Cambria Mortgage Loan Options

When working with Cambria Mortgage, you will find that our products and pricing are set to work for you.

Fixed-Rate Conventional Mortgage

A fixed-rate mortgage provides security knowing that your principal and interest payment will remain the same for the entire term of the loan.

VA Mortgage

The U.S. Department of Veteran Affairs will guarantee loans to help qualified veterans, reservists and active-duty service members finance their homes. VA loans require no down payment and offer more flexible qualification requirements. To learn more, visit our VA Loan  page.


The Home Affordable Refinance Program (HARP) allows homeowners to refinance their Fannie Mae or Freddie Mac mortgage at today’s low interest rates even in instances when the mortgage balance exceeds the value of the home.

Adjustable-Rate Conventional Mortgage

An adjustable-rate mortgage (ARM) has an interest rate that is fixed for an initial period and then adjusts periodically based on market conditions. During the initial period, an ARM typically has a rate lower than comparable fixed rates.

Jumbo Mortgage

A jumbo loan is a mortgage that exceeds the conventional loan limits (currently $417,000) and can be either a fixed or adjustable rate.

Reverse Mortgage

Stay in your home and put its equity to work for you. Homeowners 62 or older can use a reverse mortgage to borrow money against equity established in their homes. To learn more, visit our Reverse Mortgage Loan page.

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FHA Mortgage

The Federal Housing Administration (FHA) established a loan program to advance home ownership opportunities for those with limited down payment funds. FHA loans require a 3.5% down payment on purchase loans and will refinance loans to 97.75% Loan to Value. 

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Mortgage Calculators
Use these tools to see what your payments would be with different loan amounts, interest rates and down payments. Contact a Cambria Mortgage consultant to discuss your loan options.

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Our Mortgage Team
Cambria's mortgage consultants have the flexibility to offer the best rates on the market. Please contact one of our mortgage consultants at 952-942-0110 for a complete list of our mortgage programs.

Our mortgage consultants will walk you through our mortgage process.

1. Application

We’ll start by taking information regarding your employment, income, assets and debts. Information will also be collected regarding the property you intend to finance and your credit history.

2. Processing

This step involves verifying much of the information previously taken in the application. Your mortgage consultant will request asset and income documentation and verify your employment. If any credit discrepancies appear on your credit history, your consultant will work with you to resolve the issues. An appraisal and title work will also be ordered on the subject property. Upon receipt, we’ll examine these items to ensure the title, value and condition of the property are accurate.

3. Underwriting

A complete loan package will then be submitted to the underwriter. The underwriter will perform a detailed analysis of the package to determine if it meets all guidelines required for your loan program. If your loan is deemed acceptable, an “approved” status is given.

4. Closing

Once the loan is approved by the underwriter, it can be scheduled for closing. We’ll work with you and the title company to schedule a closing that is convenient for you. At closing, you will sign the final loan documents.

Frequently Asked Questions

What are conforming loans?

Conforming loans are fixed-rate or adjustable-rate mortgages that meet Fannie Mae and Freddie Mac loan limits as well as property and borrower guidelines. The current limit on these loans is $417,000.

What is a jumbo mortgage?

A mortgage that exceeds eligible conforming loan limits (currently $417,000) is a jumbo loan. The interest rates on jumbo mortgages are typically higher than conforming mortgages, and vary depending on property types and mortgage amount.

What is an FHA loan?

The Federal Housing Administration (FHA) was established to advance opportunities for Americans to own homes. By providing private lenders with mortgage insurance, the FHA gives them the security they need to lend to buyers who might not be able to qualify for conventional loans. Some FHA loans are available with as little as 3.5% down payment

What is a VA loan?

VA loans are guaranteed against default by the U.S. Department of Veteran Affairs. VA loans require no down payment and are offered exclusively to United States military personnel who are active, discharged or retired. VA loans often carry lower interest rates than conventional loans

What is a HARP loan?

The Home Affordable Refinance Program (HARP) allows homeowners to refinance their Fannie Mae or Freddie Mac mortgage at today's low rates even if your loan balance exceeds the property value.

What is a reverse mortgage?

