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Panamerican Mortgage has experienced refinance loan officers, with low cost home loans providing personal, creative service for Costa Mesa California. Our loan officers speak english and spanish and will pre-qualify to buy Costa Mesa real estate. Mortgage interest rates are the best ever and you can qualify for Costa Mesa home loans.

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Costa Mesa Fixed Rate Mortgages

This is the most common type of mortgage program. Your monthly payments for interest and principal never change. Property taxes and homeowners insurance may increase, but generally your monthly payments will be very stable.

Costa Mesa Adjustable Rate Mortgages

These loans generally begin with an interest rate that is 2-3 percent below a comparable fixed rate mortgage, and could allow you to buy a more expensive home. However, the interest rate changes at specified intervals (for example, every year) depending on changing market conditions; if interest rates go up, your monthly mortgage payment will go up, too. However, if rates go down, your mortgage payment will drop also.

Costa Mesa Reverse Mortgage

A reverse mortgage is a special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance living expenses, home improvements, in-home health care, or other needs. With a reverse mortgage, the payment stream is "reversed." That is, payments are made by the lender to the borrower, rather than monthly repayments by the borrower to the lender, as occurs with a regular home purchase mortgage.

Costa Mesa FHA and VA Mortgage Loans

There are many factors to consider when applying for a government loan. We will be by your side every step of the way.

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ABOUT COSTA MESA:

The City of Costa Mesa boasts of being one of Orange County's leading cultural and business centers. Located 37 miles southeast of Los Angeles, 88 miles north of San Diego and 475 miles south of San Francisco, Costa Mesa encompasses a total of 16 square miles with its southernmost border only 1 mile from the Pacific Ocean. The current population of approximately 113,440 has grown from 16,840 at the time of incorporation in 1953. Since that time, it has evolved from a semi-rural farming community to a city with its local economy primarily based upon retail commercial business and light manufacturing of electronics, pharmaceuticals and plastics. A general law city, Costa Mesa has a council-manager form of government and staff of approximately 600 full-time employees.

Costa Mesa is located at 33°39?54?N, 117°54?44?W (33.664969, -117.912289)GR1. Located 37 miles southeast of Los Angeles, 88 miles north of San Diego and 425 miles south of San Francisco, Costa Mesa encompasses a total of 16 square miles with its southernmost border only 1 mile from the Pacific Ocean. According to the United States Census Bureau, the city has a total area of 40.6 km² (15.7 mi²). 40.5 km² (15.6 mi²) of it is land and 0.2 km² (0.1 mi²) of it (0.38%) is water.

Costa Mesa offers 9 parks, a municipal golf course, 26 public schools and 3 libraries. Additionally, Costa Mesa is home to Orange Coast College and Vanguard University as well as Whittier Law School and National University.

The Orange County Performing Arts Center, Orange County Fairgrounds, South Coast Repertory Theater and South Coast Plaza are prominent centers of cultural and economic activity within the City.  The South Coast Plaza shopping center is the single largest commercial activity center in the City. The volume of sales generated by South Coast Plaza, on the strength of 322 stores, places it among the highest volume regional shopping centers in the nation.

The 9.5 acre Costa Mesa Civic Center is located at 77 Fair Drive. City Hall is a five-story building where the primary administrative functions of the City are conducted. Also contained in the Civic Center complex are Council Chambers, the Police facility, Communications building and Fire Station No. 5. State Highways 55, 73 and Interstate 405 all run through Costa Mesa.

Costa Mesa residents enjoy an ideally mild Southern California climate. The City's location provides easy access to many of Southern California's major attractions such as beaches, mountain areas, high and low deserts, Disneyland, Knott's Berry Farm, Palm Springs and Los Angeles with its sports arenas and major league teams. Surrounded by the cities of Newport Beach, Irvine, Huntington Beach, Fountain Valley and Santa Ana, Costa Mesa is in an area where it is wonderful to live and work.

HISTORY OF COSTA MESA

Located on the "coastal tableland" above Newport Bay, Costa Mesa was once grazing grounds for cattle belonging to the Mission San Juan Capistrano.  At the beginning of the 19th century, missionaries built an adobe "Estancia" or way-station for the vaqueros who tended the herds.  This structure still stands and was recently restored and transformed by the City into a museum at 1900 Adams Avenue.

In 1810, this same area was a part of the Spanish land grant of Santiago Del Santa Ana made to Jose Antonio Yorba.  By 1880, settlers had begun buying portions of the rancho from Yorba's heirs and in the same decade established the town of Fairview.  A school house and church were built near the present intersection of Harbor and Adams, and a 25-room hotel accommodated visitors to the nearby hot sulfur springs.  However, in early 1889, a storm washed out the railroad and brought financial disaster to the community which soon reverted to a farming area.

