Key Mortgage Terms You Need to Know — Complete Glossary for California Buyers 2026

Buying a home in California means navigating some of the most complex real estate markets in the country — and a vocabulary to match. Whether you’re purchasing in San Jose, Los Angeles, or Sacramento, understanding these mortgage terms gives you power at the negotiating table. This complete glossary covers 55+ terms you’ll encounter from pre-approval through closing. Learn more: dscr loans san diego 2026.

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Quick-Reference Ratios

A

Adjustable-Rate Mortgage (ARM)

An ARM starts with a fixed interest rate for an initial period (typically 3, 5, 7, or 10 years), then adjusts periodically based on a market index. The most common ARM in California is the 5/1 ARM — fixed for 5 years, then adjusts annually. ARMs include caps that limit how much the rate can change per adjustment and over the life of the loan (commonly 2/2/5: 2% per adjustment, 2% at first reset, 5% lifetime cap).

California context: ARMs are popular in high-cost Bay Area and LA markets where buyers need lower initial payments on jumbo loans. If you plan to sell or refinance within 7 years, an ARM may save significant interest versus a fixed rate.

→ See: Current California Mortgage Rates

Amortization

Amortization is the process of paying off your mortgage through regular installment payments over the loan term. Each monthly payment covers both principal (loan balance reduction) and interest. In the early years, most of your payment goes to interest; by year 20, the majority goes to principal. A 30-year loan at 7% on a $600,000 balance pays approximately $3,990/month — roughly $3,500 in interest and $490 in principal in month one.

Annual Percentage Rate (APR)

APR is the true annual cost of your loan expressed as a percentage, including the interest rate plus fees such as origination charges, discount points, and mortgage broker compensation. APR is always higher than the stated interest rate and is the best apples-to-apples comparison tool when shopping multiple lenders. A loan quoted at 6.875% with $5,000 in fees will have a higher APR than a loan at 7.0% with zero fees.

Appraisal

A licensed appraiser’s independent estimate of a property’s fair market value, required by lenders before funding a purchase or refinance. The appraiser compares your home to recent comparable sales (“comps”) in the neighborhood. If the appraised value comes in below the purchase price, you must either renegotiate with the seller, cover the gap in cash, or walk away.

California context: In competitive markets like Marin or the Peninsula, buyers often waive appraisal contingencies. DiVita can help structure your offer to compete without unnecessary risk.

Assumable Mortgage

An assumable mortgage allows a buyer to take over the seller’s existing loan at its original interest rate and remaining balance. FHA and VA loans are assumable; conventional loans generally are not. In a high-rate environment, assuming a seller’s 3% FHA loan from 2021 can save hundreds of dollars per month versus getting a new loan at today’s rates.

B

Balloon Mortgage

A balloon mortgage features low fixed payments for a set term (typically 5–7 years), after which the entire remaining balance becomes due in one lump sum. These are rare in residential lending but occasionally appear in commercial or portfolio loans. If you can’t refinance or sell when the balloon comes due, you risk foreclosure.

Bank Statement Loan

A bank statement loan (a type of Non-QM mortgage) allows self-employed borrowers to qualify using 12 or 24 months of business or personal bank statements instead of tax returns. Because many California entrepreneurs and business owners write off significant expenses, their taxable income on paper understates actual cash flow. Bank statement loans solve this problem.

California context: Particularly popular with business owners in Silicon Valley, Los Angeles entertainment, and real estate investors throughout the state.

→ See: California Bank Statement Loans

Bridge Loan

A short-term loan (typically 6–12 months) that lets you tap equity in your current home to fund the down payment on a new home before your existing home sells. Bridge loans solve the timing problem of buying before you sell, but carry higher interest rates and fees. They’re most common in competitive California markets where contingent offers are at a disadvantage.

Buydown (2-1 Buydown / 3-2-1 Buydown)

A buydown temporarily reduces your mortgage rate in the first years of the loan. In a 2-1 buydown, the rate is 2% below the note rate in year one, 1% below in year two, then at the full rate from year three forward. The cost is typically paid by the seller as a concession. Example: On a 7% loan, you pay 5% in year one and 6% in year two, then 7% permanently.

Why it matters: Sellers offering buydowns compete better in slow markets. Ask DiVita whether to negotiate a buydown versus a price reduction.

