When you are getting ready to buy your first home, it is completely normal to feel a little overwhelmed by the amount of information that you’re expected to know. Luckily, we have a few tips of things to avoid when you are buying a house that will not only save you money, but a lot of grief. If you are looking for a mortgage lender in Los Angeles, contact CalSun Mortgage.
Avoid Taking On New Debt
When you are trying to buy a home, one of the last things you want to do is to add more debt to your plate. Don’t get a new credit card or a new car when you are trying to buy a new home if you want a shot at better rates. New debt lowers your credit score and can skew your debt to income ratio in a way that makes you look like more of a risk.
Avoid Not Comparing Rates
It is always a good idea to check rates from multiple sources when you are searching for a lender. This is why the credit bureaus provide you with a grace period after the first credit check. Shopping around can save...more
Jumbo loans are different from conforming loans in many different ways. In today’s blog entry, we will discuss four factors that you need to know about before you apply for a jumbo loan in the Los Angeles area. If you have more questions about jumbo loans, or self-employed mortgages, please contact us at CalSun Mortgage. Our team has the experience and knowledge to be able to help you figure out the best path towards buying a home.
You Will Probably Need A Larger Down Payment
Conforming loans, meaning loans that fall within the loan limits of a given county, can be secured with a relatively low down payment — sometimes they only require 3%. But for jumbo loans, a higher down payment is required. The down payment on a jumbo loan can be 20% or more. For a lot of people, this might mean that a jumbo loan just isn’t an option.
Jumbo Loans Usually Have Higher Interest Rates
Lenders who provide jumbo loans charge higher interest rates as a way of protecting their investments, and...more
If you’re getting ready to buy a house, there are some things that you should know before you jump in. This guide will provide you with a rough outline of some of what you’ll need to do in order to improve your chances of getting approved at a good rate. Contact CalSun Mortgage today if you’re looking for a mortgage provider in California area.
What Mortgage Lenders Are Looking For
There are many factors that a lender will take into account when they are making their decision about whether or not to provide you with a loan. The following list is a few of the most common items you may be asked about when you apply for a loan.
Income and job history. Lenders want to know that the people they are lending money to have steady employment and earn enough money to make their payments each month. Lenders will ask for proof of income as a part of the process.
Credit score. Your lender will get your permission to run your credit report in order to see what your credit score is. The...
Buying a home is one of the most important financial decisions you will make in your lifetime. The process can be daunting and overwhelming. At CalSun Mortgage, we are committed to helping our customers in the Los Angeles area find a mortgage that fits their needs. We offer many different loan programs with competitive rates for both first-time home buyers and refinancing. We have flexible terms so you can get the loan you want today. If you are self employed, don't worry because at CalSun Mortgage, we understand your unique situation, too. Contact us today to learn more about how we can help get you approved for the right mortgage program for your life circumstances.
We Can Help You Figure Out What Your Down Payment Should Look Like
Down payments are an important part of the mortgage process. They can be a little daunting, but at CalSun Mortgage we want to help you figure out what your down payment should look like. We have many different loan programs with competitive rates for both first-time home buyers and refinancing. The...more
As a home buyer, you may have heard about different types of mortgages available to you — but what are the main distinctions between them all? For example, what is a jumbo loan vs. a conforming loan? In this post, we’ll go over these two common mortgage options while also discussing whether or not a
Contact CalSun Mortgage today to learn more about your mortgage options.more
If you’re new to the process of trying to buy a home, you’re probably hearing a lot of phrases that you might not fully understand. A common phrase that you’ve probably heard, especially if you live in California is “jumbo loan.” In today’s blog entry, we are going to discuss what a jumbo loan is, whether or not you need one, and how CalSun Mortgage can help. Contact us when you’re ready to start the application process!
What Makes A Jumbo Home Loan Jumbo?
