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Temecula Mortgage Information Guide
There are many components to consider when getting qualified for a Temecula mortgage to purchase a property or when refinancing an existing home loan.
Since every borrower’s income, employment, down payment, equity or credit scenario is unique, the task of shopping for the perfect loan or finding a reputable mortgage lender can be overwhelming for both the seasoned real estate agent and a first-time home buyer.
Feel free to call a local Temecula mortgage broker/lender like Mountain West Financial at (951) 215-6119 to discuss your needs, loan programs, and possible assistance programs you may qualify for.
California Mortgage Basics 101
Let’s start with the basics from a high level about what a mortgage is and what it means to you before we dive into the details about the various programs and the amount of mortgage payment you can afford.
According to Wikipedia, a mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan.
However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
We break down the details of each part of a mortgage on the next tab, but the following bullets highlight the various aspects of getting a mortgage:
- Mortgage Approval Process
- Mortgage Payments
- Mortgage Programs Types
- Mortgage Closing Costs and Fees
- Mortgage Interest Rates
Basically, when speaking with a California Mortgage Company about getting approved for a new loan, your lending professional will work to get you approved for a particular home loan program that meets your eligibility status based on credit, income and other underwriting criteria.
The goal of Mountain West Financial is to provide you with an affordable monthly payment that is obtained by getting the best interest rate with lowest fees and closing costs.
Getting The Best Mortgage Deal in California
In early 2013 the Consumer Financial Protection Bureau (CFPB) made it a law that banks are required to verify a borrower’s ability to repay a loan.
In addition, closing costs, rate and fees were essentially standardized across the mortgage industry for the purpose of protecting consumers from unethical lending practices that may potentially put them in a home loan that they couldn’t afford.
How Does This Relate To My California Mortgage?
The purpose of this law is to hold mortgage lending institutions more accountable for the loans they issue.
This means that the Wild Wild West days of shopping for a Temecula lender based on rate or fees is behind us, leaving banks to compete on communication, experience and professionalism.
However, since mortgage banks will be heavily regulated and scrutinized for every loan they issue, you should anticipate having to provide a slightly heftier paper-trail of documentation.
Don’t worry, every mortgage program is different, and there are plenty of options and home buyer assistance programs for borrowers who’ve recently had a short sale. foreclosure, bankruptcy, are underwater on their LTV, and even home renovation purchase loans.
Call us directly at (951) 215-6119 any time if you have specific questions or want a pre-approval letter.