If I was Buying a new Home-I Would…..?

So you want to buy a new home and are looking for some advice on things. We are a 23 year Mortgage Lender, and guarantee the following home buying tips will save you not only money but also save you home buying stress.

Get Pre-Approved for A New Home Mortgage

Don’t even think about buying a new home until you have taken the time to get pre-approved for a new home loan. This process could take as little as an hour or as long as months. Don’t be satisfied with just a pre-qualification. In the qualification process, the Lender will just take the information you submit and tell you how much payment you can afford. When you go thru the full approval process, the lender will pull your credit, determine your debt to income or DTI, and tell you if pre-approval for the new home loan is possible. Little things like something showing up on your credit report you paid months or even years ago can be addressed at this time. Have a student loan with a deferred payment? The amount of the debt must be used at 5% of the outstanding balance added to your debt for mortgage qualification. There are many other things that can effect the approval. Let’s say you have an item you have disputed in the past. That item is removed from your credit score as long as it is disputed. In a qualification, your score looks sufficient but in the approval, that disputed item must be undisputed and the resulting FICO score will be used to determine if you are approved. The list of issues is long and only a seasoned mortgage professional can help you.

There are FHA home loans, VA home loans, conventional and many other options to consided in a new mortgage.

Selecting a Real Estate Agent

Never go house hunting without the assistance of a local real estate agent. When you select who will represent you, look at where their “Core” is of homes they have represented in both selling as well as buying. Find someone who is out knocking on doors in the exact neighborhood you want to buy. Consider more than one agent. If the distance between areas you will consider buying a home is considerable, consider having a agent familiar in each area.

Do you need to Sell your Current Home

Many homeowners make the huge mistake of thinking they need the same agent to sell their home that will find them a new home. Unless you are planning to move around the corner, have two different agents, hopefully at different offices. If you need to sell before you buy, you might be able to buy on contingency. Meaning, your purchase goes thru when you sell your current property.

Don’t Let the Real Estate Agent Select Your Lender

Having your Lender associated with the agent you are using to represent the purchase is one of the biggest mistakes we see homeowners make. The agent is good, the Lender is good. But having 2 not associated professionals will get you each person looking out for your best interest. This usually results in quicker closings and lower fees. It’s like having your Doctor tell you where you go to grocery shop. Food and health are associated but it makes good sense to have 2 different connections. Your Doctor for health…your grocer for food choices.

Make a List of What You Want in a New Home

Talk with your family and find out just what your looking for in a New Home. Having an extra bedroom will probably add $10,000 to the price. Having a pool might add $35,000. ect. Determine your budget before you go shopping. Tell your agent your needs and ask for input on prices…again,before you go shopping. Once you are ready to make an offer, ask your agent to find out if the seller will give you some seller concessions. It is common for the seller to contribute up to 3% to your closing cost. If you don’t ask for it, you won’t get it.

Simple Tips To Help You Understand California Home Mortgages

The key to getting California low rate Home Mortgages is doing the right research first. You need to know the advantages and disadvantages of your different mortgage options to make the right choice. That means you have to take the initiate to learn more. The tips in this article are a great start to getting a great California home mortgage. No matter if you want an FHA home loan, a Fannie Mae home loan, an adjustable rate mortgage or a fixed rate mortgage, we have advice for you.

Check Your Credit

Before applying for a mortgage loan, check your credit score and credit history. Any lender you visit will do this, and by checking on your credit before applying you can see the same information they will see. You can then take the time to clean up any credit problems that might keep you from getting a loan.

If your mortgage has been approved, avoid any moves that may change your credit rating. Your lender may run a second credit check before the closing and any suspicious activity may affect your interest rate. Don’t close credit card accounts or take out any additional loans. Pay every bill on time.

Reducing your debt as much as possible will increase your chances of being approved for a mortgage. If you are not in a good financial situation, meet with a debt consolidation professional to get out of debt as quickly as possible. You do not need to have a zero balance on your credit cards to get a mortgage but being deeply in debt is definitely a red flag.

VA Home Loans

If you are a veteran of the U.S. Armed Forces, you may qualify for a VA morgtage loan. These loans are available to qualified veterens. The advantage of these loans is an easier approval process and a lower than average interest rate. The application process for these loans is not often complicated.

