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California Home Loan

A Simple Guide To California Home Loan

Today, happily, more people than ever can afford to purchase their own homes. However, unless you are a recent lottery winner, there’s every chance you are going to need to purchase your home in the same way the rest of us do – via home mortgages.
However, the issue of home mortgages is really a minefield. There are simply so may people willing to lend these days. In order to try and best prepare you for the likely questions you may have, the following is a simple guide to home mortgages. (california home loan)
Bank Loan Officer vs. Mortgage Broker
Once you have found your dream home, the first thing you need to do is find out which type of home mortgage is going to best suit your needs. In order to be able to determine this, you basically have a choice of visiting your local bank loan officer, or a mortgage broker. (california home loan)
Essentially, the difference between visiting a bank loan officer and a mortgage broker is that the bank loan officer usually works for one bank (your local bank), whereas a mortgage broker usually works as an agent to several home mortgage lenders. Consequently, whilst the local bank loan officer may offer you several different products relating to home mortgages, they’ll all be for the same bank (lender). On the other hand, as the mortgage broker doesn’t represent any particular lender, but several, he’ll be able to offer you home mortgages products from several different lenders. (california home loan)
In short, whether you use your local bank loan officer or a mortgage broker to find your home mortgage will depend on whether or not you think it is likely that your local bank loan officer will lend you a home mortgage loan. Here, if you’ve had a bank account with your local bank for some time, with a good history of savings, there is every chance that your local bank loan officer will agree to provide you with a home mortgage. (california home loan)
However, if you have, either not had an account with your local bank for long, or don’t have a good track record of savings with your local bank, then a mortgage broker could well provide you with a better chance of obtaining a home mortgage..
Amount You Can Borrow With Home Mortgages
Whether you visit your local bank loan officer or mortgage broker, you’re going to need to have some idea of how much you want, and can, borrow on your home mortgage. Here, basically, most home mortgage lenders will allow a borrower to borrow up to three times their annual income – although the amount of lending with home mortgages does vary, with some home mortgage lenders only willing to lend two times a borrower’s annual salary. (california home loan)
In addition, your home mortgage lender will ask you to make a full declaration of your income and expenses. So, although you can include items such as dividends and royalties as part of your income, you will also need to declare how much you’re paying in auto loan repayments and credit card payments. Should your outgoings exceed forty percent of your income, it is likely that your bank loan officer will not lend you the home mortgage (this is subject to the amount of down payment your willing to make – see below).  (california home loan)
However, a mortgage broker may still be able to arrange the funding of your home mortgage, even where these sums are tight.
The Down Payment On Your Home Mortgage
All lenders will expect you to put some money down as down payment on your home mortgage. However, the amount of your deposit on your home mortgage will vary, from between five percent of the value of the home to twenty percent of the value of the home. Overall though, you should keep in mind that the more you are willing to put down as a down payment on your home mortgage, the more likely your are to obtain the home mortgage financing, and the better the conditions (such as interest rate) are likely to be on you home mortgage. Nevertheless, keep in mind that you’re likely going to have initial expenses when you move to your new home, so don’t use up all of your saving as a down payment on your home mortgage. (california home loan)

Interest On Your Home Mortgage
Most home mortgage lenders will offer you either a fixed-rate home mortgage or an adjustable rate home mortgage.
A fixed rate home mortgage is where the lender agrees to finance the purchase of your home, in return for which you agree to pay the lender a fixed rate of interest over the entire length of the repayment period.
An adjustable rate mortgage is where you agree that the interest rate on the home mortgage can vary – usually in-line with federal interest rates. (california home loan)
Due to the length of home mortgages, which can last for up to thirty years, both fixed rate home mortgages and adjustable rate home mortgages are not overly popular and most borrowers prefer to have a fixed rate home mortgage for the period of their home mortgage loan, with an adjustable rate home mortgage thereafter. These types of home mortgages are known as called 7/1s and 5/1s, as they allow you to fix the home mortgage rate for the first seven or five years, respectfully, and then move over to an adjustable home mortgage rate. (california home loan)
• Which Home Mortgage Lender To Chose?
If you are lucky enough to be in a position where several home mortgage lenders are willing to lend to you, check out what each lender’s annual percent rate (APR) is and the chose the one offering the lowest APR on your home mortgage loan. - just so you know, the APR is the declared total cost of funding your home mortgage loan per annum.
You should also try to make sure that your home mortgage lender is a registered member of the Mortgage Bankers Association (or its equivalent). If your home mortgage lender is not a member of the Mortgage Bankers Association, there’s a good chance that they may not be entirely above board. (california home loan)
And Finally
Finally, good luck with the hunt for your home mortgage loan – keep in mind that whilst most physiologists say that purchasing a house is one of the most stressful periods of our lives, it can also be one of the most rewarding!
(california home loan)

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