Most mortgage sales currently must be advised, and this means a mortgage buyer will require the help of a qualified mortgage broker or a lender’s guidance. A mortgage broker is an intermediary who brokers or links you, the mortgage buyer, with a lender. Mortgage markets have become too competitive hence the need for lenders to enlist mortgage brokers to help them reach their targeted markets.
An Irvine mortgage broker, for example, will be regulated to ensure compliance with banking and finance laws. California state law, not federal law, establishes fiduciary duties on mortgage brokers where an agent is required to act in the best interest of their customers. So mortgage rates will be lower in California compared to other states.
If you need to source funds for your home, talk to a licensed mortgage broker to get the right mortgage loan with your preferable monthly payment. A professional agent will weigh your needs, explain to you the best options without steering you towards a pre-determined policy and get you the lowest rate mortgage as fast as possible. Services offered by mortgage brokers include first-time home buyer programs, jumbo financing, existing home loan and refinance mortgage. Also, debt consolidation, home equity loan, first-time home buyer tax credit, bad credit home loan and reverse mortgage can be offered.
Getting a mortgage
If you are a first-time property buyer, here are the steps your mortgage broker should take you through:
The broker will review your application and determine whether you are eligible for a mortgage. You will then be contacted to discuss the other steps in the loan process if you qualify.
Determine the loan you want
Choose from the above options the mortgage plan that suits you. However, first-time home builders or buyers will go for a first home loan. You will be presented with product comparisons to help you choose the loan that best suits you. The broker will then order an appraisal and sent you the initial loan disclosures.
Contact an agent for quotations
You home builder or buyer agent is contacted to ascertain that the loan you seek is sufficient for the property you need. Reference to building materials, land and labor is used to get a conclusive amount.
Review your loan application
Your documentation such as bank statements, tax returns and pay stubs that you initially enclosed in the mortgage application will be verified.
Lock your rate
The suitable rate of interest for your mortgage will be determined using a rate calculator depending on the prevailing market rate and the time you will take to repay the loan. Mortgage calculators will help you figure out your repayment, affordability and the rate you will pay if you can increase your monthly repayment. The mortgage broker should be in a position to advise you on the best rate and repayment arrangement.
Property inspection and appraisal
Once you have determined your ideal loan, then your building project will be appraised. For those who wish to purchase a home, an inspection of the property will be done.
Loan approval, signing, and closing
Your loan will then be verified and approved. The broker will then require you to sign the final loan agreement with the lender. A Notary Public will be sent to your home or office so that you can sign the closing documents. Then loan closing will be coordinated, and your will be able to access the loan.
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