Loan Pre-Approval Process And FAQ

California Home Mortgage Loan Application And Home Buyer Pre Approval Process And FAQ…


The California home buying purchase can be an exciting and intimidating home mortgage process. Many people find the California home loan application process to be intimidating. By educating yourself on the process, you will feel more at ease and know what to expect along the way.


Applying for a Home Loan In California

Once you have signed a purchase contract, you need to approach your California lender with your purchase contract to begin the California home mortgage loan application process. The lender will work with you to complete a loan application during your initial interview. The lender will verify this information and use it (i.e. the purchase price of the house, your intended down payment, along with your income, assets, liabilities) along with your credit score to determine approval of your home loan. When you apply for a home mortgage loan in California, you are typically required to pay an application fee, a credit report fee and an appraisal fee. Our company does not charge any fees for applying for a home loan.


When Should You Apply for a Home Loan in California?

In today’s competitive Southern California home-buying market, obtaining mortgage pre-approval for a home loan can assist you in having your offer accepted by the seller. California Mortgage Pre-approval will also assist you in understanding which homes are within your price range.


How Does Your Credit Score Affect Your Loan?

When applying for a mortgage loan in Orange County and all over Southern California, the better your credit score, the better your interest rate will be. As a result, it is important to ensure that your credit score is accurate. You can do this by obtaining and reviewing a copy of your credit report. You should do this prior to applying for your home loan so if there are any errors, you can address them before your lender pulls your credit scores during the loan application process in California.


How Can You Prepare for the Loan Application Process In California?

During the loan application process, your California lender will require information about your income, assets/liabilities as well as the property you intend to purchase. By organizing this information and having it readily available during the loan application process, you will be able to assist in making the process much smoother. You can utilize our California Loan Application Checklist to ensure you are prepared for the loan application process.


How Your Orange County and Southern California Loan Application is Evaluated…

When evaluating your California mortgage loan application, the lender tries to determine whether or not you’re likely to pay back the loan on time and in full. To make this determination, California lenders will look at:


* Your Credit. Your Orange County mortgage lender will look at your credit report and credit score to determine how well you’ve handled credit in the past.

* Your Capacity to Pay Back Your Home Loan. Your lender will review your debt-to-income ratio and your liquid reserves.

* Your Collateral. Your Orange County lender wants to know what they will get back if you are unable to pay back your loan. To understand this, they will look at how much equity your home will have. This is determined by your down payment and your loan-to-value ratio.


 

The better you score in these areas, the better your interest rate will be. However, if you don’t score well, they may still be able to offer you a home mortgage loan pre approval in California. It just may have a higher interest rate applied to it. During the California mortgage loan approval process, your lender will perform a property appraisal and a title inspection to uncover any unexpected problems with the home or property you are buying. Once a lender has verified you’re capable of paying back the loan and that the property and title are in order, you are on your way to obtaining a home loan approval in California.


If you are ready to apply for home loans in California, we can help you not only to get a home loan, but also to make sense out of the whole process of getting best home loan!


You can learn more about your financing options by downloading our Free Special Report: “Home Buying Tips.”


If you are ready to own your own home, search our properties or to apply for home loan fill out our Home Buyer’s form to see if your Southern California dream home is waiting for you?



 


 

Sign Up for Our Buyer’s List


Our properties sell quickly. But – don’t worry – we are constantly purchasing new properties. So, if you don’t see the home you were looking for, sign up for our Retail Buyer’s List. You can let us know what you are looking for and we will notify you with information about our new properties. If you are a real estate investor on the look out for new properties, please feel free to sign up for our Wholesale Buyer’s List.



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