First of all – The Paris911 Team at REMAX of Santa Clarita CA are not lenders. We are not mortgage brokers, we are not direct funding sources, and we are not loan sharks.
We are local real estate agents that have a simple mission. To help anyone that wants to conduct business in the Local Santa Clarita Valley real estate venue. However, in order to do so we have to know a thing or two about loans to be the best advisers to our Santa Clarita real estate sellers and buyers.
So hence this write up. We have encountered a lot of issues lately regarding people’s ability to obtain funding with regard to their real estate purchases. That comes in the way of being approved at one point then losing their ability to finance.
We have also seen that the various loan types are limiting our real estate buyers from being able to compete in a local market lacking inventory.
Are you wondering why you can’t get a home loan? Perhaps the first question you should ask yourself is how prepared you are to secure a loan. Before speaking with a lender you should be aware of your credit, your savings, your income and your expenses. If your finances are in order and your financial picture is bright and stable then you should have no problem securing a home loan for an amount that you can afford.
Credit – there are 3 main credit reporting bureaus (Experian, Equifax and TransUnion) and you are entitled to one free report from each per year. These credit reports will tell you what your credit score is so that you will not be caught off guard when applying for a Santa Clarita real estate mortgage. In addition, you have the power of fixing any discrepancies before approaching a lender.
Savings – do you have enough money for a down payment? While FHA loans require little down, the more you have saved for a down payment the better. A standard down payment should be 20% or more. In addition it is a good idea to have money set aside for closing costs.
Employment – are you employed? A steady source of income is required to secure a home loan. If you are self-employed the hoops you will have to jump through are higher than if you work for a company. In the event you are self-employed make sure you can back your income up with a solid paper trail.
If all of your ducks are in a row you should have no problem getting a home loan. The key is to be prepared and ready to answer any question about your personal finances that may arise. Arming yourself with knowledge and being prepared will ensure your success!
Remember get good advice and if you want us to put you in touch with local Santa Clarita lender – all you have to do is head to our MacBoX resource on our Main Santa Clarita Real Estate agents website and type into it the words “Find me a lender”. (without the quotes).
Be Safe – let us know when you are ready to jump and we will say “how hi” – ???? Something like that 🙂