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Temecula Mortgages

Get Helpful Tips About Home Mortgages That Are Simple To Understand

Temecula Mortgages ExpertHave you had a mortgage before? If you have, you understand how tense it can be. The mortgage market is something that’s ever changing, which means you have to know what you’re doing. This article will help you how to obtain a mortgage that best suits your needs. Understand your credit score and how that affects your chances for a mortgage loan. Most lenders require a certain credit level, and if you fall below, you are going to have a tougher time getting approved for a home loan with reasonable rates. A good idea is for you to try to improve your credit before you apply for mortgage loan. Work with one of our Temecula mortgage experts to determine a program that is best for you.

Investigate preapprovals before you start home shopping. Preapproved mortgages will give you an idea of both how much home you can afford plus what your monthly mortgage payments will be. This will set the parameters of your home shopping and save you time not looking at properties you can’t realistically afford. Have a local Realtor in Temecula show you homes in your prices range after getting the preapproval, a real estate agent that is familiar with the local market will be able to know the neighborhoods price range.

Know how much you can afford to put towards your home mortgage. Do not rely on the lender to tell you the amount you qualify for, causing you to borrow the maximum amount. Try planning your budget and leaving some room for unexpected expenses. This is usually the case when you buy a home. You can use banking calculators to determine how much you can afford on a home and provide an estimate of the monthly mortgage payments. In addition, 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 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.

Be sure to establish a healthy and well funded savings account before applying for a home mortgage. You’ll need that cash for your down payment as well as inspection, application, closing, credit report, title search and appraisal costs. You will get better mortgage terms if you are able to make a larger down payment.You must be demonstrably responsible to get a home mortgage. This means you have to have a good job that pays for your lifestyle with money to spare. Not only that, you must have been on the job for a couple of years or more, and you must be a good employee. The home mortgage company is entering into a long term relationship with you, and they want to know that you will be able to pay the mortgage in a timely manner.

Adjustable rate mortgages, also known as ARM, don’t expire when the term is up. The rate on your mortgage fluctuates depending on the current interest rates. This may mean that the person doing the mortgage will be at risk and have to pay a lot of interest. There are many different home loan products available from Jumbo loans to FHA loans in Temecula, be sure to speak with a local mortgage professional to learn about the benefits. Also, because of the many military families in Southern California, VA loans in Temecula are very popular as well.

Remember, no home mortgage is “a lock” until you’ve closed on the home. A lot of things can affect your home mortgage up to that point, including a second check of your credit, a job loss, and other types of new information. Keep your finances in check between your loan approval and the close to make sure everything goes as planned. Never assume that a good faith estimate is fact or written in stone. It is in fact not just an estimate, but one written in good faith. Always be wary of extra costs and fees that can creep into the official and formal paperwork later that drive up your total expense.Look over you real estate settlement statement before signing any papers. Your mortgage broker is required by law to show how all the monies are dispersed at the closing. If the seller has agreed to pay for some of the closing costs, ensure that this is noted on the settlement statement.

If you are having problems paying your home mortgage, contact your lender immediately. Don’t ignore the problem. That’ll only make the issue worse. Your lender can show you many different options that may be available to you. They can help you keep your home by making the costs more affordable. Before buying a house, it is important to understand what you need to know to secure a mortgage. The wrong mortgage can cost you a lot of time and money, or even your home. In the end, what you want is a home you can enjoy for years and a lender who is understanding and fair.

Home Loans Temecula

If you are looking to purchase a home in Temecula, or already own a home and want to find out what types of home loans are available then contact our office and speak with a licensed mortgage professional. For a purchasing a home in Temecula, you should get a preapproval for a home loan before you go looking for a home. This way you will know if you qualify for a mortgage amount for a particular property or neighborhood. Don’t just assume that the Realtor or your Bank is going to be able to provide you with the best rates that are out there. Sometimes they can, but sometimes can’t, The Consumer Financial Protection Bureau, or CFPB states that a recent survey showed that nearly half the people getting a home loan did not shop around for better rates. Many people think that a Quarter Point in the interest rate will not effect the payment that much.

Here is an example how much of a difference that can make

Loan amount of $480,000.00 at 4.75 interest rate @30 years = $2,503.91

The same loan amount a 5% interest rate = $2,576.74 ($72.83 a month loss)

that equals $26,218.80 over the life of the loan.

Just imagine what you could do with the savings, that is just one example, and think about the savings on larger Jumbo loans in Temecula. We have done loans in the past that save people hundreds of dollars a month. Especially when rates drop and people take advantage of FHA streamlines, or VA IRRRL’s. Why give away your hard earned money, when you don’t have to? Listed below are what most brokers/lenders will need to get started with your home loan approval.

Temecula Home Loans

 

home loans Temecula

 

 

COMPLETE, SIGNED, AND DATED 1003 AND ALL SIGNED DISCLOSURES, COMPLETE ALL BLANKS, MUST INCLUDE TWO YEAR EMPLOYMENT HISTORY WITH LOCAL ADDRESS, CONTACT INFO AND DATES, INCLUDE ANY UNEMPLOYMENT PERIODS, COMPLETE THE REFINANCE SECTION ON PAGE ONE AND REAL ESTATE OWNED SECTION.

SIGNED LETTER OF EXPLANATION FOR ALL INQUIRIES LIST EACH SEPARATELY AND INDICATE IF ANY NEW DEBT

COMPLETE BANKRUPTCY PAPERS INCLUDING DISCHARGE

COMPLETE DIVORCE DECREE/CHILD SUPPORT ORDERS

CURRENT MORTGAGE COUPONS, HOA STATEMENT AND INSURANCE FOR ALL PROPERTIES OWNED

LEASE AGREEMENTS ON ALL RENTAL PROPERTIES

LEGIBLE COPIES OF MOST RECENT TWO MONTHS BANK STATEMENTS, ALL PAGES, ALL ACCOUNTS.  DOCUMENT WITH A PAPERTRAIL AND EXPLAIN ANY DEPOSITS OTHER THAN DIRECT DEPOSIT PAYROLL.

LEGIBLE COPIES OF MOST RECENT 30 DAYS PAYSTUBS

CURRENT AWARD LETTERS FOR RETIREMENT/SOCIAL SECURITY/CALPERS

2013 AND 2014 W-2’S/1099’S/K-1’S

2013 AND 2014 TAX RETURNS – PERSONAL AND BUSINESS

BORROWER EMAIL ADDRESS FOR LENDER DISCLOSURES

LEGIBLE COPIES OF SOCIAL SECURITY CARDS AND DRIVERS LICENSE FOR ALL BORROWERS

FULL EXECUTED PURCHASE CONTRACT AND ESCROW CONTACT INFO
Whether you are looking at refinancing an existing mortgage, or looking to purchase a home in Temecula, have a local mortgage specialist help you navigate through the process. Our mortgage team is local and has thousands of home loans funded. Contact us now, and get the expert advise from a licensed professional.