Castaic MortgagePurchase Advice

Thinking about buying your dream home and need a new home loan? It can be a stressful time and a little bit of experience can go along way. The most important thing is to work with a good real estate agent to help you find a home and get an experienced home loan lender to get you a low rate Castaic Mortgage. We offer quick online mortgage applications and low rate quotes. Getting pre-approved for a home loan is a must before making an offer.

Why get Pre Approved for a Mortgage?

Getting Pre qualified is a process of submitting basic documents to the lender to review and the lender determining you are qualified based on those figures. The lender will need to see that you have the funds in a bank to cover the down payment and closing cost. In the pre approved process you would need to prove that income with pay check stubs and tax returns. Also, income for mortgage is based on a 24 month average for the income, not a few month of earnings. Your 2 year income may be very different than your last months earnings.

Helpful Payment Calculator

The next part of the process is determining your debt to income. Basically this is your expenses vs your income.  In a pre approval for a new home loan situation, the new mortgage payment is added to your credit report expenses of revolving and auto payments. In a pre approval, an actual credit report would be run to exactly calculate the numbers. Under new federal QWR guidelines effective 1/10/14, the DTI of 43% max is the target DTI. This works out to be $.43 cents of debt to every $1.00 of gross income. Say your in a 20% tax return income bracket. That means your net income is $.75 and the $.43 of housing expense represents about 57% of your paycheck take home pay.

Free Credit Report

Other factors like your ability to re-pay and the stability of your income will impact your getting a new home loan. One of those factors will be your credit score or FICO.  We are happy to provide you a free credit report during the mortgage approval process.

Understand the Mortgage Cost

Ask your escrow company to give you an estimated HUD. Do it early in the process and again several times after. The HUD 1 will show you exactly the total cost of the loan. Our mortgage officers will always ask for a HUD 1 the very day escrow is opened. This will show title cost, escrow cost and the Lender will provide estimated cost to do the new home loan.

So don’t go home shopping without getting pre qualified and even more preferred is get pre approved. Get all your documents together. It will make a big difference and help your loan close quicker.

We offer conventional Castaic home loans,Castaic MortgageFHA home loans Castaic, VA home loans and Investment property home loans.  Maybe you should consider a 15 year fixed rate mortgage instead of the traditional 30 year fixed rate mortgage. We also offer adjustable rate mortgages. If we can help answer your mortgage questions, Please give us a call 877-244-9190.

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