CLICK
HERE TO APPLY FOR YOUR LOAN ... On Line!
At Coldwell Banker Mortgage you will get ...
a FREE decision on your loan application in just 3-hours -- guaranteed!
An online "mortgage consultant to guide you thru the site!
Online loan status (while loan is in process) and information on closed loans!
Complete on-line application form!
If you'd rather do it on the phone
call Bill Attaway
619-686-5516
In today's fast-paced Real Estate environment, home buyers need every possible advantage. We help home buyers simplier by helping buyers get "pre-approved", and not merely "pre-qualified". What is the difference?
Preapproval vs. Prequalification
What could be more comforting than the peace of mind that goes with knowing your mortgage is fully approved?
You will have a greatly improved negotiating position when you are preapproved for a mortgage. Sellers are more apt to negotiate with someone who already has a mortgage in hand. The preapproval letter lets the seller know they are working with a serious buyer. A preapproved buyer can also close on a property more quickly ~ another major consideration for the motivated seller. Obtaining a preapproved mortgage is essential in a "sellers" market or where supply is limited.
Preapproval uses basic information as well as electronic credit reporting. It is a true mortgage commitment. This means a commitment to financing your new home and an indication of the total mortgage amount available to you. Coldwell Banker Mortgage, as well as other mortgage lenders, can help you through the pre-approval process. In most cases, there is no charge for this service. Call Cliff or Gary for more information.
Prequalification, on the other hand, is not a full mortgage approval, but an estimate of what you can afford. When you prequalify for a mortgage, the lender collects the basic information regarding your income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount.
Of the over 30 different mortgage types available, the two largest categories are "fixed" and "adjustable rate" mortgages.
The fixed rate mortgage is a traditional method of financing a home. The interest rate stays the same for the entire term of the loan - usually 15 or 30 years - so the interest and principal portions of your monthly payment remains the same.
Your payments are stable and predictable, but initial interest rates tend to be higher on a fixed rate mortgage than on adjustable rate loans. Many fixed rate mortgages cannot be assumed by subsequent buyers.
Adjustable Rate Mortgage (ARM)
The interest on an adjustable rate mortgage is linked to a financial index, such as a Treasury security, so you monthly payments can vary over the life of the loan - usually 25 to 30 years. Most adjustable rate mortgages have a lifetime cap on the interest rate increase to protect the borrower.
The lower initial payments on ARMs make it easier for buyers to qualify. Some ARMs may be converted to fixed rate mortgages at specified times, usually within the first five years.
Documents Needed to Apply for a Mortgage
When you apply for a mortgage, you will need to furnish information regarding your income, expenses and obligations. It will save time if you hove the following items available.
Two most recent pay stubs
W-2s for the last two years
Federal tax returns for the last two years
Last two months' bank statements
Long-term debt information (credit cards, child support, auto loans, etc.)
Repairing Past Credit Problems
Have you had situations in the past that have put blemishes on your credit? There are many reasons why credit problems occur. Some explanations are:
You were a co-signer on a loan that wasn't paid on time
You allowed someone else to use your credit cards
You thought your insurance company was going to handle the payment
You may have thought your spouse paid the bill
You are divorced but your former spouse had credit problems.
Some lenders will work with you to find a credit solution. They have special programs and financing opotions that allow you to get a mortgage even with minor credit blemishes. However, it is in your best iinterest to keep your credit report in good standing. Here are some helpful hints for your credit report:
Never go over 90 days past due on any accounts
Keep your credit card debt below 50% of your monthly obligations
If paying bills after the due date, always pay within the grace period
Complete the loan application. An application fee may be required by some lenders.
The lender begins processing the application.
The lending institution requests an appraisal of the home, a credit report and verification of employment and assets, such as bank accounts.
The lender will provide a booklet containing specific loan information and a good faith estimate of closing and related costs.
An estimate of your loan costs, in the form of an Initial Truth in Lending Disclosure Statement (Reg Z) is issued.
The lender evaluates the application, along with supporting documentation, and approves the loan.
Sign closing documents and the loan is funded.
The lender disburses the funds to the settlement or closing agent. Seller is paid and title to the home is yours.
Appropriate documents are recorded at the county recorder's office.
You move into your new home!!!
Click here to visit Cliff & Gary's Home Page....
direct line 619-574-5111