C

Chain of Title

The chain of title is the chronological history of all recorded ownership transfers for a property, from the original deed to the present owner. A clear, unbroken chain is required to obtain title insurance. Gaps, disputes, or fraudulent transfers in the chain can delay or kill a transaction.

Clear to Close (CTC)

“Clear to Close” is the underwriter’s final approval indicating all loan conditions have been satisfied and the loan is ready to fund. Receiving CTC typically means closing will happen within 1–3 business days. It’s the milestone every homebuyer is waiting for.

Closing Costs

Closing costs are fees and expenses paid at the settlement of a real estate transaction, typically ranging from 2–5% of the loan amount. In California, typical closing costs include escrow fees, title insurance, lender origination fees, appraisal, recording fees, and prepaid items such as homeowners insurance and property taxes.

California context: On a $900,000 loan, expect $18,000–$45,000 in total closing costs. Unlike some states, California uses escrow companies (not attorneys) to close transactions, which affects how funds are disbursed.

Cloud on Title

A cloud on title is any encumbrance, claim, or defect that makes a property’s ownership status unclear or questionable — such as an old unpaid lien, a recorded easement, an error in a prior deed, or an unresolved probate matter. Clouds must be resolved before closing. This is why title searches and title insurance are essential.

Co-Borrower / Co-Signer

A co-borrower (also called a co-applicant) is listed on the mortgage and the title — they share both the debt obligation and property ownership from day one. Their income and credit are included in qualification. A co-signer is responsible for the debt if the primary borrower defaults, but typically has no ownership interest in the property. Co-borrowers strengthen a California application by adding income; co-signers are less common in purchase transactions.

Conforming Loan

A conforming loan meets the purchase guidelines and loan limits set by Fannie Mae and Freddie Mac. For 2026, the conforming loan limit in most U.S. counties is $832,750. In California’s high-cost counties (San Francisco, Marin, San Mateo, Santa Clara, Los Angeles, Orange, San Diego, Alameda, Contra Costa), the high-balance conforming limit reaches $1,209,750 — allowing borrowers to get agency pricing on what would otherwise be a jumbo loan.

Construction Loan

A construction loan finances the building of a new home, typically disbursing funds in draws as construction milestones are completed. Construction-to-permanent loans convert to a standard mortgage once the home is finished. During construction, borrowers usually pay interest-only. These loans require detailed builder contracts, permits, and inspections.

Conventional Loan

A conventional loan is any mortgage not backed by a federal agency (FHA, VA, or USDA). These loans are purchased by Fannie Mae or Freddie Mac on the secondary market (if conforming) or held in lender portfolios. Conventional loans offer competitive rates for borrowers with strong credit and typically require at least 3% down, though 20% down avoids PMI.

Credit Score

Your FICO credit score (ranging 300–850) is one of the most important factors in your mortgage rate and approval. Lenders pull all three bureaus (Equifax, Experian, TransUnion) and typically use the middle score for qualification. For joint applications, lenders use the lower of the two middle scores.

D

Debt-to-Income Ratio (DTI)

DTI compares your total monthly debt obligations (including the proposed mortgage payment) to your gross monthly income. Lenders use two DTI calculations: the front-end ratio (housing costs only ÷ income) and the back-end ratio (all monthly debt ÷ income). Most conventional loans cap back-end DTI at 43–50%; FHA allows up to 57% with compensating factors.

Example: If your gross income is $15,000/month and your proposed PITI is $4,200 plus $600 in car/student loan payments = $4,800 total debt. DTI = $4,800 ÷ $15,000 = 32%. That’s well within guidelines.

Deed of Trust

California does not use “mortgages” in the legal sense — it uses Deeds of Trust. A Deed of Trust involves three parties: the borrower (trustor), the lender (beneficiary), and a neutral third party (trustee) who holds title as security. If the borrower defaults, the trustee can conduct a non-judicial foreclosure (Trustee’s Sale) without court involvement, making the process faster than in states using traditional mortgages. When you’ve fully paid your loan, the trustee conveys title back to you via a Deed of Reconveyance.

Down Payment

The down payment is the portion of the purchase price you pay upfront in cash. It’s expressed as a percentage: 3% down on a $900,000 home = $27,000. A larger down payment lowers your loan-to-value ratio, avoids PMI, and may secure a lower interest rate. In California, where median prices often exceed $750,000, down payment assistance programs can bridge a significant gap.

