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Sacramento, CA

Wickford Square

Location: Sacramento, CA
Price Range: $139,999-$229,000
Available Homes: 6
Models & Plans: 6
SQ FT Range: 1200-2200
Finance Options

Financing your home

Whether you are looking for a low monthly payment? Or a low down payment? You want to make sure the finance option you choose is right for you. Purchasing a home is one of the most important decisions you will make and with the right information you will be well equipped to handle every aspect of this decision. S360 is committed to making sure their homebuyers have the right finance option that suits their needs. We have provided several important links below to help you in the process and ensure your financial success in the future. For further information you may contact one of our mortgage consultants at (916)399-8586.

Learn More from California Housing Finance Agency

Learn More from US Department of Housing and Urban Development

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Glossary (roll over name for definition):

Adjustable Rate Mortgage (ARM)

Annual Percentage Rate (APR)

Binder

Buy Down

Cap

Closing Costs

Closing Date

Closing Document

Conforming Loan

Conversion Clause

Down Payment

Earnest Money

Equity

Escrow

FHA Loan

Good Faith Estimate

Impound Account

Jumbo Loan (Non-conforming Loan)

Loan Origination Fee

Lock-in

Non-conforming Loan (Jumbo Loan)

PITI

Points

Prepayment Penalty

Prequalification (Prequal)

Private Mortgage Insurance (PMI)

Settlement Statement

Truth in Lending

VA Loans

A type of loan where the interest rate changes periodically up or down, usually once or twice a year.
The sum of finance charges (interest, loan fees, etc.) expressed as a percentage of the loan amount.
A preliminary offer to purchase, secured by the payment of Earnest Money, between a buyer (you) and seller (S360); secures your right to purchase a home for agreed terms within a limited period of time
An incentive offered by a builder that allows you to lower your interest rate by putting up a certain amount of money.
The limit on an interest rate for an adjustable rate mortgage; applies to each adjustment or over the life of the mortgage.
Your costs as a buyer such as points, mortgage insurance, homeowner’s insurance, prepayments for property taxes, etc. paid at the time of closing (Ask S360 Home Loans whether you qualify for reduced closing costs!).
The day you do a dance of joy, jingling the keys to your new home; officially known as the date escrow closes and your deed and mortgage are recorded with the county.
The financial disclosure statement that accounts for all of the funds received and expected at the close of escrow.
A residential loan that is less than the amount (typically $400,000 with regional variances) set by government-backed agencies that buy or back loans (Fannie Mae, Freddie Mac,HUD); see Jumbo Loan or Non-Conforming Loan.
A provision that allows you to change an adjustable rate mortgage to a fixed rate, usually set at the prevalent interest rate and for an additional fee.
The difference between the sale price and the loan amount, which must be paid in cash by the buyer.
Money the buyer (you) gives the seller (S360 Homes) to secure the Binder; these funds are later applied toward the purchase price of your home.
The value of a property exceeding the amount owed on it
A procedure in which a third party acts as a stakeholder for both you and S360 Homes carrying out closing instructions and assuming responsibility for paperwork and funds.
A federally insured loan that offers competitive rates, smaller payments, flexibility in calculating household income and payment rations and protection against foreclosures; the Federal Housing Authority, a division of the Department of Housing and Urban Development, provides mortgage insurance on home loans made by FHA approved lenders.
An approximation supplied by the lender of all your closing costs.
A special account held by the lender on your behalf, from which your property taxes and insurance will be paid.
A residential loan with above average risk because it exceeds the amount (typically $400,000 with regional variances) set by government-backed agencies that buy or guarantee loans (Fannie Mae, Freddie Mac, HUD); it has a higher interest rate than a Conforming Loan but allows people in high-priced markets to finance a home.
A lending fee (such as 1% of the loan amount) charged to offset the costs of evaluating, preparing and submitting a proposed mortgage loan.
A benefit S360 Home Loans may offer S360 homebuyers, freezing the interest rate for their loan for a certain period of time.
A residential loan with above average risk because it exceeds the amount (typically $400,000 with regional variances) set by government-backed agencies that buy or guarantee loans (Fannie Mae, Freddie Mac, HUD); it has a higher interest rate than a Conforming Loan but allows people in high-priced markets to finance a home.
Principal, Interest, Taxes and Insurance; a quick way to reference your combined monthly house payment.
A one-time charge assessed by the lender at closing for the cost of the loan; each point is equal to 1% of the loan amount.
A fee imposed for paying off part or all of a loan before its maturity
A preliminary review of your finances by S360 Home Loans as an important step in the purchase process with S360 Homes.
A type of insurance that is usually required by a lender if your Down Payment or Equity is less than 20% of the loan value; it insures the lender against loss if you were to default on your mortgage.
A list of the money paid out and received by the buyer (you) and seller (S360 Homes) at closing.
A statement that explains the terms of your loan.
Guaranteed by the U.S. Department of Veterans Affairs, VA loans allow veterans to qualify for loans amounts larger than traditional conforming loans. The current maximum VA loan with no down payment is $417,000. A 25% down is required only on the loan balance above $417,000.