Apply For a Home Loan Mission Viejo Fast & Easy!

Home Loan Mission ViejoApply For a Home Loan Mission Viejo Fast & Easy

Are you overwhelmed on getting a new Mission Viejo mortgage? Always dreaded going to the auto dealership to buy a car and feel the same feeling about trying to apply for a home loan Mission Viejo. Good News…our experts will give you some solid advice to help get you thru the process fast and make it easy for you.

We have assembled a team of mortgage experts with years of experience to answer your questions. Many have asked if they should use an online lender of which we have recommended against. Others asked about VA home loan Mission Viejo and reverse mortgage Mission Viejo details. We are here to help.

There are two secrets to making the process breeze thru to approval. First, choose your lender carefully. We will discuss that later. Second it get prepared. No matter if you are getting a new loan or doing a home refinance Mission Viejo, having a good solid file of the required documents is needed.

Here is what you need:

  • Get a credit report. If you have a co-borrower make sure the report is a combined report on both of you. You should have a score over 620. If you have any collections or disputed items they will need cleared before you will get any approval. Never let a Lender run your credit until you have chosen the 1 you are going with.
  • Check your Debt to Income– The DTI is a prime factor in getting approved. Most reports will sum up what your monthly payments total. Add the principal, interest, insurance, taxes and HOA to this to get your total monthly debt payments used for calculation. If the total is over 50% of your last 2 years tax return reported income average, stop now and get your debts reduced by paying off revolving debt.
  • 2 years of tax returns- because your income is calculated off the tax returns- not your paycheck stubs, you need 2 years AND the W2’s or 1099’s for each year. All Borrowers.
  • Recent Paystubs- once your 2 year income is averaged you need to show you are currently earning at least that amount or more. The paystubs will support that.
  • Hazard Insurance- if you are refinancing, just supply the 1st page of your hazard insurance. If buying, get a written estimate for coverage of the home you’re buying.
  • Mortgage or Rent statements- To get a new home loan you will need to prove you have made the last 12 months of mortgage or rent payments on time.
  • Contact list- put together a contact info list. Begin with you and all phone numbers, emails ect to reach you. Same for co-borrower. Now add all employers and who to contact to verify employment. No cell phones for employer. If you are self-employed, be sure to send corp tax returns with the personal ones.

Mortgage Refinance Rates Mission Viejo

Once you have the documents ready it is time to select your lender. Sometimes a lender offering the lowest rate is not the best choice. MOST IMPORTANT- pick a lender who will come to you or you can go sit down with face to face. When you run into issues, you will not want the old phone call stall…you will want to go face to face to discuss what is holding up your loan. It’s OK to call around to get an idea of rates and even a few actual quotes. But, choose local lenders.

To get the best rates, select an experienced lender who can provide you with 3 recent loans they have closed that you can call to hear the borrower’s side of things. Ask how the service, the rates and most importantly how they delivered vs what they promised. You will quickly find the lender you want. Set up an appointment to sit with them and discuss your situation. If they need to run your credit, it is OK at this point.

Your organization and up front effort will usually reward you with the lowest mortgage rates Mission Viejo.

Apply For A Home Loan Mission Viejo

Once you complete the lenders application, they will issue you a set of initial disclosures. These are not loan documents. They are just disclosures to authorize the lender to get going on your new loan. Once those are signed by you, the appraisal can be ordered. Take some time to go thru the disclosures with the lender. You will have questions and who better to answer them.

In the disclosures will be a GFE or Good Faith Estimate. That will define your cost, the rate and the monthly payment. It is only an estimate at this point. Although it is subject to change, usually it does not by much so read carefully. Every time you apply for mortgage Mission Viejo you will get a new GFE from the lender.

Your new home mortgage Mission Viejo should take about 2-3 weeks from start to finish. Ask your lender to please run a DU Approval and give it to you at your 1st meeting. This is a Fannie Mae desktop approval system that will show areas requiring focus before the loan is funded. If you are doing a Mission Viejo refinance, still get a DU Approval.

You have some great advice now on how to apply for a home loan Mission Viejo and get quick approval and fast funding. The lender will need a few additional documents but ask them to review and give you the list at the 1st meeting. Get them into the lender the same day.

Lastly, you will want to inspect the property before the appraiser arrives. Same goes for a home loan refinance Mission Viejo. Is there something broke? Does the water heater have 2 earthquake straps around it bolted to the wall. Doe you have smoke alarms and at least 1 CO2 protector.

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