Make sure you’re not looking at any penalties when you apply for a new mortgage. Your old mortgage may impose fines for early payment, which can include refinancing. If there are fines, weigh the pros and cons before getting into a new mortgage, as you may end up paying a lot more than you expected, even though refinancing means a lower monthly payment.

Home Loan Options

Be sure to compare the different term options that are available for home mortgages. You could choose between a number of options, including 10, 15 and 30 year mortgage options. The key is to determine what the final cost of your home will be after each term would be up, and from there whether or not you would be able to afford the mortgage each month for the most affordable option.

Keep your job. Lenders look into many aspects of your financial situation and one very important aspect is your employment income. Stability is very important to lenders. Avoid moving jobs or relocating for as long as possible before you apply for a home mortgage. This will show them that you are stable.

As stated above, you have to do some research before you decide on a plan for something as important as your home mortgage. Reading the advice in this article was a great start to learning more about home mortgages. Research your options a little more to make sure you are getting the best mortgage possible.

Get started on your new Home Loan now

Getting a new California home loan can be a challenge. Being prepared before you begin will help you considerably. The same applies for a Refinance home loan. You can get a low rate home loan before the mortgage rates start climbing. Give us a call for EZ Online Application and quick Approval.

Teachers Down Payment Assistance Program

Are you a California Teacher looking for a new home loan.  Great News…the California Housing Finance Agency now has a program that gives Teachers Down Payment Assistance on California Home Purchases.

The ECTP program gives junior loans from $7500 to $15,000 depending on the Teachers Income. And the area which the home is being purchased. The CalHFA program is the perfect assistance to get you into your dream home with little or no money down. The program is for Teachers who have not owned a home in the last 3 years and are thus eligible for the California First time homebuyers program.

There are some eligibility requirements but let us help get you pre-Approved for the program.

The best thing about this program is that Teachers can get into a new home purchase with payments usually lower than rent and begin building equity. It allows them to buy with very little down. If a Teacher gets the Seller to contribute to the closing cost, it provides for buying a new home for almost no money down.

The junior loan or second, it forgiven after a certain amount of time that the Teacher occupies the home as their primary residence.If the home is purchased using a FHA home loan the down payment is only 3.5%.

If you are a California Teacher, use our handy mortgage payment calculator to see what your house payment might be. Down Payment Assistance can be the difference in buying or renting a home for a Teacher.You can complete the application online and receive same day home loan approval.

Gift of Equity

Using a Gift of Equity to buy real estate from a family member is becoming more popular. Most Loan professionals do not know how to do this very complex transaction. We have received numerous questions recently concerning the sale of real estate between family members and whether or not the seller may “gift” equity in the property to the buyer. We have identified the growing trend in the transfer of real estate between family members.

There is a huge interest in the Gift of Equity program from First Time Homebuyers who do not have the required down payment. Both buyers and sellers continue to ask us questions about the program and as we have now completed many of these purchases, we are happy to explain the process to you.

First, is it acceptable to give a “gift of equity” when selling real estate? Yes…when it is to a family member. Let’s first examine the Fannie Mae guidelines associated with a Gift of Equity:

• Both conventional and government underwriting guidelines call for the donor (seller) to be a direct relative of the recipient (buyer). a qualified relative is defined as the borrower’s spouse, child, or other dependent, or by any other individual that is related to the borrower by blood, marriage, adoption, or legal guardianship. Finance or domestic partner is also acceptable.

• Fannie Mae and Freddie Mac both ask for the borrower to contribute 5% of the purchase price from their own funds into the transaction. Beyond the first 5%, the borrower may receive a gift of equity. Some programs designed for first time home buyers may allow a minimum of 3% from the borrower’s own funds. If the gift of equity will contribute more than 20% of the sales price, the borrower does not need to document the use of their own funds.

• FHA  permit 100% of the required down payment (minimum – 3.5%) to be derived from a Gift of Equity.
• Every gift, whether a cash or Gift of Equity, must be supported by an executed gift letter; which outlines the relationship between the borrower and donor with all appropriate contact information as well as documentation for the source of funds being used for the gift.

There may be tax issues with the gift and you should consult your tax professional to get better guidance on this.

What is the Process?

When a Family member wants to buy a property from another relative, it begins with going to a local Escrow company. There the buyer and seller will sign a purchase agreement outlining the selling price and other details. In this agreement, the seller will show a credit of say 20% of the selling price as a Gift to the buyer family member.

