Mortgage Santa Clarita

When you are getting a new mortgage Santa Clarita it is usually for 2 reasons. You are looking to lower your monthly payment or get some of the equity out of the property by doing a mortgage refinance Santa Clarita. Although both are just getting a new home loan Santa Clarita, they are different enough that the borrower needs to handle them differently.

Mortgage Rates Santa Clarita

You will want to get some rate quotes from several different lenders to see exactly what is available. Most lenders will point you towards one particular program. You need to see everything you qualify for so you can make the decision. Different types of loans have different rates. One that looks low may in fact have a higher payment. Get all the facts including how much the fees are.

Mortgage Payment Calculator Santa Clarita

Once you have some rate quotes use our Santa Clarita mortgage payment calculator to see how each rate impacts the monthly payment.If you are taking cash out of your equity you can determine the best loan amount that has a payment that fits your budget.

If you are buying a new home, it will be important to also add in the monthly hazard insurance and property taxes to the payment calculation.If there is an HOA this also could have a high monthly payment.

FHA Home Loan Santa Clarita

A Santa Clarita mortgage can often have additional cost in the payment. As an example, many borrowers get a Santa Clarita FHA home loan. FHA does not actually make loans. Your lender lends you the new mortgage Santa Clarita and FHA insures you will make the payments.For that insurance there is a fee added into the loan amount for the insurance origination cost and additional cost added to your monthly payments.

You may find the an FHA mortgage Santa Clarita has the lowest rate but with the added cost the monthly payment is much higher. Be sure to work with an experienced lender who will give you all the cost and get you an option that suits your budget.

Refinance Mortgage Santa Clarita

If you are looking to do a refinance Santa Clarita, rates will still be important. If you are looking to take cash out of your equity, the rate might not be the most important item. As an example, if you had a student loan with interest accruing at 8%, getting a new mortgage Santa Clarita at 5% would be a savings.

Documents Required

Your lender will give you a list of what is needed for the new mortgage Santa Clarita. Usually it is these items:

• 2 Years tax returns
• 2 years W2’s
• 30 days of paycheck stubs all borrowers
• 2 months of bank statements
• Photo ID
• Mortgage & property tax statements

You will want to get all of this together before you do anything.

Apply For A Mortgage Santa Clarita

Once you have a good rate & fees quote and decided the best option for you, you will want to complete the mortgage application or 1003 as it is called. You do not want to complete several of these with different lenders. Just the one you will be working with. Never do a mortgage with a lender who you cannot go sit face to face with. There is always issues that arise and you will want to be able to sit with the lender and work thru anything needed.

We hope our Tips will help you get a good mortgage Santa Clarita. If you have all your documents ready and work with an experienced lender, the entire process should take about 30 days. If you are doing a Santa Clarita refinance it may not even take that long.