Buying a Los Angeles home? Know the key to home loans!
Many areas of the United States – including Los Angeles– are seeing a shift towards a seller’s market. In a seller’s market, homes for sale may receive multiple offers and are often sold in less time. Home sellers get excited at that news, but if you are trying to purchase a home, it may make competition a bit tougher. If you have been searching for a home and have finally settled on one that you love, don’t delay on contacting your lender, or you may miss out on the home of your dreams. Here are some tips on home loans, and how this can help you in today’s real estate market.
Interest rates have been reduced to historic lows allowing you, the home buyer, to get more home for the same amount of money, which sounds fantastic. However, if you do not “lock” in the interest rate on your home loan and then follow through with providing the necessary paperwork in a timely manner, you could lose your opportunity. More than ever, now is the time for you to know the key to home loans to help you in the lending market.
If you are wondering about how you can make sure you are doing all you need to qualify for your home loan and purchase a home, contact Fran and Rowena.
Here is a list of tips for home loans for you to know when you are in the process of getting a home loan:
•DO get your paperwork in time. Whether you are asked for a letter of employment verification or pages of bank statements, do not delay in submitting these documents to your lender.
•DO NOT buy a new car or furniture or any other large purchase on credit. When making such a purchase, it will change your “debt to income” ratio and may affect your ability to qualify for your home loan.
•DO pay your current financial obligations. During the busy home buying time, it can be easy to forget to pay bills or miss deadlines – be careful because late payments will reflect negatively on your credit. Your home loan lender wants you to demonstrate fiscal responsibility by making your payments on time.
•DO NOT make changes in your employment. The key to getting a mortgage is showing your lender a picture of stability.
•DO tell the truth on your home loan application.
Of course, we advise you to check with your lender regarding how any of the above tips will or will not affect your loan.
Read more information that you will find helpful: home buying
Now that you are prepared to get a home loan, let’s help you find a Los Angeles home!
Look at the most recent homes listed in Los Angeles:
$409,900 : 957 S Gramercy Drive , Unit 103, Los Angeles2 beds, 2 full baths
$610,000 : 3425 Holyoke Drive, Los Angeles2 beds, 1 full bath
$359,000 : 628 W 103rd, Los Angeles2 beds, 1 full bath
$799,999 : 1111 S GRAND Avenue , Unit 716, Los Angeles1 bed, 1 full, 1 half baths
$549,900 : 3061 W 12TH Place , Unit 304, Los Angeles2 beds, 2 full baths
$1,399,000 : 855 S WOOSTER Street , Unit 400, Los Angeles2 beds, 2 full, 1 half baths
$1,495,000 : 5558 Edgewood Place, Los Angeles9 beds, 9 full baths
$260,000 : 542 W 105th Street, Los Angeles3 beds, 1 full bath
$390,000 : 5500 Denker Avenue, Los Angeles1 bed, 1 full bath
$175,000 : 10521 kalmia Street, Los Angeles3 beds, 2 full baths
See all Real estate in the city of Los Angeles.
(all data current as of 4/26/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.