The loan professional will give you guidance on exactly what is needed to complete the transaction. The program is usually when a person has seen their kids move on and the house is to large for them. Selling to a family member is a simple solution to help get the person into a property as well as the easiest, lowest cost way for the seller to sell the property.

Mortgage Consumer strives to educate our team of mortgage professionals to remain current on trends that affect the real estate industry and benefit our clients. The Gift of Equity program is but one of the many mortgage solutions we offer prospective buyers.

Valencia Home Loans Lender

Valencia Home Loans. We are the #1 Valencia home loans lender for the 3rd straight year. As a Valencia mortgage bank, we offer experience that will help you and your Valencia Real Estate agent get you into the house of your dreams. If your looking for low mortgage rates Valencia, you have come to the right place. We offer free mortgage advice, free credit report, mortgage tips and low cost mortgage. Our Valencia refinance mortgage offers the best in a Valencia home loan. We also offer home equity line of credit and have a handy Valencia mortgage payment calculator.

Santa Clarita Mortgage Lender 

Are you looking to buy in the area. Santa Clarita homeowners and new home buyers have come to expect nothing but the best in service, Santa Clarita low mortgage rates, and an experienced Santa Clarita mortgage banker that can get you thru the bumps of getting a new Santa Clarita morgage. Being near Soledad Canyon Road, Bouquet Canyon Road, Newhall Ranch Road and McBean Parkway allows us to work quickly to get your home loan completed.

Experienced Local Mortgage Banker

Our 23 years of Santa Clarita mortgage origination makes us one of the most experienced mortgage teams on the west coast. We have helped homeowners get low cost home loans as well and buy Investment properties, get Reverse mortgages and get a Santa Clarita Home Equity loan with Cash Out to pay off other debts or do some Home Improvements. We believe …your loan is the only loan and communicating with you is absolute. We are available to you and your real estate agent 24/7 and welcome your questions. Many of our Borrowers have done several new home purchase loans or refinances with us over the years.

Valencia, Santa Clarita Recommended Real Estate Agents

Based on the experiences of our customers, we are happy to recommend a Santa Clarita real estate agent when we hear good things about them. If you are looking for an experienced Real Estate local agent,We recommend:

No Appraisal Cost- No Points- No Bank Fees

We have some great options when you are looking for a new Valencia home loan or to refinance you Valencia home loan. If you are a Vet, you can get a VA home loan Santa Clarita and if you are a senior, look into a reverse mortgage Santa Clarita.

Maybe your looking for a Valencia cash out mortgage or a low rate Palmdale home loan. With California refinance rates so low , maybe now is the time. Let us give you a mortgage rate quote or use our handy mortgage payment calculator Valencia. If you are a Valencia first time home buyer we are here to get you your loan. We also offer Santa Clarita home loans, Granada Hills home loans & Porter Ranch home loans .

Reverse Mortgages for Seniors

Reverse Mortgages are the best thing to ever be offered to seniors. We speak to many enriching and inspiring seniors daily and continue to be surprised how much confusion and misconceptions there is about FHA Reverse mortgage home loans. But once we start talking further and was able to answer questions and provide the facts, it was exciting to see opinions change and the seniors enthused to learn more.

You may be familiar with Home Equity Conversion Mortgages (HECMs), or reverse mortgages. But recent program developments — as well as the rapidly growing demand — make reverse mortgages worth considering. In fact, not considering a reverse mortgage means you’re missing out on tremendous opportunity.

What’s new with FHA reverse mortages?

All these factors — plus an exciting industry-wide consumer education program that shows reverse mortgages in a new light — mean that reverse mortgages are now better positioned than ever to help you in your senior years.

We believe in the success of all reverse mortgages for seniors by helping consumers learn more about these positive product developments. As one of the nation’s best reverse mortgage lenders, we invite you to discuss your mortgage options. To learn more about your reverse mortgage opportunities call us 877-244-9190.

Burbank Home Loans

As a Burbank Mortgage Lender, we enjoy one of the finest cities in the US. Burbank is located north region of Los Angeles. Burbank Home Loans and Pasadena home loans are sometimes complex and we offer our many years of home loan experience and referrals from our many Burbank homeowners who have had us get them a new home purchase mortgage or a Burbank home loan refinance or a Pasadena home loan.

