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| Shannon Jones | Buying a Home? | Selling a Home? | Local Information |
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Home Financing | Mortgage Loans
Many buyers apply for a loan and obtain approval before they find the home they want to buy. Why?
Pre-Qualifying
Pre-qualifying will help you in the following ways:
1. Generally, interest rates are locked in for a set period of time. You will know in advance exactly what your payments will be on offers you choose to make.
2. You won't waste time considering homes you cannot afford.
Pre-Approval
Pre-approval will help you in the following ways:
1. A seller may choose to make concessions if they know that your financing is secured. You are like a cash buyer, and this may make your offer more competitive.
2. You can select the best loan package without being under pressure.
How much can you afford?
There are three key factors to consider:
1. Down Payment
2. Mortgage Qualifying
3. Closing Costs
Down Payment Requirements
Most loans today requir a down payment between 3.5% and 5% depending on the type and terms of the loan. If you are able to come up witha 20-25% down payment, you may be eligible to take advantage of special fast-track programs and possibly eliminate mortgage insurance.
Closing Costs
You will be required to pay fees for loan processing and other closing costs. These fees must be paid in full at the final settlement, unless you are able to include them in your financing. Typically, total closing costs will range between 1% and 3% of your mortgage loan.
Is getting a mortgage loan in Texas any different from what you can get in California? If you want to know about it and many other similar questions then, visit this site for complete state wise information. You also get the facility of comparing the intra-state differences of various loan programs.
The Shannon Jones Team
6621 E. Pacific Coast Hwy.,
Suite 150
Long Beach, CA 90803
P: 562-961-1415 •
F: 562-961-1465
The Shannon Jones Team specializes your real estate needs! If you're buying or selling real estate in the Long Beach, Seal Beach, Signal Beach or Lakewood California areas in Orange County, call The Shannon Jones Team for outstanding service and phenomenal results.
We're so confident we'll find you the right home, we have a moving truck for you to use! Contact us today for more details or call us at 562-961-1415 now!
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