Arcadia Home Loans Lender

Work with a Arcadia Home loans Lender with the experience necessary to get your Arcadia home loan done quickly and at the lowest cost. Getting a new home loan to purchase a Arcadia new home or refinance a Arcadia home can be tough. Deal with a local, experienced Mortgage banker that knows the Arcadia real estate market and has the experience to cut cost and get it closed quickly.

Mortgage rates are at historical lows and the housing market is heating up once again. Southern California real estate has always been a good investment and as we did experience a dip due to the poor economy, on a whole over the long term it remains a solid investment to buy a home.

Mortgage Qualification

You need to understand what it takes to get approved for a new home loan or a refinance. Here are several of the qualification items:

• Income– it isn’t your last paycheck, it is the last 24 months average that is used in the calculation. There is an option to just use the last years tax return income but that takes an experienced mortgage professional that has the experience to do the calculation.
• Debt to Income- more commonly known as DTI, this looks at the ratio of all your debt payment to your income. Basically, it takes the items on your credit report and adds the mortgage including payment, taxes, insurance & HOA to it. This needs to be below 43% of your income.
• Credit Score– while you can get mortgage approval with a score as low as 600, it will take 650 or higher to get a good rate. If you have a BK, Foreclosure or collection items on your report, they need addressed and or paid off. There are exceptions, but basically if you have had past issues, expect to wait 2-7 years to get a new mortgage.
• Equity– you need to have equity in the home. FHA loans up to 96.5% of the appraised value but to get a good rate, you need to have 20% or more of equity. That qualifies you for a conventional mortgage with no mortgage insurance required.
• History– if you have a history of late payments, collections or other issues expect to have troubles qualifying. On the other hand if your history is good, expect a low rate approval quickly.

Getting a new home loan takes an experienced mortgage professional. Nothing is as important as this in getting it done quickly and at the lowest cost. Be sure to ask the rate but also the entire cost. Many in the mortgage business just toss out a low rate to get your attention and hope you don’t ask what the cost is.

If you are looking for a California home loan, let us give you a quote. We are here to answer your questions and look forward to working with you. Use our handy California mortgage payment calculator to determine your payment today!