Congratulations! You’re ready to buy a home. But before you start scouring the MLS, you need to secure a home loan. To ensure that the financial stage of your home buying goes smoothly, brush up on the ins and outs of the process.
The three most popular types of loans:
Fixed-Rate Mortgage
This is the most common type of loan, and for good reason. With a fixed-rate loan, the interest rate remains the same throughout the loan’s duration, which is typically 15 or 30 years.
Who should use this loan?
Those who are interested in consistent housing payments or don’t plan to move anytime soon.
Adjustable-Rate Mortgage
Also known as a variable-rate mortgage, this is a loan with an interest rate that changes based on the prime rate and index rate. While you may start with lower monthly payments, you must be prepared to pay more at any given time.
Who should use this loan?
Those who have poor credit or plan to sell their home before their fixed-rate period is up.
FHA Loan
In an effort to make buying a home more attainable for Americans, the Federal Housing Administration offers FHA loans which allows buyers to put a minimum down payment for as little as 3.5 percent.
Who should use this loan?
Those who don’t have enough savings for a down payment. However, with a FHA loan comes private mortgage insurance (PMI), which hovers around 1 percent of the cost of your loan.
At the end of the day, talking to a mortgage professional will help you decide which type of loan is best suited for you.
Application documents checklist
To be able to predict your financial future, lenders need to take a hard look at your past and present financial situations. With this checklist, the task of gathering the necessary paperwork won’t seem as burdensome.
- Bank statements
- W2s from current and past employers
- Pay check stubs
- List of all debts
- List of all assets
- Credit report
- Residential address for the past two years
- Landlord names and addresses for the past two years
- Proof of timely rental payments
- Divorce decree (if applicable)
- Gift letter (if using gift funds)
- Bankruptcy paperwork (if applicable)
Ready to speak to a lender?
Finance your dream home in Southern California! Let us help you find your dream home and connect you with a lender to make it happen. Our team of local financing experts are ready to guide you through the home buying process. We are committed to fast, professional, courteous and personal service to help you understand and feel at ease throughout the home buying process. Our trained and certified loan originators specialize in financing homes in the Temecula Valley area real estate market. We are prepared to find the right loan program with competitive rates and low down payments for you.
Brian Decker
Brian Decker is one of the nation’s Top 25 Mortgage Originators (Top 1% of the Top 1%) with a stellar 2017 personal production record of $205,000,000. His experience, 24/7 service and dedication to his clients is why the area’s top realtors choose him as their trusted lender. He offers his clients industry leading mortgage rate on Jumbo, VA, USDA, FHA, Conventional and Home Equity mortgage products. As a national top producing originator Brian has been recognized not only locally for his production and performance within the industry but also nationally. Brian Decker was recognized as the #1 Mortgage Originator in the United States for Volume Gain out of over 300,000 licensed mortgage originators by Scotsman Guide. For the last six years Brian Decker has been ranked as one the Top 25 Mortgage Originators in the U.S. by Scotsman Guide and Mortgage Executive Magazine.
Loan Depot
1 Better World Cir Ste 301
Temecula, CA 92590
Branch: NMLS1109776
Personal: NMLS319790
Scott Evans
Since 2016, Scott Evans has personally closed over 920 units totaling $390+ Million in Loan Dollar Volume. $190+ Million of that total was VA Home Loans, which Scott and his team specialize in. At branch level, over 1,300 VA home loans have been closed since 2014. Considering their volume of business, you might be shocked to hear that Team Evans can close a loan in as few as 21 days. It’s true! In fact, on average they can close a loan in just 19 days, their record stands at just 13 days!
CrossCountry Mortgage, Inc.
225 Broadway, Suite 1600
San Diego, CA 92101
Branch: NMLS1472253
Personal: NMLS256163
Jeanette Hartmann
Jeannette started lending in the Temecula Valley in 1989. She believes that loans are not one size fits all and that a loan should be unique the borrowers situations. That is why her mission is and always has been to find the loan product that fits her clients individual needs. Her secret to success is simply meeting with clients, presenting options and walking clients though the entire process.
After joining forces with American Pacific Mortgage in 2001, becoming a Direct Lender has given her even more opportunity to help her borrowers. Since joining American Pacific Mortgage, Jeannette is a multiple winner of American Pacific Mortgage’s The President’s Club award, was named by Mortgage Executive Magazine as being in the “Top 1% Mortgage Originators in America 2015”!
American Pacific Mortgage
43430 Business Park Drive
Temecula, CA 92590
Branch: NMLS300090
Personal: NMLS226524
Originally posted in: Team Forss presents American Lifestyle Magazine
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