→ See: California Down Payment Assistance Programs

E

Earnest Money Deposit (EMD)

Earnest money is a good-faith deposit — typically 1–3% of the purchase price in California — submitted with your offer to demonstrate serious intent. It’s held in escrow until closing, where it’s applied to your down payment or closing costs. If you back out of the contract without a valid contingency, you may forfeit your deposit. In competitive California markets, buyers sometimes offer 2–3% EMD to strengthen their offer.

Equity

Equity is the difference between your home’s current market value and what you owe on it. If your Marin County home is worth $1.4M and you owe $900K, your equity is $500K. Equity builds through appreciation and principal paydown. It can be accessed via a cash-out refinance, HELOC, or home equity loan for major expenses or investment.

Escrow

In California, “escrow” refers to two different things: (1) the transaction escrow — a neutral third party (escrow company) that holds all funds, documents, and instructions until all purchase conditions are met and the transaction closes; and (2) the impound escrow account held by your servicer for property taxes and insurance (see Impound Account). California is an escrow state — attorneys do not typically close real estate transactions here.

F

FHA Loan

Insured by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% (with a 580+ credit score) or 10% (500–579 score). They carry more lenient debt-to-income guidelines than conventional loans, making them popular for first-time buyers and those rebuilding credit. The tradeoff: FHA loans require both an upfront mortgage insurance premium (1.75% of loan amount) and monthly MIP for the life of the loan if you put less than 10% down.

2026 FHA limits: Up to $1,209,750 in California’s high-cost counties (SF, Marin, LA, SD, etc.)

→ See: FHA Loans in California

Fixed-Rate Mortgage

A fixed-rate mortgage locks your interest rate for the entire loan term — typically 15, 20, or 30 years. Your principal and interest payment never changes, giving you predictable budgeting. The 30-year fixed is the most popular mortgage in the U.S. The 15-year fixed pays off faster and carries a lower rate, but requires a higher monthly payment.

Forbearance

Forbearance is a temporary agreement between borrower and servicer to pause or reduce mortgage payments during financial hardship (job loss, medical emergency, natural disaster). Forbearance is not forgiveness — missed payments must be repaid via lump sum, repayment plan, or loan modification. During COVID-19, millions of California homeowners used forbearance programs under the CARES Act.

Foreclosure

Foreclosure is the legal process by which a lender takes possession of a property after the borrower defaults on the loan. California uses non-judicial foreclosure through the Trustee’s Sale process: after a Notice of Default (NOD) is recorded and a 3-month waiting period passes, a Notice of Trustee’s Sale is issued. The property can be sold 20 days later. The entire process can take 4–6 months minimum from first missed payment.

G

Gift Letter

A gift letter is a signed document from the donor confirming that funds given to a borrower for a down payment are a gift — not a loan requiring repayment. Lenders require gift letters because borrowed down payments affect DTI and risk calculations. Most loan programs allow gift funds from family members; some allow employer gifts or charitable grants. The letter must state the donor’s name, relationship, amount, and that no repayment is expected.

H

HELOC (Home Equity Line of Credit)

A HELOC is a revolving line of credit secured by your home equity, similar to a credit card. You can draw, repay, and re-draw funds during the draw period (typically 10 years). Interest rates are variable and tied to the Prime Rate. After the draw period ends, the HELOC enters repayment (typically 20 years). HELOCs are ideal for ongoing expenses like home renovations or college tuition.

California context: California property values give many homeowners substantial equity. A $1.2M home with a $600K mortgage has up to $480K in accessible equity (lenders typically cap combined LTV at 80–90%).

Home Equity Loan (HELOAN)

A home equity loan delivers a lump sum at a fixed interest rate, secured by your home equity. Unlike a HELOC, the rate and payment are fixed for the life of the loan. HELOANs are ideal for single large expenses: a major remodel, debt consolidation, or investment property down payment. The interest may be tax-deductible if used for home improvement (consult your CPA).

Homeowners Insurance

Homeowners insurance protects your home against damage, theft, and liability. Lenders require it as a condition of every mortgage. In California, standard policies exclude earthquake damage (you need a separate California Earthquake Authority policy) and increasingly exclude or limit wildfire coverage in high-risk zones. Lenders may require a surplus-lines policy in fire-affected counties, which can cost significantly more than standard coverage.

California context: Many major insurers have stopped writing new policies in California due to wildfire risk. If you’re buying in a fire zone (much of the North Bay, foothills, or mountain communities), budget for FAIR Plan coverage and ask DiVita about lenders experienced with these scenarios.

