Getting a Mortgage 101: Real Forehead-Slappers
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Getting a Mortgage 101
Homer Simpson smacks himself in the forehead every time he says it: D’Oh!!!
When it comes to knowing how mortgage basics have shifted in today’s changing banking environment, few of South Bay’s homebuyers have kept current enough to avoid meriting that kind of forehead slap. It’s no wonder.
The average family delves into the real estate market no more than once every five to seven years, so they don’t worry about getting a mortgage day in and day out. It’s my job as agent to bring clients up to speed throughout the buying process, which often begins and ends with getting a mortgage in the South Bay.
Getting A Mortgage 101 misconceptions:
If you are among those believing that all lenders are legally required to charge the same fees for credit reports and appraisals…D’Oh! In order to create more competitive lending quotes, some banks waive all charges for these services. And other lenders may charge higher fees for the same services – all of which is why it’s so important to speak with multiple lenders.
When a couple is getting a mortgage jointly, do you (like so many) believe the primary borrower with the highest score will be considered the main applicant? D’Oh! Lenders usually take the middle score of each spouses’ three scores, and use the lower of the two in determining the offered interest rate. The lesser creditworthy spouse has the greatest effect on the monthly payment.
The real estate slump from a few years back has many believing that getting a mortgage in the South Bay (or anywhere else) will require at least a 20% down payment. Sound like you? If so (you guessed it): D’Oh!
With as little as 3.5% down, buyers can often qualify for a mortgage through the FHA, available to everyone meeting the minimum lending requirements. Other loan programs are offered through other agencies like the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA).
Getting a Mortgage 101 with Us!
Thinking getting a mortgage in the South Bay anytime soon? Getting approved is Step One in the buying process — if you’re ready to get going, make the next call to me today!
Charles Fitzgerald Butler is a Real Estate Professional in Carson, Ca, specializing in First Time Home Buyer Programs, Distressed Sales, REO Residential and Commercial properties. Charles helps homeowners develop a second income stream so they can save their homes from foreclosure. Prudential California Realty – Greater South Bay, South Bay Real Estate, and South bay Realtors.
Charles Fitzgerald Butler can be reached at 310-684-2505 or www.CFButler.com. Prudential California Realty – The Mulhearn Group is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
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