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Why
did my realtor refer me to you?
A high quality realtor knows that the key to a successful
transaction means TEAMWORK with a professional mortgage broker.
Any experienced realtor could tell you horror stories about times
when a client made a poor choice of mortgage company, and ended
up with big surprises at the closing table, or worse, no closing
taking place at all! A good realtor will form relationships with
trusted individuals who have proven themselves time and time again,
so that they know you will be given the excellent service that you
deserve. It is important to know that your realtor is NOT given
any compensation or "kickbacks" for referring you to a
mortgage broker. As mortgage professionals, we desire more referrals,
both from you and your realtor, so consider the extra motivation
this provides for us to take great care with your satisfaction!
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What
does it mean to be a mortgage broker?
Unlike banks, mortgage brokers specialize only in mortgage
lending. Unlike mortgage companies who can only offer their own
products, mortgage brokers have the ability to use many different
companies products, thereby providing you with a larger variety
of options and choices for your financing. Instead of being captive
to whatever pricing one particular company chooses to offer, we
can shop the competition and pass the savings on to you. BACK
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Does
it cost more to work with a broker?
Normally the cost is less, and here's why. We originate,
close and fund mortgage loans and deliver them to the nations largest
mortgage servicers for less than the cost they would pay to originate
the loan themselves. As one of the premier mortgage brokers in Southern
California, we receive better pricing than most, and you can benefit
from our savings.
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Is
20% of the price of a new
home required as a down payment?
No, there is no set amount that you must put down. Mortgage
loans can now be tailored to fit each home buyer's needs and financial
resources. The standard was 20 percent, but lenders today recognize
that 20 percent of the sales price is a tremendous amount of cash
for most first-time buyers. Today first-time buyers commonly put
down 3, 5 or 10 percent of the sales price, and you might be surprised
to learn that some first-time homebuyer programs allow 100 percent
financing – that's right, zero down payment.
For down payments of less than 20%, mortgage insurance
(MI) will be required and associated costs will apply. BACK
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Why
and how do interest rates change?
Many people are surprised to learn that rates change on a
daily and sometimes hourly basis. Interest rates fluctuate in response
to changes in the financial markets. The bond market is generally
a good indicator of the general trend of interest rates. BACK
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Can
young people get home loans?
Age makes little difference. Most first-time homebuyers are in their
twenties or thirties. In fact, 50% or more of new home mortgages
are made to people under 35. Many prospective home owners worry
that they must fit a particular profile in order to qualify for
a loan. It's not true. The fact is, among all the things that mortgage
lenders look at, the most important – whatever your background
– are these: what is your income compared to the debt you're
currently carrying, what is your credit history, and how much do
you have in savings...
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Are
mortgage payments more expensive than rent?
If you're paying rent, you might be surprised to see how little
the difference is between making home payments. In many cases, mortgage
payments can be close to, or even less than your current rent payment.
Besides this, owning a home is a solid, long term investment which
offers substantial tax benefits... something renting just can't
compete with.
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What
is the minimum income
I can earn and still qualify for a mortgage?
There is no set minimum income requirement for mortgage qualification.
However, you need to be certain that your income level can support
monthly mortgage payments. Fortunately, as a qualified Loan Officer
I can help take the guesswork out of knowing whether or not you
can qualify, and how much of a loan you may qualify for. Before
you even start looking for a house, call me at (310) 798-6035. BACK
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Will
a late credit card payment
disqualify me from getting a mortgage?
Late payments (especially those under 30 days) should not automatically
disqualify you from getting a loan. Almost everyone has had trouble
making a payment at one time or another. You're only human, and
mortgage lenders know this. Many people find themselves in difficult
financial situations, often due to illness, divorce or temporary
unemployment.
If you can demonstrate
that the problem is in the past, and you have been able to re-establish
a good track record for a sufficient amount of time, you should
still be in a good position to get a mortgage loan. There may be
a reasonable explanation, so speak to your lender honestly and openly
about the situation. It's important to remember that lenders don't
just look at your past history, but also at your ability and willingness
to pay in the future.
Sometimes, you
may not be ready to buy a home. Doing so may only compound your
problems. If you don't qualify for the loan you want today, work
with us to address the issues that have kept you from getting your
loan approved. With a little help, you may be just a few months
away from getting that new home. BACK
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When
should I consider refinancing?
The old rule of thumb was at least 2%, but this is no longer
the case. Many different individual factors need to be analyzed
to determine if refinancing is right for you, such as the length
of time you intend to stay in your home, or the type of loan you
currently hold. We are always happy to provide a recommendation
to you for your particular circumstances, and if you have any
questions
at all feel free to call me at
(310) 798-6035. BACK
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