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Home Mortgage Chula Vista Article
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Little Known Ways to Qualify for a Home Mortgage Loan
from:Once you decide to shop around for a certain lender, you have officially started the process of a home mortgage loan. However, it doesn’t end here. You will then have to sign a purchase contract and undergo through the credit approval process, which verifies your actual income, certain liabilities and your ability to repay the potential loan.
When you are invited for a loan interview, make sure to bring a signed copy of the purchase contract. This contract for your house loan specifies the down payment amount, price of the house and your proposed closing date. Typically, when you apply for a mortgage loan, the lender uses all these information to calculate whether the house you wish to buy could serve as collateral for the money you want to borrow.
Make sure to obtain your credit report and correct possible errors before applying for a home mortgage loan since this information will largely affect your ability to obtain the loan.
In order to be processed for a home mortgage as quickly as possible, remember to complete all the documents virtually all lenders require for the loan process.
For the verification of your income, you need to bring:
* Earning statements (w-2 forms, current pay stubs and tax returns for the past year)
* For self-employed (profit and loss statements and return tax for the past two years)
* Extra income (overtime, commission, veteran benefits, social security, and so on)
For the verification of your assets, you should have obtained:
* List of all bank account numbers (including branch address and checking or savings account statements for the past three months)
* All copies of any title to motor vehicles, which are paid in full.
* List of stocks, investments, and saving bonds (including approximate market value of each)
For the verification of your credit history, you need to bring:
* Copies of credit card statements for the past six months
* List of all consumer debts (including furniture, student or car loans and other co-signed installment loans with the creditor’s contact numbers and addresses)
* Evidence or copies of rental payments or mortgage
* Documents of child support or alimony
If you have not established your credit rating, provide the lender with other information showing payment histories. These include utility payments, canceled checks or any recurring obligations.
Having these documents could speed up the process of your home mortgage loan. However, take into account that different lenders may have different information requirements. For this reason, ask your lender in advance about what to bring for your initial home mortgage interview.
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Home Mortgage Chula Vista News
Reverse Mortgage Abuse on the Rise (KiplingerForecasts.com)
Lawmakers and regulators warn of predatory practices in the growing reverse mortgage market.
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A California agency is offering below-market-rate loans to first-time home buyers who purchase certain foreclosed properties in beleaguered areas, including parts of Alameda and Contra Costa counties. The California Housing Finance Agency, which helps finance...
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Distressed mortgages continued to drag on the troubled economy in June, as a record number of homes in San Diego County went into foreclosure and notices of default – the start of the foreclosure process – declined only slightly.
Read more...I-Team Pursues Man Suspected In Land Patent Scheme (KGTV San Diego)
A man accused of bilking San Diegans through a land patent scam is sought by the 10News I-Team.
Read more...Affordable award (San Diego Daily Transcript via Yahoo! News)
Affirmed Housing Group's Auburn Park Apartments was recently honored with the 2008 Gold Nugget "Award of Merit" in the Affordable Housing category at the 45th annual Gold Nugget Awards held at the Pacific Coast Builders Conference in San Francisco.
Read more...Piggy banks squealing (San Diego Union-Tribune)
Until recently, big financial institutions and investment banks shed the most blood in the credit crisis, thanks to risky bets on subprime mortgages and other debt instruments. But over the past three quarters, smaller community banks have begun to be squeezed by the stumbling housing market – not because of investments in exotic, mortgage-backed securities, but rather from old-fashioned ...
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William Lyon Homes is offering homes within its Altair and Treviso neighborhoods in Santee for $500 down payments and 2 percent discounts.
Read more...Latinos want hopefuls to address core issues (San Diego Union-Tribune)
Presidential candidates John McCain and Barack Obama will be using the National Council of La Raza convention, which begins tomorrow in San Diego, as a platform for courting the increasingly significant Latino vote. Convention organizers hope to press the senators for answers on some of the thorniest issues affecting Latinos, among them immigration policies and solutions to the nation's health ...
Read more...HOUSING: Sales stronger, but prices still weaker (North County Times)
North County housing deepened its slump in June as foreclosures dictated the market and high-end housing prices begin to show weakness, according to a report released Wednesday.
Read more...Fugitives In Mortgage Fraud Case Arrested (NBC San Diego)
The FBI arrests two men wanted in connection with a nationwide mortgage crackdown, but one woman remains on the loose.
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