their home.  

Many elderly homeowers in Ventura County and throughout the Conejo Valley benefit from a Reverse Mortgage. This program allows a homeowner to utilize the equity in their home and take money out, thereby affording their current living costs.  This is ideal for seniors in Ventura County who are short on income but have equity in their home.

Our loan programs are customized to help Ventura County residences. Whether it's a fixed, adjustable, or another type of loan program we can provide information to help you decide. 

Please take advantage of the additional information we can provide to you by clicking on one of the links above.  Further detail information is available at www.targetrate.com


FOR MORE INFORMATION ABOUT LOAN PROGRAMS

ALL ABOUT FHA
ALL ABOUT FIXED RATE LOANS
ALL ABOUT ARM LOANS
WHAT IS A JUMBO LOAN?

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