Prime and Sub Prime Loans

What is a Sub Prime Loan? Sub prime is where the home buyer does not qualify for a traditional mortgage due to either credit issues or other such as a past Short sale or foreclosure and has to get a loan at “Sub Prime” rates. If you are doing a Castaic mortgage refinance you will want these tips.

Years ago, you had things like Drive By Appraisals, Stated Income where you just said what you wanted the income to be and it was not verified. Today, things have changed with the new federal mortgage regulations coming out. Dodd-Frank laws tightened everything up and today getting a new home loan can be tough to get.

Types of Loans

Castaic mortgage refinance or a Santa Clarita refinance, we can offer you years of experience that will help you get a quick approval. If you are a senior you will want to see if you can get a reverse mortgage Castaic. If you lack a large down payment you will want a FHA home loan Castaic.

Once you make an offer on a new home purchase you will want to make sure you get a home inspection. That will help you find any problems with the home. Once you apply for your home loan, an appraisal will be ordered by the lender. The appraisal needs to come in at the purchase price value or you will have issues.