By this time, the little town of Harper, named after a nearby rancher, had emerged on a siding of the Santa Ana and Newport Railroad.  Its first business, Ozmen's General Store, stood on the corner of Newport and 18th Streets and contained the City's first post office, established in 1909.  On May 11, 1920, Harper officially changed its name to Costa Mesa, which means coastal tableland in Spanish, and continued as an agricultural community, growing sweet potatoes, corn, tomatoes, strawberries, and apples.

Building and oil drilling industries were just beginning to bring new growth to the City when the depression hit Southern California.  Industries collapsed and the local bank closed.  More disaster followed when the 1933 earthquake shook the town, damaging businesses and the Main School.  But the school was soon rebuilt and continued in operation as the Clara McNally School.  These buildings are now used for school administrative and service purposes.

World War II brought many thousands of people to the area for training at the Santa Ana Army Air Base, located on what is now the Orange County Fairgrounds, Orange Coast College, and the present site of the Civic Center.  When the war ended, many of these men and women returned with their families to begin the population boom which continues today.

On June 29, 1953, the City was incorporated and City Council-Manager form of government was chosen.  The new City had an area of 3.5 square miles and a population of 16,840.  Within 35 years, by 1988, the population had risen to 90,000 and the area to 17 square miles.
Today, Costa Mesa is a major commercial and industrial center of Orange County.  The 2005 Census noted population at 113,143.  The City, which formally adopted the slogan "The City of the Arts” in 1999, is home to a regional symphony orchestra and the South Coast Repertory Theater.  The 3,000-seat Orange County Performing Arts Center was completed in 1985.  In 2006, both the 2,000-seat Renee and Henry Segerstrom Concert Hall and the 500-seat Samueli Theater held their grand openings.

FREQUENTLY ASKED QUESTIONS ABOUT COSTA MESA

Q:  Where is the City of Costa Mesa?
A:  Costa Mesa, California is located in the heart of The OC (Orange County) between Newport Beach and Anaheim and midway between Los Angeles and San Diego.  Costa Mesa has the advantage of being in a coastal region while offering immediate freeway access to all of Southern California's attractions and is minutes away from John Wayne Airport. 

Q:  What does Costa Mesa offer tourists?
A:  A person can stay in Costa Mesa, stroll in a pedestrian-friendly environment to world-class shopping and award-winning restaurants, and then enjoy an evening of premier entertainment in the Theater & Arts District, which includes the Orange County Performing Arts Center, South Coast Repertory and the newly opened Renée and Henry Segerstrom Concert Hall.  The city is also convenient to all Southern California's major attractions, such as Disneyland, Disney's California Adventure, Knott's Berry Farm, Legoland, Sea World, the San Diego Zoo, Universal Studios, Six Flags Magic Mountain, The Getty Museum of Art, professional sports venues, and much more.

Golfers will be delighted with the area's excellent courses.  The Costa Mesa Country Club is open to the public and offers 36 holes to suit all levels of play, while the private Mesa Verde and Santa Ana Country Clubs have reciprocal privileges with a number of clubs in the United States and abroad.  Many other professional quality golf courses are minutes away, as is the beach for a fun day of swimming, surfing or sailing. 

Q:  What airport serves Costa Mesa and what transportation options are available to visitors?
A:  John Wayne/Orange County Airport sits at the Costa Mesa border and is served by major airlines.  Tourists can take advantage of the several major car rental agencies or taxi service at or near the airport. The major hotels also offer convenient complimentary airport shuttle service. Train travelers can take advantage of a nearby Amtrak station, and, of course, Costa Mesa is freeway-close to all of Southern California. 

Q:  What kind of shopping is available in Costa Mesa?
A:  In Costa Mesa's South Coast Metro, tourists will find a shopping experience like no other – at world-class South Coast Plaza.  With more than two million square feet hosting many marquee retailers, South Coast Plaza is considered a destination unto itself and attracts visitors, royalty and celebrities from around the world. For a refreshing break, shoppers can dine at a variety of delightful cafes and restaurants. Other shopping venues are easily accessible, too.

