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Home Buying Process – Step 1 of 6 – Getting Pre Approved For A Home Loan

Home Buying Process – Step 1 of 6 – Getting Pre Approved For A Home Loan

Published on January 30, 2022

Check News Top Searched Chicago Mortgage Lenders, 20 Year Mortgage, Mortgage Leads and San Bernardino Hard Money Mortgage Lenders, Home Buying Process – Step 1 of 6 – Getting Pre Approved For A Home Loan.

This 6 step video series will break down the home buying process in Los Angeles, Riverside, San Bernardino, Orange County, San Diego, or San Francsico, and the rest of Californa but this applies to you regardless of what state you plan on buying a house.

Step 1 of the home buying process should always be to get pre approved. In this video, I break down in detail the steps to get pre approved for a home loan to buy that house of your dreams.

Getting pre approved for a home loan comes down to three basic criteria.

But before you even start this 6 part video series on the steps to buying a home, YOU MUST WATCH THIS VIDEO! NO EXCEPTIONS!

After you have watched ^^ this video and are out of debt, then you can start the pre approval process.

Ill go into more detail in the video but here are the 3 basic requirements for getting pre approved for a home loan:

The first requirement is having a good credit score.

If you havent seen my videos on raising your credit score, you can check them out here:

The second part part of getting pre approved is having some kind of down payment. I recommend having at least 5% as a down payment.

You can get an FHA loan with 3.5% down payment but the fees and costs of an FHA loan are higher than a 5% down conventional loan.

The third requirements when getting pre approved is having income. The bank likes to see that you have a 2 year work history. Having a gap in the 2 year period is OK. Lets say you were laid off but then started a new job a month later, thats fine but you do need a 2 year history.

If you dont have a 2 year history, the bank will accept a reasonable explanation like maternity leave or recently graduated from college, etc.

WANT TO DISCOVER 38 PROVEN HACKS AND TRICKS WHEN IT COMES TO BUYING YOUR VERY FIRST HOME?
I created a free book for first time home buyers that will help you get through the home buying process as smoothly and easy as possible!

GRAB YOUR FREE E-BOOK HERE https://vantagehomeloans.com/freeguide/
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HAVE A QUESTION ABOUT GETTING A LOAN IN CALIFORNIA?

Looking to buy your next home? Book a call here: https://TalkToRoger.as.me/buyahome

Looking to refinance your current home? Book a call here: https://TalkToRoger.as.me/Refinance

Or Send an e mail to Roger@VantageHomeLoans.Com
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FOLLOW ME ON THESE DIFFERENT PLATFORMS FOR MORE LOAN UPDATES:

Instagram: https://www.instagram.com/rogermortgageexpert/
Facebook: https://www.facebook.com/vantagehomeloans/
Website: https://vantagehomeloans.com
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**LOAN PROGRAMS I RECOMMEND IN CALIFORNIA**

1) FANNIE MAE HOME READY PROGRAM
Property Look up tool: https://ami-lookup-tool.fanniemae.com/amilookuptool/

This lets you know if the property you are looking at, qualifies for the home ready program where you only need to put down 3% so that you can get a killer deal!

2) FHA Program – Only 3.5% Down Payment Required and Perfect for First Time Home Buyers. Low FICO OK. Low Down Payment OK.

3) Conquest Program with UWM – 2.5% – 3% on a 30 year fixed mortgage. For highly qualified buyers and homeowners only.

Must meet the following requirements:

1. It has to be your primary residence or a secondary home

2. You havent gotten a loan with United Wholesale Mortgage in the last 18 months

3. 22 Day Lock Period ONLY – This means you have to close your loan within 22 days which is totally doable because this lender moves really fast but that also means you have to move quickly as a borrower and submit your documents ASAP.

Additional requirments may apply to qualify for these programs.

If you’re loving my content make sure to subscribe to the channel!

Roger Mansourian
Vantage Home Loans
145 S. Fairfax Ave. #200
Los Angeles, CA 90046
NMLS # 1394651
BRE # 01766463

Home Buying Process - Step 1 of 6 - Getting Pre Approved For A Home Loan, San Bernardino Hard Money Mortgage Lenders

San Bernardino Hard Money Mortgage Lenders, Home Buying Process – Step 1 of 6 – Getting Pre Approved For A Home Loan.

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Buy Your Home Mortgage Before You Purchase Your House

It requires to be finely tuned regularly. Seek advice from a home mortgage broker every 3 months. Keeping this details in mind will ensure that you then discover exactly what you need.

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If you are a homeowner, implying you don’t owe any thing on your mortgage, you have the choice of getting a reverse mortgage on your home. A reverse home mortgage is a kind of home mortgage that you can take a loan on the quantity of the value of that home that you own. So if you recently purchased a home and took out a loan for the total cost of the home, and still owe all of the cash on that loan, a reverse home loan may not be the right loan for you.

A low credit is a result of non-payment of loans, defaults and county court judgments and so on. Lenders are normally wary of people with low credit report. click here to investigate lenders fear that an individual who has not repaid his loan previously might again failed to do so and therefore they charge greater interests to cover the risk. In addition, numerous lending institutions ask for collaterals to be deposited. However, if you don’t have any security, you can still get a bad credit loan from the market.

Other types of home this post are created for specific house purchasers. FHA loans are great if you are purchasing your very first house. FHA loans are backed by the federal government, so lenders are more likely to give you the financing you need. If you are a veteran, you can also get a VA loan. It is an excellent deal for veterans, since a VA loan does not need the debtor to have a deposit like other loans do. There are other types of loans on the market too, so do your research to determine what is best for you.

Cons – Mortgage lenders have a higher operating expense over brokers. Normally they will use their own underwriters, processors and financing department. This may relate in their rates they use their clients. Nevertheless, most traditional rates i.e. Fannie Mae, Freddie Mac and FHA loans which represent the bulk of loans done by all home loan companies are generally within a 1/8th of a point from each other when compared.

How can you pay off your home mortgage previously? By making the best computations, of course! By utilizing a mortgage calculator you will be able to calculate the mortgage payments you need to produce the loan you have actually taken or the loan you mean taking. You will enjoy to discover that if you can make larger payments each month to pay your home loan, you will have the ability to conserve countless dollars in the coming years.

Legal Costs – when refinancing a property or buying, a lawyer gets involved and you will sustain legal costs. An attorney can explain more to you about the breakdown of costs which can include legal representative standard expenses & disbursements, real estate tax and other adjustments, land title costs, maybe title insurance requirements, and so on.

So, don’t let the number view site online home mortgage quotes sources trouble you. Search, and understand that the online home mortgage quotes are bait and that home loan brokers are often the very best source. You still need to sort through them to get a great one.

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As you do perform your look for such loan providers, there are specific things you need to be concentrating on. The greatest portion of your credit rating is base on whether you pay your bills on time.

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