By Chris Smith
July 24, 2018
There are some things you can do to help ensure the home appraisal process goes smooth. See this checklist provided by the residential appraisal management company PropertyRate.
About the Author: Chris Smith is a Senior Loan Officer (NMLS #253394) with New American Funding. For more information about home financing you may contact him at 714.401.5921.
By Chris Smith
June 28, 2018
Real Estate agents are often the first line of defense in preventing wire fraud. Let your clients know upfront how you communicate. You may want to add a disclaimer on your email signature stating that you never send sensitive financial information via email. Insist they do the same. Here are some additional security measures your clients should take:
About the Author: Chris Smith is a Senior Loan Officer (NMLS #253394) with New American Funding. For more information about home financing you may contact him at 714.401.5921.
*Reprinted with permission from New American Funding. Licensed by the California Department of Business Oversight under the Residential Mortgage Lending Act – License #4131117 Broker Solutions Inc. dba New American Funding (NMLS #6606) Corporate Office is located at 14511 Myford Road, Suite 100, Tustin, CA 92780. 800.450.2010
By Chris Smith
September 27, 2016
There are many things that drive mortgage rates available to Buyers. Some things are out of your control: National Employment Patterns, the Stock Market, actions of the Federal Reserve, natural disasters and geopolitical or global events.
Let’s focus on the things you CAN control to get the mortgage rate that fits your budget and allows you to get into that home you want.
Credit Score
The better your credit score the lower your interest rate. Having a high credit score makes you a more favorable borrower in the eyes of the lender. First, find out what your credit score is. Then try improving your credit score before you start the loan application process. Talk to your loan consultant on ways you can improve your score.
Down Payment
There are a lot of low down payment options for borrowers. What you may not know is that if you increase your down payment on the home you are buying you can secure a lower interest rate. This can ultimately save you more money over the life of the loan.
Size of the Loan
The amount of money you borrow can impact the interest rate. A larger loan amount will usually have a higher interest rate. The reason for this is because paying back a larger loan amount will likely take long and there is more at stake for the lending organization.
Type of Property and Occupancy
Loan pricing is slightly lower for single family homes compared to condominiums. Owner occupied loans also have lower rates than non-owner or investment properties.
The best way to understand all your options regarding interest rates is to talk to a loan consultant BEFORE you start your home search.
About the Author: Chris Smith is a Senior Mortgage Consultant (NMLS #253394) with New American Funding. For more information about home financing you may contact him at 714.401.5921.
By Bill FitzMaurice
May 19, 2016
You found your dream home and your offer was accepted. Congratulations, but before you start packing for your big move there are some definite Do’s & Don’ts we recommend buyers to follow as they go through the loan process.
DO:
DO ask donor(s) for gifted funds as soon as possible, if being used towards your down payment. Ask your Loan Officer about the necessary steps and documentation for gifts.
DO stay current on all your payments: mortgage, car payments, credit cards, student loans and any other debt.
DO continue to use your credit as normal. Changing your pattern may raise a red flag, causing your credit score to go down.
DO wait to make a major purchase such as a new car, boat or appliance until after your loan has funded.
DO keep copies of all important financial documents so you will be ready to provide if asked: check stubs, W-2’s, tax returns, bank and investment account statements, rental agreements, etc.
DON’T:
DON’T keep cash in a safe or an overseas account if you plan to use these funds as a down payment. Ask your Loan Officer how and when would be the best time to put funds into your U.S. bank account if needed.
DON’T close credit card accounts. Keeping accounts open after you have paid them off lowers your debt-credit ratio. If you close a credit card account, it may appear that your debt ratio has gone up.
DON’T apply for new credit or give your personal information to anyone else who might run your credit report. Multiple credit inquiries may hurt your credit score.
DON’T make career moves. Your mortgage lender must verify your employment, so it’s crucial to maintain employment status.
DON’T make large deposits into your back account unless 100% necessary. If you must, save the documentation showing where the funds came from. Keep a “paper trail”.
Make sure to discuss any changes in your financial situation with your Loan Officer right away.
About the Author: Bill FitzMaurice is a Senior Mortgage Consultant (NMLS #290216) with New American Funding. For more information about home financing you may contact him at (949) 291-1770.
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