5955 East Mall, Atascadero, Ca. 93422  Office: (805) 460-2550 Fax: (805) 460-2554

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(805) 460-2550

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(805) 460-2554

 "The Premier Real Estate Loan service On The

California Central Coast." 

       Competitive Rates and Fast Closing!

For Exemplary Customer Service, Commitment and Integrity, choose

 East Mall Mortgage

For all your Mortgage Lending Needs!

30 Year Fixed Rate Program

A 30 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 360 equal monthly payments over a period of 30 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 30 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

15 Year Fixed Rate Program

A 15 year fixed mortgage is a type of mortgage loan that is repaid by the borrower making 180 equal monthly payments over a period of 15 years. Since the borrower's payments are 'fixed', the borrower can expect to make the same monthly payment for the entire term of the loan. A 15 year mortgage loan is the most widely accepted program used to finance a residential purchase, and is available for conventional, jumbo, FHA and VA loans.

1, 3, 5, 7, 10 Year Adjustable Rate Loan Programs/Interest Only Programs

An Adjustable Rate Mortgage (ARM) is a mortgage loan that is most widely known for its low starting interest rate (when compared to the 30 & 15 year mortgage loans). This 'low' introductory rate is used to calculate the mortgage payment for a specified period of time. Once this introductory period is over, the interest rate is adjusted periodically based on a pre-selected index. The most commonly used index is the yield on the one-year Treasury Bill. The new interest rate is determined by adding this index to a set margin (which is determined by the lender). Although there are a variety of adjustable rate mortgage programs available, the most common program is the One Year Adjustable Mortgage (one Year ARM). The interest rate on the one year ARM is adjusted once each Year, for 30 years. APR's on variable rate loans are subject to increase but may decrease from year-to-year, the borrower should be prepared to handle an increase in his/her monthly payment (should the index rate increase).

Jumbo Loan Programs

A jumbo mortgage is a mortgage loan which is larger than the limits set by Fannie Mae and Freddie Mac ($417,000) as of 1/5/2005). Since these two agencies will not purchase these types of loans, they usually carry a higher interest rate  (to enhance their value and marketability to investors).