I

Impound Account (Escrow Account)

An impound account — called an “escrow account” in other states — is maintained by your loan servicer to collect and pay your property taxes and homeowners insurance on your behalf. Each month, 1/12 of your annual tax and insurance bills is added to your mortgage payment and deposited into the impound account. The servicer then pays the bills when due. Lenders require impound accounts on most loans with less than 20% down; some charge a fee to waive the impound requirement.

California property tax note: California bases property taxes on purchase price (Prop 13), so your initial impound amount may be based on the seller’s lower assessed value and adjust significantly after your first reassessment — sometimes adding hundreds of dollars to your monthly payment.

Index + Margin (ARM Rate Components)

Adjustable-rate mortgages calculate the fully-indexed rate as: Index + Margin = Note Rate. The index is a market benchmark (most commonly SOFR — Secured Overnight Financing Rate, which replaced LIBOR). The margin is a fixed spread added by the lender (typically 2.5–3.0%). So if SOFR is 4.5% and the margin is 2.75%, your fully-indexed rate is 7.25%. Your ARM rate adjusts based on this formula at each reset date, subject to adjustment caps.

J

Jumbo Loan

A jumbo loan exceeds the conforming loan limits set by FHFA. In California, any loan above $1,209,750 in high-cost counties (or $832,750 in standard counties) is a jumbo loan. Jumbo loans are not purchased by Fannie Mae or Freddie Mac — they’re held in the lender’s portfolio or sold to private investors. They typically require stronger credit (720+), larger reserves (6–12 months PITI), and a lower DTI (often 43% max). Rates can be competitive with or even below conforming rates in some market conditions.

→ See: California Jumbo Loans

L

Lien

A lien is a legal claim against a property that must be paid when the property is sold or refinanced. Your mortgage itself is a first lien (or first Deed of Trust). Other types of liens include mechanic’s liens (unpaid contractors), judgment liens (from lawsuits), IRS tax liens, and HOA liens. When you refinance or sell, all liens must be satisfied from the proceeds before you receive your equity. A title search reveals all recorded liens on a property.

Loan Estimate (LE)

The Loan Estimate is a standardized 3-page document your lender must provide within 3 business days of receiving a loan application. It discloses the projected interest rate, monthly payment, total closing costs, APR, and loan terms. All lenders use the same form under TRID regulations, making comparison shopping straightforward. Compare Page 2 (fees) and Page 3 (comparisons) across multiple lenders to find the best deal.

Loan-to-Value Ratio (LTV)

LTV is calculated as: Loan Amount ÷ Appraised Value × 100. An 80% LTV on a $1M home means a $800,000 loan. Lower LTV = more equity = lower risk for the lender = potentially better rate. Most conventional loans require PMI above 80% LTV. VA loans allow 100% LTV (no down payment). FHA allows up to 96.5% LTV.

M

Mortgage Broker vs. Mortgage Banker vs. Direct Lender

Understanding who you’re working with matters:

DiVita Home Finance is an independent mortgage broker, which means we shop across dozens of lenders to find the best rate and program for your specific situation — not just what one bank offers.

Mortgage Insurance: PMI vs. MIP

Mortgage insurance protects the lender if you default. There are two types:

N

Non-QM Loan (Non-Qualified Mortgage)

A Non-QM loan doesn’t conform to the “Qualified Mortgage” (QM) standards set by the CFPB. QM rules require lenders to verify a borrower’s ability to repay using standard documentation. Non-QM loans serve borrowers who have strong finances but don’t fit the traditional mold: self-employed borrowers, real estate investors, foreign nationals, or those with recent credit events. Common Non-QM programs include bank statement loans, DSCR loans (for investors), asset depletion loans, and interest-only mortgages.

→ See: California Non-QM & Bank Statement Loans

Notice of Default (NOD)

A Notice of Default is a formal public document recorded by the lender (or trustee) after a borrower is typically 90+ days delinquent on mortgage payments. In California, the NOD triggers a 3-month reinstatement period during which the borrower can cure the default by paying all past-due amounts plus fees. If the default isn’t cured, a Notice of Trustee’s Sale follows, setting the foreclosure auction date.