Q:  What about accommodations?
A:  Costa Mesa offers a variety of accommodation options from deluxe hotels with resort amenities and extended stay hotels, to charming European-style facilities.  Choose from hotels include the Ayres Hotel & Suites, 800.322.9992 or 714.549.0300; Costa Mesa Marriott, 800.228.9290 or 714.957.1100; Hilton Orange County/Costa Mesa; 800.HILTONS or 714.540.7000; Holiday Inn Costa Mesa, 800.HOLIDAY or 714.557.3000; and Holiday Inn Express Hotel & Suites, 800.HOLIDAY or 949.631.6000. The list continues with Ramada Limited & Suites Costa Mesa, 866.493.0064 or 949.645.2221; Residence Inn by Marriott, 800.331.3131 or 714.241.8800; The Westin South Coast Plaza, 800.WESTIN1 or 714.540.2500 and the Wyndham Hotel/Orange County, 800.WYNDHAM or 714.751.5100.

Q:  Are there many restaurants in Costa Mesa?
A:  Costa Mesa has one of the richest mixes of restaurants found anywhere – more than 100, in fact.  Besides establishments found at the major hotels and shopping areas, the city is home to many award-winning restaurants, as well as a number of cafes, health food restaurants and eateries specializing in a variety of cuisines to suit all palates.

Q:  Why is Costa Mesa considered an art and cultural center?
A: A “City of the Arts,” Costa Mesa is home to the Theater & Arts District, which includes the 2,000-seat Renée and Henry Segerstrom Concert Hall, the 3,000-seat Orange County Performing Arts Center (The Center), Tony Award-winning South Coast Repertory (SCR), plus over 80 restaurants. The Center is a year-round showcase for professional performances of music, opera, dance, musical theater, and other special attractions.  The Orange County Philharmonic Society brings top entertainment to the District, such as the world-renowned Vienna Philharmonic Orchestra, and most recently, the Kirov Opera, Ballet and Orchestra.  The new concert hall is home to Orange County's acclaimed Pacific Symphony.  Broadway productions, internationally known performers, and stellar ballet and modern dance companies appear here frequently. The Center has been the regional home for the New York City Ballet, the New York City Opera and the Los Angeles Philharmonic.

Directly across the street from The Center and the concert hall, South Coast Repertory is on the cutting edge of creative drama, and is one of America's leading resident theaters for the development and production of new plays.  Costa Mesa is also home to the unique “California Scenario” sculpture garden created by Isamu Noguchi, and a stunning variety of indoor and outdoor contemporary sculptures and other art works by prominent artists, including Richard Serra, who's newest piece, The Connector, is erected adjacent to the new concert hall.

Q:  How about Costa Mesa's nightlife?
A:   In Costa Mesa, a pleasant day turns into a delightful evening.  In addition to our cultural events, Costa Mesa has a variety of nightspots and coffeehouses to suit all tastes and ages, and is truly an “18-hour” destination for work and play.

Q:  How far is Costa Mesa from Disneyland and other Southern California attractions?
A:  Costa Mesa is the ideal “home base” for visitors to Southern California.  Disneyland, Disney's California Adventure and Knott's Berry Farm are an easy freeway drive of about 20 minutes.  Newport Beach is right next door; Laguna Beach, 15 minutes; Hollywood, 45 minutes; Legoland is just 60 minutes away; and Sea World in San Diego and snow skiing in mountain resorts are about 90 minutes away. 

Q:  What time of the year is best for a visit to Costa Mesa?
A:  Costa Mesa enjoys sunshine 95 percent of the year, with an average temperature of about 70°F – perfect for shopping, sightseeing, golf, or a trip to the beach at just about any time of the year. 

Q:  Are there any historical sites to visit?
A: Yes, particularly the Diego Sepulveda Adobe Estancia.  It was built by the padres of San Juan Capistrano between 1823 and 1828 as a way station for vaqueros herding California mission cattle.  Each room inside the adobe represents a different period of Costa Mesa's history.

COSTA MESA ACTIVITIES:

Costa Mesa Arts, Culture, and Entertainment

Costa Mesa residents can take advantage of all of the arts and entertainment attractions of Anaheim and Los Angeles to the north, as well as San Diego to the south. Some of the attractions of note in and around Costa Mesa include:

• The Ampitheater
• The Aquarium of the Pacific
• The Bowers Museum
• Disneyland
• Knott’s Berry Farm
• The Orange County Fairgrounds, home to the Orange County Fair every July
• Orange County Fine Arts Inc. and the Showcase Gallery
• The Orange County Museum of Art at South Coast Plaza
• The Orange County Theatre District, home to the Segerstrom Center for the Arts, the Orange County Performing Arts Center, and the South Coast Repertory.
• The Richard Nixon Library & Birthplace
• The South Coast Repertory Theater