Eliminate those “what if” feelings / Make the most of retirement
A reverse mortgage is a special type of home loan allows you to borrow against the equity you’ve established in your home. The “reverse” part of a reverse mortgage is that instead of making monthly payments you receive them. A reverse mortgage can help:

  • Eliminate an existing mortgage
  • Supplement your income
  • Avoid foreclosure
  • Cover medical expenses
  • Update your home
  • Pay off existing debt

Enjoy financial freedom
You are eligible to receive a Reverse Mortgage if you are older than 62 years old, own and occupy your home as your principal residence. There are no income; employment or credit requirements to qualify. Lender’s use a formula based on the youngest borrower’s age and the FHA Lending limit, your home’s appraised value and current interest rates. Usually the older you are the lower the rate and the more money you will receive.

You can choose how you want to receive your cash: a lump sum, monthly payments, as a line of credit or a combination of all options.

Feel secure with your decision
You do not need to repay the loan until your home is no longer your principal residence. You will need to keep current on tax and insurance payments and maintaining the property.

You and your heirs can pay the balance due at any time with no penalty, or sell the home and use the proceeds to pay off the Reverse Mortgage. Keep in mind that your home will likely appreciate over the years and that any equity left after you repay your loan will always belong to you or your heirs.

We’re with you all the way
Since each senior’s situation is unique, it is important that you talk to someone you can trust when exploring your Reverse Mortgage options. Contact Cambria Mortgage today – we specialize in helping senior homeowners make the most of retirement.

How do I know which type of mortgage is best for me?

The right type of mortgage for you depends on many different factors including, but not limited to, your current financial situation, expectations, objectives and comfort level. Our mortgage consultants will work with you to find the mortgage that best suits your needs.

How much do I need for a down payment?

The down payment required varies based on what program you qualify for and what mortgage arrangement you choose. Currently, FHA loans will allow as little as 3.5% down and VA loans allow 0% down. Other loan arrangements that include Private Mortgage Insurance (PMI) or subordinate financing can also greatly reduce the down payment required. Cambria Mortgage consultants can discuss all these options with you.

What are closing costs?

Closing costs usually include an appraisal fee, title and recording fees and other costs associated with preparing and closing the loan. These costs can sometimes be financed within the loan.

What is PMI?

Private mortgage insurance (PMI) insures the lender in case the buyer defaults on the loan. The lender requires PMI when the buyer’s down payment is less than 20% of the purchase price of the home. A Cambria mortgage consultant can discuss this option with you.

What are discount points?

Discount points are prepaid interest, which you can pay to your lender at closing in exchange for a lower interest rate on your mortgage. Paying discount points is often called “buying down” your rate.

What is a good faith estimate?

A good faith estimate is the list of charges that the lender is obliged to provide the borrower within three business days of receiving the loan application. These mortgage charges, also called settlement costs or closing costs, cover every expense associated with a home loan that a buyer will encounter, including inspections, title insurance, taxes and other charges. A good faith estimate is a standard form that is intended to be used to compare different offers. The good faith estimate is only an estimate. The final closing costs may differ from the estimate.

What is a rate lock?

In order to close a mortgage you must lock in a rate and loan program. Locking your interest rate means your lender guarantees the rate on your loan even if market rates change. Typically, the longer the lock on your mortgage, the higher the points or the interest rate of the loan. This is because the longer the lock, the greater the risk for the rates to increase prior to closing.

Why would I want to refinance my current loan?

Many homeowners look to refinance when the interest rates decline or they have a change in financial circumstances. Refinancing is done to save money by obtaining a lower interest rate or reducing the term of the loan. Refinancing can also be done to convert an adjustable-rate loan to a fixed-rate loan or to consolidate debts. Our experienced mortgage consultants can help you make an informed decision.

What is a cash-out refinance?

If you have enough equity in your property, you can refinance with a loan amount greater than your current mortgage and keep the difference in cash. You can use the money for home improvement, debt consolidation or any other need you may have.

Will the lender require an appraisal of the property? If so, will I receive a copy of it?

The property is the collateral for the mortgage, therefore an appraisal is almost always required before a mortgage is given. If a borrower pays for the appraisal he or she is entitled to receive a copy of it.