Here are some common mortgage questions. Have a question you don’t see answered? Call us at 760-488-6482.
Employment and mortgages
Part of the mortgage process includes verifying income. You must be able to show that you can afford the home loan payments, regardless of the type of home loan program. If you do not have a job or any other way to financially support a mortgage, consider holding off applying for a home loan until you can verify employment and income. If you can prove steady, reliable income – go ahead and apply to pre-qualify for a loan!
Credit and mortgagesCredit is a major player in the home loan process. Your credit score determines your eligibility for home loans and your interest rate. Better your credit, the better your rates.
If you do not have good credit, consider one of the following steps:
Underwater mortgagesDo you owe more on your mortgage than your home is worth? The “housing crisis” of the past several years led to a drop in the value of homes. Many face mortgages that are much higher than their current property values.
You can switch mortgage lenders at any time - even if you’ve been with your current company for years or if you’re in the midst of refinancing. We’ve met several who are tired of the runaround of the ‘big banks’ and want to switch to someone local and easy to work with. Until you’ve signed on the dotted line – there’s always a way out!