Rapid growth in Burbank has seen the town grow to be well known and a good area to own real estate. Burbank home values continue to go up and recently we have actually seen a shortage of available Burbank homes for sale. Burbank lies between Pasadena and Glendale in home values.

Before getting a mortgage, study your credit history. Good credit is what can help you get a mortgage. Obtain copies of your credit history and scores from the three major credit-reporting bureaus. Study your reports carefully to ensure that no issues or errors must be resolved before you apply. Many lenders need a minimum score of 650, which complies with Freddie Mac and Fannie Mae’s guidelines. Most lenders want to avoid scores that are lower than 620.

Known as the “Media Capital of the World” and located near Hollywood, many media companies make Burbank their home. These include Warner Bros Entertainment, Walt Disney, NBC and others. Served by the Bob Hope Airport, Burbank is a gem of the San Fernando Valley. The airport is served by Alaska Airlines, American Airlines, Delta Airlines, JetBlue Airways, Southwest Airlines and United Airlines to name a few.

Home Loan Concierge

Regardless of how much of a loan you’re pre-approved for, know how much you can afford to spend on a home. Write out your budget. Include all your known expenses and leave a little extra for unforeseeable expenses that may pop up. Do not buy a more expensive home than you can afford.

Homeowners and ones buying in the area have come accustomed to our Premier Mortgage Service. We come to you with a Senior Mortgage Banker who can discuss home loan options with you and offer years of experience advice. The application is completed on the spot and the required documents to support the file are attained. Written Approval is usually within hours.

When you are buying your first home there is an insurance called Private Mortgage Insurance. This protects the lender in case you don’t make your loan payments. Or maybe an FHA mortgage is the best option for you.If you can, try to have a down payment of more than twenty percent to: avoid looking like a high risk, and having to carry that insurance.

Mortgage Documents You Will Need

Gather your documents before making application for a home loan. Most lenders require the same documents. You should have your last two years of tax returns, W2s and two months of bank statements. You will also need several recent paycheck stubs, a copy of your homeowners insurance and photo ID. If it is a purchase mortgage, get an estimate for the insurance. If you’ve got these documents, you’ll find the process to be much smoother.

We also offer FHA Home Loans, Pasadena home loans, Glendale home loans and La Crescenta home loans. We have an EZ online mortgage application and handy mortgage payment calculator. We offer Burbank mortgage refinancing and cash out home equity home loans at low bank mortgage rates. Many homeowners with Burbank home loans have seen us get their payment reduced considerably with a home loan refinance.

Torrance Home Loans

As a Torrance Mortgage Lender, we enjoy one of the finest cities in the US. Torrance is located in the South Bay region of Los Angeles Torrance Home Loans and Redondo Beach home loans are sometimes complex and we offer our many years of home loan experience and referrals from our many Torrance homeowners who have had us get them a new home purchase mortgage or a Torrance refinance home loan or a Manhattan home loan.

Rapid growth in Torrance has seen the small sleepy beach town grow to be well known and a good area to own real estate. Torrance home values continue to go up and recently we have actually seen a shortage of available Torrance homes for sale. Torrance Beach lies between Redondo Beach and Malaga Cove on the Santa Monica Bay.

The Del Amo Fashion Center is one of five largest malls in the USA with stores like Urban Outfitters, PF Chang’s, Crate & Barrel and a host of fine restaurants. Both American Honda and Exxon Mobil have large operations in the area. There are 5 major High Schools in the Torrance Unified school district including Torrance High School. Private schools include the Bishop Montgomery High School and El Camino Community College.

Home Loan Concierge

Homeowners and ones buying in the area have come accustomed to our Premier Mortgage Service. We come to you with a Senior Mortgage Banker who can discuss home loan options with you and offer years of experience advice. The application is completed on the spot and the required documents to support the file are attained. Written Approval is usually within hours.

When you are buying your first home there is an insurance called Private Mortgage Insurance. This protects the lender in case you don’t make your loan payments. If you can, try to have a down payment of more than twenty percent to: avoid looking like a high risk, and having to carry that insurance.

We also offer Palos Verdes Estates home loans, Redondo Beach home loans and Manhattan Beach home loans. We have an EZ online mortgage application and handy mortgage payment calculator. We offer Torrance mortgage refinancing and cash out home equity home loans at low bank mortgage rates. Many Carson home loans have seen us get their payment reduced considerably with a home loan refinance.

