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First-Time Buyers, Here’s How You Buy a House in California

Purchasing a house is a complex process, particularly for a first-time house buyer. Investing in any property has its set of risks and benefits.

California has one of the most expensive and demanding retail properties. Its’ coastal locations and Hollywood glamour enhance a resident’s experience. As wonderful as the houses appear in pictures or postcards, there are several steps to take before investing in its properties.

Stated below are some helpful instructions for buying a house:

The Decision of Buying

Before buying a home loan matter comes the decision of purchasing a home. There are several reasons you’d purchase a home. It is, in our opinion, an excellent “unintentional investment,” when made in the light of an individual’s choice and for financial security. There are key economic reasons for buying and owning property. If it is executed along those lines, then we consider it as an “intentional investment.” Amongst those reasons are, admirations of value, an increase in equity, and tax benefits.

Assessment of Your Financial Situation

First-time-buyers-Loan

For purchasing a house in California, you may need to ask yourself certain questions. Have you had a solid income for the past two years? Do you have any experience in paying the rent? Are you financially sound enough to pay back debt from a first time home owners loan? If the answer is positive to the above questions, then you are financially stable to buy a house.

Pre-Approval for a Financially Sound Decision

California’s housing markets are incredibly competitive. The retail properties usually receive numerous offers. You need to acquire a pre-approval, for instance, for a 30 year fixed mortgage California. While it may not be an approval, it sure indicates that you are financially stable for the retail purchase. Moreover, a pre-approval shows the seller that you have initiated the loan approval procedure. They will know you are a serious buyer.

Now, start searching for the house of your dreams and make it into a home! If you are aware of your expectations and can ask the right questions, your experience in the retail purchase of California will be a comfortable one. Call your online mortgage broker right away!

Source by: https://www.prlog.org/12788610-first-time-buyers-heres-how-you-buy-house-in-california.html

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HARP Loans California

Underwater homeowners were taken aback when HARP loans in California were no longer available. Luckily, the High LTV Refinance Option (Fannie Mae) and the Freddie Mac Enhanced Relief Refinance (FMERR) have been set up instead. Learn more about these options and how you can apply for them today. Please visit us: https://ezonlinemortgage.com/harp-refinance

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First Time Home Buyer Mortgage

If the Housing Financial Literacy Act is approved by the Senate, first home buyers can get a 0.25% discount on their up-front mortgage insurance premium. Stay tuned to find out if the bill is passed and how much it can affect your first time home buyer mortgage. Please visit us: https://ezonlinemortgage.com/first-time-home-buyer

Everything You Should Know About a Jumbo Home Loan
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Everything You Should Know About a Jumbo Home Loan

Jumbo home loans are possibly the most generous home loans available. Available with a fixed or adjustable interest rate, they offer borrowers amounts above $484,350, which is the conforming loan limits set by Fannie Mae or Freddie Mac for 2019.

Benefits of Jumbo Home Loans

Unlike conforming loans, jumbo loans can cover up to 80% of the property’s value, or offer millions to qualified borrowers. It also spares individuals with a hefty income from having to secure multiple conventional loans. First time buyer mortgage borrowers can easily get all the funds they need in one go.

Some lenders provide additional perks with their loans. For instance, you can get a jumbo 30 year fixed mortgage in California with no private mortgage insurance. These incentives make jumbo loans deliver more value to future homeowners.

Eligibility Criteria for Jumbo Loans

As this type of loan is larger and riskier for lenders, its criteria are stricter than other first time buyer mortgage products. To be eligible, you need to have the following:

  • High Credit Score – You need to have at least a credit score of 700 to qualify. Some lenders will go as high as a 720 FICO score to protect their investments.

 

  • Ample Cash Reserves – Lenders will be more flexible if you have sufficient cash reserves which can cover your mortgage payments for a year.

 

  • Documents Proving Financial Health –You’ll need to provide more documentation than you would for a regular 30 year fixed mortgage in California. From tax returns to W2s and 1099s, prepare all the documents which indicate you’re financially healthy.

 

  • A Second Home Appraisal – You may need to spend a little extra money to get a second appraisal of the property you wish to buy.

Be Forewarned – Getting Jumbo Home Loans Isn’t Easy

As tempting as it sounds, a jumbo home loan pre approvalis a little more difficult to get because:

  • This type of loan isn’t offered by all banks or lenders.

 

  • Underwriting guidelines can be different from vendor to vendor.

 

  • Loan qualification criteria are quite strict, especially credit score criteria.

 

  • At least a 10% down payment will be required.

If you think this home loan is perfect for you, get in touch with a reputable broker and discuss your options. You’ll even get an idea of how much you can borrow after a home loan pre approval.

Source By: https://activerain.com/blogsview/5409639/everything-you-should-know-about-a-jumbo-home-loan

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Mortgage Loan Pre Approval

Mortgage prequalification and mortgage loan pre Approval are different. Prequalification only gives you an estimate of what you can borrow. Meanwhile, preapproval confirms your creditworthiness and provides an offer to lend you a specific amount. So, make the right choice before buying a home. please visit: https://ezonlinemortgage.com/pre-approval

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Home Refinance Loans

Black Knight estimates low mortgage rates to make 8.2 million mortgages refi eligible. The current low rates may even increase home loan refinance applications to 9.7 million. If you wish to become part of the refinancing population, let us help you assess your eligibility today.  please visit us: https://ezonlinemortgage.com/refinance