Provident funding mortgage
Provident Funding was formed in 1992 as a mortgage lending association with its office located in Burlingame, California.With years this mortgage group has progressed to become one of the most sort for company for mortgage loans.Their aim is to provide the best service to their customers. This company is also famous as the Mortgage Price Leader in the mortgage industry.Let us see what are the different programs that they have to offer
Provident Funding Mortgage programs
Provident funding provides a number of mortgage programs that you can choose from according to your preference. These programs include:
Conventional Conforming Loans: These loans are meant for people that have a good credit profile.For this type of mortgage the loan amount that can be borrowed is within the limits set by Freddie Mac and Fannie Mae.
Conventional Jumbo Mortgage Loans: These loans are also meant for borrowers with a good credit history and rating.These loans are for people who wish to buy houses of higher value.The loan limit for this mortgage is $2,000,000. However, it varies according to the guidelines of the program.
Interest Only Loans: With this loan for the beginning of the repayment period you are just supposed to make payments towards the interest of the loan.With lower monthly payments this enables the borrowers to increase their borrowing capacity.However, the drawback associated with this loan is that the principal amount does not reduce as the borrower keeps making payments towards the interest only.
Expanded Guidelines- Reduced Documentation: These loans are also made available to borrowers that have a good credit history and rating but are unable to arrange for a mortgage because of high loan-to-value ratio (LTV), documentation related problems, property related issues etc.Provident Funding does not charge any pre-payment penalty on this mortgage program.
Less Than Perfect Credit: As already said that Provident Funding provides funds to almost everyone possible they also have a mortgage option for people who do not have a good credit history.
Second Mortgages: These mortgages are given at fixed rates and are sort of replacements for first mortgages.If you wish to renovate your house or want cash for some other purpose then you cab opt for this type of mortgage.
Interest rates on their mortgage programs
Provident Funding Mortgage offers conforming mortgages at the following interest rates:
- 30- Year Fixed: Rate: 6.250%, APR 6.369%; Points: 0.000%
- 15-Year Fixed: Rate: 5.625 %; APR: 5.870%; Points: 0.375%
- 5/1 Libor ARM: Rate: 6.000%; APR: 6.158%; Points: 0.125%
- 3/1 Libor ARM: Rate: 5.750%; APR: 5.907%; Points: 0.000%
The Jumbo Mortgages are available at the following interest rates:
- 7/1 IO ARM: Rate: 6.375%; APR: 6.595%; Points: 1.125%
- 5/1 IO ARM: Rate: 6.250%; APR: 6.461%; Points: 1.000%
Applying for Provide Funding Mortgages
Provident Funding wishes to make everything easy for its customers. For applying for a mortgage with this company you have three ways. You can choose the one that you feel would be the most convenient for you.
- The first is that you can apply online by registering on their website
- Second is that you can call them up at 1-888-547-4050 and speak to one of their mortgage consultants
- You can fill out an easy application (request form) and have a mortgage officer contact you for the type of loan and the further details .
When you apply for Provident Funding mortgage you get a chance to compare their rates with different lenders. If you feel that their rates are the best then you can sign up with them and create your account.This sign up system has been created for your convenience so that you can be guided through the process easily.
Once you are signed in you can fill out the online form. Filling the form is easy, as it has been designed for your convenience.There are help guides also available that can make it easy for you to apply.
After the application has been completed it is reviewed by, a Provident Funding Customer Service Representative."> This representative would then contact you to get primary details and would guide you on the further process.
If you are approved of the mortgage and you have already got a purchase offer then you can lock the interest rate on your loan. With Provident Funding you get three different periods to lock your rates namely 30, 45 and 60 days.
Once the rates are locked then you have to give a Property Appraisal Deposit of $500.Unless this amount is received the loan processing does not start.After this the representative would get all the required documents and submit it for underwriting. The underwriting section gives the final approval for the loan. If you are approved then a conditional loan approval is provided.
After this all the documents are sent to the closing section for signature.It is important for you and the closing agent to be present for signing of the documents.After this the funds are sent to the Title Company. Once the loan is close then your application fees of $500 is returned back to you.
Provident Funding also provides refinancing options to its customers.You can even track your loan status with them and get to know which department your loan is presently under.
Contact information
You can contact Provident Funding at any of the following contact details:
Provident Funding - Loan Servicing
1235 North Dutton Avenue, Suite E
Santa Rosa, CA 95401
For monthly mortgage payment send to:
P.O. Box 54957
Los Angeles, CA 90054-0957
(Include your payment coupon with the payment.)
If you do not have coupon book, then mail at:
P.O. Box 5916
Santa Rosa, CA 95402
Toll-free number: 1-800-696-8199
Monday through Friday, 7:00 AM to 5:00 PM (Pacific)Other Articles