Beverly Hills Home Loans

As a Beverly Hills Mortgage Lender, we enjoy one of the finest cities in the US. Beverly Hills is bordered by Bel-Air and the Santa Monica Mountains on one side and West Hollywood on the other. Beverly Hills Home Loans are sometimes complex and we offer our many years of home loan experience and referrals from our many Beverly Hills homeowners who have had us get them a new home purchase mortgage or a Beverly Hills refinance home loan.

Most businesses in Beverly Hills are located south of Santa Monica Blvd with the exception of the Beverly Hills Hotel & Beverly Hills Hilton Hotel. Other well-known are the Cedars-Sinai Medical Center and the Los Angeles Country Club. The Beverly Wilshire Hotel and Metro-Goldwyn-Mayer are other well-known names from the area.

Home Loan Concierge

When you are buying your first home there is an insurance called Private Mortgage Insurance. This protects the lender in case you don’t make your loan payments. If you can, try to have a down payment of more than twenty percent to: avoid looking like a high risk, and having to carry that insurance.

Homeowners and ones buying in the area have come accustomed to our Premier Mortgage Service. We come to you with a Senior Mortgage Banker who can discuss home loan options with you and offer years of experience advice. The application is completed on the spot and the required documents to support the file are attained. Written Approval is usually within hours.

We also offer Brentwood home loans, Bel-Air home loans and West Hollywood home loans. We have an EZ online mortgage application and handy mortgage payment calculator. We offer Beverly Hills mortgage refinancing and cash out home equity home loans at low bank mortgage rates.

How To Get A California Mortgage!

Many people are interested in getting a California Mortgage but have no clue as to what the requirements are. California Lenders have many different types of criteria that they look for, and it is up to you to understand how to prepare yourself to get accepted for a home mortgage. Read on and learn about what you can do to better your chances to get approved for a home mortgage.

Work with your bank to become pre-approved for a home loan. Pre-approval helps give you an understanding of how much home you can really afford. It’ll keep you from wasting time looking at houses that are simply outside of your range. It’ll also protect you from overspending and putting yourself in a position where foreclosure could be in your future.

Prepare your paperwork before applying for a mortgage. There are many items that a lender will require. These items include the last two or three years worth of tax returns, copies of each of your monthly credit card statements and installment loans. Three months bank statements and two months worth of pay stubs are also needed for approval.

If you have never bought a home before, check into government programs. These government programs often work with individuals with lower credit scores and can often assist in finding low interest mortgages.

Consider a mortgage broker instead of a bank, especially if you have less than perfect credit. Unlike banks, mortgage brokers have a variety of sources in which to get your loan approved. Additionally, many times mortgage brokers can get you a better interest rate than you can receive from a traditional bank.

Get Your Rate Locked Now

Rates are going up as the economy improves. If you are thinking about buying a new home, get going on the home loan approval now. You can usually lock the rate for 30 to 60 days.

Really think about the amount of house that you can really afford. Banks will give you pre-approved home mortgages if you’d like, but there may be other considerations that the bank isn’t thinking of. Do you have future education needs? Are there upcoming travel expenses? Consider these when looking at your total mortgage.

Stay persistent with your home mortgage hunt. Even if you have one lender rejects you, it doesn’t mean they all will. Many tend to follow Freddie Mac and Fannie Mae’s guidelines. They may also have underwriting guidelines. Depending on the lender, these may stricter than others. You can always ask the lender why you were denied. Depending on the reason they give, you can try improving your credit quickly, or you can just go with a different lender.

If you’re denied for a mortgage, never let that deter you from looking to other companies. One lender may deny you, but others may approve. Look into all of your borrowing options. There are several mortgage options available, which include getting a co-signer.

Many people get denied when applying for a home mortgage because they don’t understand what they need to do in order to get approved. If you have been denied in the past or this is your first time applying for a home mortgage, then use the tips here to better prepare yourself for the process. Be smart, read over these tips and you will get approved for a home mortgage.

We offer an EZ Online mortgage application. Our experienced loan professionals will review the information you submit and give you several home loan options. It may be an California FHA home loan or a conventional one. You can use our handy mortgage payment calculator to determine your monthly house payment.