Loan Approvals

Keeping Your Mortgage Approval Approved!

The last thing any buyer wants is to have their financing fall through before they closed on a new house. It's tough enough these days to qualify for a mortgage so you don't want to do anything that could damage your mortgage or upset your interest rates between the time you apply in the time you close. This could be a few weeks or even a month or more depending on the house that you buy and the closing date. It's important not to ruin your approval during this time. Here are some key things to remember to keeping [...]

Could the Pre-Approval Letter Be Pointless?

You may have heard the term "pre-approval" or "pre-qualification letter" and how vital they are to the home buying process. A pre-approval, sometimes referred to as pre-qualification or a preliminary loan approval, is one of the first steps that lenders perform to find out how much home the buyer can really afford. The lender will take the loan application, order a credit report, and will tell the borrower whether or not they are approved or qualified for the loan. There's a little disclaimer when it comes to pre-approval letters. Most often they will say "loan subject to verification of certain items." [...]

50 Ways You Might Get Declined for a Mortgage

(If your current loan application is with a big bank or inexperienced loan officer)   There are a ton of underwriting guidelines that must be met for typical conventional loans. Below are 50 ways your loan can be declined for a mortgage: Trying to buy too much house Debt To Income ratio maximums exceeded Credit score too low Not enough Income Inability to document income Using rental income to qualify Past delinquencies Past foreclosure, short sale, BK Mortgage rates rise and push payments too high Payment shock Loan To Value too high Inability to obtain secondary financing Underwater on mortgage Not enough assets Unable to verify assets (mattress money is a No No) Unpaid alimony or proof of [...]

10 Commandments During Home Loan Process

10 Commandments when Applying for a Home Loan in California 1. Thou shall not change jobs or become self-employed (The previous 2 years prior to applying is best to be stable at the same job) 2. Thou shall not buy a car, truck or van until "after" you close on your CA home loan (lest you may be living in it) 3. Thou shall not use your Credit Cards excessively or let payments fall behind (I know it’s the California lifestyle, but when getting a home loan, the only plastic surgery you should consider is to have your credit cards removed.) 4. Thou shall [...]

Pre-Approval vs. Home Loan Pre-Qualification

Getting ready to purchase your first home or even if you’ve been around the block and have owned multiple homes, the language surrounding the mortgage and real estate finance industry can get confusing. I will always break it down for you and make it easy to understand, so I thought it would be useful to review 2 very important and sometimes confusing terms... Pre-Qualification vs. Pre-Approved.. there is a BIG difference:   Pre-Qualification When we first speak,  we'll discuss your goals and plans, find out  what you are looking to accomplish. Are you looking to stay in this home long term or [...]

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