A jumbo loan is a mortgage that's larger than the conforming limit in a given county. This can vary pretty drastically depending on where you live. In Los Angeles County, for example, the limit on a single unit is more than $820,000. A jumbo loan is different from a conforming loan in that they usually require higher down payments and lower debt to income ratios.
How You Can Qualify For A Jumbo Loan
As mentioned in the paragraph above, in order to qualify for a jumbo loan, you will need a higher down payment and a lower...more
Are you self-employed? Have you been thinking about buying a home but you keep hearing that people who are self-employed have a much more difficult time getting a loan? While it can take a little more effort, it isn’t impossible, especially if you understand what you need to do in order to be prepared. CalSun Mortgage is ready to help you — so reach out today.
Know What Is Different Compared To Other Types Of Employment
When you are self-employed, there are extra requirements that a lender will be looking for in order to make sure that they are making a wise investment. This means that you will need to provide more documentation about your income, which could include a client list as well as business and personal tax returns. You’ll also need recent receipts and a profit and loss statement from your business accountant to help verify your income.
What Lenders Are Looking For
The documents listed above are the best way that you can...more
Are you a business owner that wants to buy a home? Congratulations! In this blog entry, we will talk about what you will need to do in order to improve your odds of being approved for a mortgage. CalSun Mortgage is proud to help self-employed people buy homes. We have several options for mortgages available, so contact us today to learn more.
Consistent Or Increasing Revenue Is Vital
When you are self-employed, it is very important to lenders that you show consistent or increasing earnings. Because you are responsible for a business and your own wages, consistency and growth are two very important indicators that you will be able to afford a monthly mortgage payment. Usually, the lender will require a statement from your accountant or tax preparer that provides a breakdown of your businesses assets and liabilities.
You May Need A Larger Down Payment
In order to reduce some of the risk associated with loaning money to self-employed people, a lender may require a larger down...more
Mitchell Lubinsky, President of CalSun Mortgage
Unfortunately, the main concept of the mortgage process, “to obtain a mortgage is not the same as to buy apples on the farmers market,” is misunderstood and neglected, not just by the public, but many real estate professionals as well.
Because of the complexity of the matter, for many people, the terms — loan approval and closing — remain a mysterious subject. I might exaggerate a bit here, but it is very common in the mortgage industry to play the guess games about loan approvals and closings at the time of loan application. One game by loan applicant — “Can I get it, or not?” or “Can you do it, or not?" and on the other end the guessing game by a loan officer. An experienced one might say “We will try, I can’t guarantee it." A big red flag, often said by a not-so-experienced loan officer is — “Sure, we’ll do it”.more
There are plenty of considerations when it comes to buying a home. Because there is no shortage of things you should do, sometimes it helps to think about things you shouldn't do! This list will hopefully shed some light on the top "dont's" when it comes to buying a house. Get in touch with the team at CalSun Mortgage to learn more.more
Thinking about financing, purchasing, or refinancing your home? Get in touch with the professionals at CalSun Mortgage to learn more.more
If you are a first time home buyer and decided to buy your new home and need a mortgage, we are here to help! We will explain to you if you can qualify for financing, the terms of proposed mortgage — including monthly payments and term of the loan — and purchase price you can afford. So, to help you better understand and inform you about the entire process, CalSun Mortgage has put together this guide, that you can achieve peace of mind while making the right decision.more
There are many controversies, confusion, and concerns on the Internet and in media about self-employed borrowers. There is no shortage of lenders and mortgage companies advertising their services for self-employed borrowers, and making certain promises. In many cases, those lenders fail to deliver on those promises, creating an enormous deal of chaos, inconvenience, and struggle for self-employed borrowers to the point that some people lose their money. Contact us to learn more about getting approved for a mortgage.more
A loan pre-approval is evaluation your credit and financials, such as tax returns employment and bank accounts, in order to determine your eligibility before financing. As a prospective buyer, having a loan pre-approval, following by a pre-approval letter can be a great asset and advantage for you as a buyer to support your realtor to negotiate a purchase for you to obtain the best deal..more