This part of Southern California has enough professional sports offerings to keep even the most demanding sports fans happy. Sports teams near Costa Mesa, include:

• The Los Angeles Avengers of the Arena Football League (AFL).
• The Los Angeles Angels of Anaheim and the Los Angeles Dodgers of Major League Baseball (MLB).
• Club Deportivo Chivas USA and the Los Angeles Galaxy of Major League Soccer (MLS).
• The Lake Elsinore Storm of Minor League Baseball (MiLB). The Storm are a Class A Advanced affiliate of the San Diego Padres.
• The Los Angeles Clippers and the Los Angeles Lakers of the National Basketball Association (NBA).
• The Anaheim Mighty Ducks and the Los Angeles Kings of the National Hockey League (NHL).
• The Los Angeles Storm, and Southern California Seahorses who play in the United Soccer League's (USL) Premier Development League.
• The Los Angeles Sparks of the WNBA.

For sports fans who do not mind an hour and a half drive south, the city of San Diego is also home to:

• The Major League Baseball (MLB) San Diego Padres.
• The National Football League (NFL) San Diego Chargers.
• The ECHL Sand Diego Gulls hockey team.
• The United Soccer League (USL) USL Premier Development League San Diego Gauchos and the USL W-League San Diego Gauchos Women.

Possible Required Documents

Following is a list of all possible documentation that could be required for the mortgage application process. If you are self employed, business owner, or a senior these documents can vary greatly. Also it will depend on the type of loan we are applying for, documented income, stated Income, no-documentation, or equity. In most cases if employed we only need the items with a .  We will pre-underwrite your loan and give you a list of items that are required. Pay stubs covering most recent thirty days. W-2 statements covering the most recent two years. Most recent three months statements for any account listed on the application. A copy of the Real Estate Sales Contract (for purchases).   12 months cancelled rent checks or the name and address of your current landlord (if applicable). Fully executed divorce decree (if applicable). Deed, hazard insurance policy, and most recent tax bill if you are going to refinance (copies). A letter of explanation for any known credit problems or fluctuations in income.   If you are self employed, paid by commission, or own real estate used for rental purposes you may also need:   Two years signed personal federal income tax returns including all schedules.   If self-employed through a corporation, please provide the last two years corporate returns as well as a year to date profit and loss statement and a balance sheet.

FREQUENTLY ASKED QUESTIONS

How much can I borrow? What happens after I turn in my application? How can I get help choosing a loan? How can I speed up the application process? What happens at closing? How do I know how much house I can afford? What is the difference between a fixed-rate loan and an adjustable-rate loan? How is an index and margin used in an ARM? How do I know which type of mortgage is best for me? How much can I borrow? Your maximum loan amount depends on many factors, including: How much you can afford for monthly payments. The appraised value of the property. The amount of equity in your home, if you're refinancing. How much money you have available for closing costs and a down payment (if you're purchasing). Your credit history. What happens after I turn in my application? After we receive your application, we will: Review your application to make sure the information is complete and consistent. A Loan Officer or a Processor may contact you for additional information or clarification. Verify the information you provided and confirm that all necessary documents are included. Evaluate your loan information in a process known as underwriting. Underwriting is a major step in the approval process because it evaluates your ability to comfortably make your loan payments. Order and review an appraisal of the home you are buying or refinancing. The appraisal confirms whether the property's value is in line with the purchase price and loan amount. Your Loan officer will work with you to make sure you obtain homeowners insurance for the property and to set up an escrow account to collect funds for expenses such as your homeowners insurance premium and property taxes. Throughout loan processing, Panamerican Mortgage staff will provide you with important information about your loan and purchase transaction. How can I get help choosing a loan? Panamerican Mortgage offers a variety of loan programs. The Credit Repair mortgage programs are even designed to help improve your credit situation. Use our online Application for personalized recommendations from one of our Loan Officers to advise you on your options. How can I speed up the application process? No matter how you apply, one key to getting your loan quickly is filling in the application completely and accurately. It's also very important to attach all the supporting paperwork required. Use our Application Checklist to help. What happens at closing? The actual closing process varies from place to place, but usually includes the following steps: A Notary reviews the settlement sheet with you. This document includes all the final costs for the purchase transaction or refinance loan. You sign loan documents such as the mortgage or deed of trust, note and Truth-in-Lending statement. For a purchase loan, you provide a certified check or cashier's check to the closing agent to cover the down payment and closing costs. If you're refinancing, your closing costs may be paid from cash out of your new loan. For a purchase loan, the Escrow gives a check for the home loan amount to the closing agent (usually Title Company). For a refinance loan, the closing agent (usually title company) receives a check for the balance of your old loan. The "cash out" from a refinance may be paid directly to creditors by Escrow, if you wish, or you can choose to receive a check for this money. The monthly payments will include amounts paid toward the payment of property taxes and insurance, the escrow account is set up. You receive the keys to your new home, along with copies of all the closing documents. How do I know how much house I can afford? Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford. What is the difference between a fixed-rate loan and an adjustable-rate loan? With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an Adjustable Rate Mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an Adjustable Rate (ARM) loan will likely change. There are advantages and disadvantages to each type of loan, and the best way to select a loan product is by talking to us. How is an index and margin used in an ARM? An index is an economic indicator that lenders use to set the interest rate for an Adjustable Rate Mortgage (ARM). Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR). How do I know which type of mortgage is best for me? There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Panamerican Mortgage can help you evaluate your choices and help you make the most appropriate decision. Contact us for any questions. Call us Today! (800) 607- 8484