O

Origination Fee

An origination fee is charged by the lender to process, underwrite, and fund your loan. It’s typically 0.5–1% of the loan amount, though some lenders charge flat fees or zero origination in exchange for a slightly higher rate. The origination fee appears on your Loan Estimate and Closing Disclosure. Compare total costs — not just the rate — when shopping lenders.

P

PITI (Principal, Interest, Taxes & Insurance)

PITI is the full monthly housing cost lenders use to calculate your housing expense ratio. Understanding each component helps you budget accurately:

Note: California property taxes average 1.1–1.25% of purchase price. Prop 13 caps annual increases at 2%, so your taxes grow slowly after purchase.

Points (Discount Points)

One discount point costs 1% of your loan amount and typically reduces your interest rate by 0.25% (though the actual reduction varies by lender and market). Paying points makes sense if you plan to keep the loan long enough for the monthly savings to offset the upfront cost — called the “break-even point.”

Example: On a $700,000 loan, 1 point = $7,000 upfront. If it reduces your rate from 7.0% to 6.75%, monthly savings = ~$115. Break-even = $7,000 ÷ $115 = 61 months (about 5 years). If you plan to stay longer, buying the point saves money.

Portfolio Loan

A portfolio loan is kept by the lender on its own books rather than sold to Fannie Mae, Freddie Mac, or the secondary market. Because these loans don’t need to conform to agency guidelines, lenders have more flexibility on qualifying criteria — making them excellent for unusual properties, high-net-worth borrowers with complex income, foreign nationals, or borrowers needing jumbo amounts with non-standard terms.

Pre-Approval

A pre-approval is a lender’s conditional commitment to lend a specific amount, based on verified documentation: W-2s or tax returns, pay stubs, bank statements, and a hard credit inquiry. A pre-approval letter is expected with every California offer and strengthens your negotiating position. It’s significantly more meaningful than a pre-qualification and typically valid for 60–90 days.

→ See: California Mortgage Pre-Approval Checklist

Pre-Qualification

Pre-qualification is a lender’s informal estimate of how much you might borrow, based on self-reported income and assets without full document verification or a hard credit pull. It’s a useful starting point to understand your budget but carries no weight with California sellers in a competitive market. Most listing agents in the Bay Area and LA won’t even show homes to buyers without a true pre-approval.

Prepaids

Prepaids are closing cost items that are not fees per se, but rather prepaid future expenses: the first year’s homeowners insurance premium, prepaid property taxes, and prepaid mortgage interest (from closing date to end of month). Because lenders collect these upfront to fund your escrow/impound account, prepaids often add $3,000–$10,000 to closing costs beyond lender fees. They’re listed on Page 2 of your Loan Estimate under “Prepaids.”

Principal

The principal is the outstanding balance you owe on your loan — the original amount borrowed, minus any payments you’ve made that reduced the balance. Early in a 30-year loan, very little of your monthly payment reduces principal because interest dominates. By year 20, most of your payment goes to principal. You can accelerate principal paydown by making extra payments or choosing a 15-year term.

Private Mortgage Insurance (PMI)

PMI is required on conventional loans when your down payment is less than 20%, protecting the lender if you default. PMI costs typically range from 0.2–1.5% of the loan amount annually, depending on your credit score, LTV, and loan type. On a $700,000 loan with 10% down, PMI might cost $500–$700/month. Under the Homeowners Protection Act, PMI must be automatically cancelled when your loan balance reaches 78% of the original purchase price (based on your amortization schedule). You can request cancellation at 80%.

R

Rate Lock

A rate lock is a lender’s guarantee to hold your quoted interest rate for a specified period — typically 30, 45, or 60 days — while your loan is processed. If rates rise during that period, you keep the lower locked rate. If rates fall significantly, some lenders offer “float-down” options to capture the improvement. Longer lock periods cost more (through slightly higher rates or lock fees). In volatile rate environments, locking early protects your purchase power.

Refinance

Refinancing replaces your current mortgage with a new one, potentially at a lower rate, shorter term, or to extract equity (cash-out refinance). The decision to refinance depends on your break-even point: divide closing costs by monthly savings to see how many months until you recoup the cost. Refinancing also makes sense to remove PMI once you reach 80% LTV through appreciation.

California context: Many California homeowners refinanced at historic low rates (2.5–3.5%) in 2020–2021. Those with existing low-rate mortgages may benefit from keeping their current loan and using a HELOC to access equity instead of cash-out refinancing at today’s higher rates.

