Mortgage market monitors predicted mortgage rates to be at or above 6. 5% this year and they were pretty close. It is possible to obtain a home mortgage loan in California for as little as 6. 125%, so the time to buy is now! You can buy a lot more house with a very low mortgage rate than you could with a higher interest rate. But you must move quickly in order to be able to take advantage of these rates. Why? Because, as always, the market for home mortgage loans in California is, as it is in every state, uncertain.
Here are ten ways you can help speed the approval process for your home mortgage loan in California along:
Use your head. It used to be that your choice of lenders was limited and there was only one interest rate available. Today, the choices are incredibly vast. There are banks and lenders everywhere; online, down the street, across town, etc. Start checking them out. Speak with someone who really knows the market like a real estate agent, mortgage broker, or your bank. It is their job to give you assistance, so take it. This will give you the advantage of knowing how much house you can afford, the best loan for you, and point you in the right direction to find the home mortgage loan in California.
The next order of business, and a very important part, is your credit. Bad credit can stall or stop your home mortgage loan in California application in the blink of an eye. There is a federally sanctioned free credit report available to you annually at AnnualCreditReport.com so take advantage of it as soon as possible. If there are any black marks on your report, begin challenging any errors and or otherwise addressing the issues immediately.
Do not buy more than you can afford. Yes, get enough house so you don’t need to add on or move again sooner than you expected to, but only within your budget. Don’t ever let the lender tell you how much to spend; this is your decision. A lender will qualify you for as much as they can lend with terms that are excellent today, a really bad idea tomorrow. When figuring what you can afford, consider these:
insurance, taxes, and any other expenses that might result from owning a home. On the other hand, you should consider what home ownership will provide such as tax breaks and equity.