GLOSSERY OF LOAN TERMS

Addendum     A supplemental document for borrowers to advise them of the characteristics of the mortgage loan they are applying for. This document is often required when applying for a government loan program.

Adjustment period     The time between changes in your interest rate and/or monthly payment with a variable rate loan. These intervals will vary depending on the type of loan.

Amortization     The means by which a home loan is scheduled to be paid off, including interest and principal, by a series of regular installment payments. Loans are typically amortized over 30 years.

Application Fee     A fee charged used to cover the out of pocket costs of processing your loan.

Appraisal     A formal, written estimation by a qualified appraiser of the current value of a home.

APR (Annual Percentage Rate)     The cost of your credit expressed as a yearly rate. It takes into account interest, points, and origination fee. Since all lenders are required to use the same guidelines in determining APR, this is a good basis for comparing the cost of various loan programs.

Assumability/Assumption     A feature of the loan which permits you to transfer your mortgage and its specified terms to the person(s) purchasing your home. Having an assumable loan could make it easier for you to sell your home, since assumption of a loan usually involves lower fees and/or qualifying standards for the new borrower than a new loan.

Bait and Switch     An unethical practice of some brokers where they promise a low interest rate only to manipulate the situation, forcing you to take a higher rate.  They are betting the customer would rather pay more than start the whole process over again.

Balloon     A short-term loan which has a fixed rate and smaller payments for short-term period which is followed by one large payment for the balance of the principal.

Bankruptcy     A debtor surrenders his assets to the Bankruptcy Court and is not required to repay unsecured debts under a federal law provision. Unsecured creditors may not pursue collection, and secured creditors are entitled only to the security the subject property holds for them. They may not pursue further collection.

Broker     An individual who does not who does not fund loans himself, but facilitates the funding and negotiates the contracts for a client.

Buydowns     Some mortgage programs can be qualified and obtained at lower initial rates by paying a higher fee to obtain the mortgage. Fixed rate and ARM programs can offer mortgage rate buydowns.

Caps (interest)     A limit to the rise and fall of the interest rate on an adjustable rate mortgage (ARM). A consumer safeguard.

Caps (payment)     A limit to the amount the monthly payment can grow on an adjustable rate mortgage (ARM). A consumer safeguard.

Certificate of Eligibility     A document which verifies the eligibility of veterans for a VA guaranteed loan. This certificate is obtained through a local VA office.

Certificate of Title     A legal document which declares the status of a given property as shown on public records. Does not guarantee matters not of record, unless negligence is involved.

Closing costs     One-time costs that must be paid before the loan can be "closed" or funded. These costs may include such things as property taxes, insurance, broker's fees, escrow fees, title insurance premium, deed recording fee, title transfer tax, etc. Escrow instructions will stipulate which portion of the fees are to be paid by buyer or seller. An estimate of closing costs will be given to you within a few days after receiving your loan application. (All or a portion of your closing costs may be financed with some loan programs.)

Collateral     The property used to secure the loan.

Condominium     Units in a multi-unit structure which may be bought, sold, and encumbered individually with joint ownership of common areas.

Conventional financing     Home loans made by a lender without government backing provided on FHA and VA loans.

Covenant     A written agreement which defines or restricts the use of a given property. This may include, architectural restrictions or maintenance requirements.

Credit report     A report made by a private agency which states a borrower's credit history, current accounts, and account balances.

Deed     A written document recorded at the Courthouse which conveys real property.

Default     Failure to legal obligations in a contract. In mortgage terms this generally means to fail to make the required monthly payments.

Disclosure     A document that discloses to the client either all or one of the following: ter