Reverse Mortgage

A reverse mortgage (most commonly a HECM — Home Equity Conversion Mortgage) lets homeowners 62+ convert home equity into tax-free cash without monthly mortgage payments. Instead, the loan balance grows over time and becomes due when the borrower sells, moves out, or passes away. Heirs can repay the loan and keep the home, or sell to satisfy the debt. California’s high property values make reverse mortgages particularly powerful for equity-rich seniors.

→ See: California Reverse Mortgage Guide

Right of Rescission

Under the Truth in Lending Act (TILA), borrowers have the right to cancel a refinance, HELOC, or home equity loan within 3 business days of signing (or receiving required disclosures, whichever is later) — with no penalty. This right does not apply to purchase mortgages. Lenders cannot fund a refinance until the rescission period has passed, which is why refinances take a few extra days to close compared to purchases.

S

Short Sale

A short sale occurs when a lender agrees to accept less than the full payoff balance on a mortgage, allowing the borrower to sell the home for less than is owed. The lender must approve the short sale and the proposed sale price. Short sales avoid foreclosure, preserve more credit standing than foreclosure, and allow borrowers to potentially qualify for a new mortgage sooner. In California, the deficiency (the difference between the sale price and loan balance) may or may not be forgiven, depending on loan type and lender agreement.

T

Title Insurance

Title insurance protects against claims arising from defects in the title that occurred before you owned the property — such as forged deeds, unknown heirs, unpaid liens, or recording errors. In California, there are two policies: the owner’s policy (protects you as buyer, paid once) and the lender’s policy (protects the lender, required by all mortgage lenders). Title insurance is a one-time premium paid at closing and provides coverage for as long as you own the home.

TRID (Know Before You Owe)

TRID stands for the TILA-RESPA Integrated Disclosure rule, implemented in 2015. It requires lenders to provide two key documents: the Loan Estimate within 3 business days of application, and the Closing Disclosure at least 3 business days before closing. TRID standardized and simplified mortgage disclosure, making it easier to compare lenders and understand exactly what you’re paying. If fees increase beyond TRID tolerances, the lender must cover the difference (“cure” the fee).

Trust (Vesting in a Trust)

Many California homebuyers — particularly high-net-worth buyers in the Bay Area — purchase property in a revocable living trust for estate planning benefits. Taking title in a trust allows your home to pass to heirs without probate. Most conventional lenders allow trust vesting if the trust meets specific requirements and the borrower is the trustee. Jumbo and Non-QM lenders often have more flexibility. Note: the trust must be reviewed and approved by the lender’s title and underwriting team.

U

Underwriting

Underwriting is the lender’s process of verifying your financial profile and the property to determine loan approval. The underwriter reviews your credit, income documentation, assets, employment history, and the appraisal. They may issue conditions (items you must provide before final approval). After all conditions are satisfied, the underwriter issues a “Clear to Close” (CTC). Underwriting typically takes 1–2 weeks for straightforward files; complex income (self-employed, RSU income, rental properties) may take longer.

USDA Loan

USDA Rural Development loans offer 100% financing (no down payment) for eligible properties in designated rural and suburban areas. To qualify, the property must be in a USDA-eligible area and the buyer must meet income limits (generally moderate income). In California, USDA-eligible areas include many Central Valley communities, the North Coast, Sierra Nevada foothills, and some agricultural areas of the Central Coast. USDA loans carry an upfront guarantee fee (1%) and annual fee (0.35%), similar to FHA’s MIP structure.

V

VA Loan

VA loans are guaranteed by the Department of Veterans Affairs for eligible active-duty military, veterans, National Guard/Reserve members, and surviving spouses. Key benefits: no down payment required, no monthly PMI, competitive rates, and no loan limits (for full entitlement). California is home to dozens of military installations — from Camp Pendleton to NAS Lemoore — and VA loans are among the most powerful mortgage products available to service members.

2026 CA note: California has the largest veteran population of any state. VA loan limits were eliminated in 2020 for borrowers with full entitlement, making 100% financing available on any purchase price in any California county.

→ See: California VA Loans

Loan Type Comparison: Which Mortgage Is Right for You?

Frequently Asked Questions: Mortgage Terms

Have a question about mortgage terms or ready to get started? DiVita Home Finance is a licensed California mortgage broker serving the Bay Area, Los Angeles, San Diego, and communities statewide. Contact us today for a free consultation.