Get Helpful Tips About Home Mortgages That Are Simple To Understand
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.
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.