Home Financing

Before you submit that offer, make sure your home financing is ready to go. Although locating that perfect home is usually your first goal when house hunting, getting the best mortgage terms and lowest possible payment should be next on your list. After doing significant research and working with numerous lenders and mortgage brokers in the real estate markets of Orange County, I am ready, willing and able to help you with contacting those lenders offering home financing in Orange County that are best suited to your finances and housing needs.

Finding home financing in Orange County that suits a working family means knowing which lenders and mortgage brokers to guide you towards. There may be nothing out-of-the-ordinary about your livelihood. Perhaps, like many other consumers, you receive a weekly paycheck. But, that’s probably where the similarity ends. There can be any number of differences and you want someone who will work with those differences. Each and every lender has a tendency toward working within their singular procedures and requirements. These may not always contain the most forthcoming terms regarding hourly or salaried wage earners. That’s where I come in. I will guide you to the lenders and mortgage brokers that will treat you well and offer you optimum terms.

Self-employed borrowers and business owners have had to go through an arduous process when pursuing Home Financing In Orange County ever since 2007 when the housing and mortgage crisis hit. The need for extensive income, expenses and other documentation is a given, but I can guide you toward numerous mortgage sources who deal with self-employed borrowers because I stay up-to-date on all of them.

The recent financial environment has forced lenders to get tougher. In addition, you don’t even have to have late payments or defaults to get dings on your credit. Your credit score can go down just based upon your debt ratio. Even the type of debt you are carrying can impact your credit score. Millions of consumers fail to reach high credit scores in spite of the fact that they always pay everything on time.

I have an excellent working relationship with lenders in Rancho Santa Margarita, Mission Viejo and all over in Orange County. I can advise you regarding who the lenders in all of those real estate markets are that stand ready to give first-rate mortgages to borrowers even when their credit scores aren’t on the high end of the credit spectrum.

When your strategy is owning a home for seven years or less, then an Adjustable Rate Mortgage (ARM) could be a good alternative. The majority of the home buying public is purchasing a home for the purpose of occupying it for many years. In fact, the average ownership term is eight or more.

Investors and other buyers are finding that an ARM is best because lenders don’t have to tie up their money for as long, therefore the interest rates are lower with an ARM. This can end up costing the borrower hundreds of dollars less per month. In addition, an ARM could help you with qualifying for a bigger home. On the other hand, if you’re planning on keeping your home for more than a seven-year period, an ARM isn’t a viable Home Financing In Orange County option since your interest rate could go up significantly at the end of the period set for the fixed rate.

Since underwriters and lenders are looking at borrowers’ financial information a lot closer these days, being prepared to deliver detailed documentation that has an effect on mortgage payment capability is crucial. It’s also important to avoid applying for any new credit cards, or any other debt for that matter, from the time of your purchase contract to the closing on your home. The reason for this is that the majority of lenders will actually run an additional credit check just prior to closing, checking for any new encumbrances or liens.

Numerous fees come with home financing in Orange County. The highest fees generally are origination and other related fees and they make up your highest closing costs. Feel free to inquire about those fees, including how they calculate them and why they charge them, since it is your money and you have a right to know.