Tag Archives | Mortgage Approval Process

Seven Things Your Orange County Real Estate Agent Should Know About Your Mortgage Approval

By on July 1, 2010 in Mortgage

While many experienced  Orange County real estate agents have a general understanding of the mortgage approval process, there are a few important details that frequently get overlooked which may cause a purchase to be delayed or denied. New regulations, updated disclosures, appraisal guidelines, mortgage rate pricing premiums, credit score, secondary approval layering, rescission deadlines, property [...]

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How Much Can I Afford?

By on May 9, 2010 in Mortgage

How much mortgage money can I qualify to borrow? This is typically the number one question mortgage professionals are asked by new clients. Of critical importance when considering mortgage financing: There is sometimes a difference between what a client ***can*** borrow and what they ***should*** borrow. In other words, what makes for a comfortable long-term [...]

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Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?

By on May 1, 2010 in Mortgage

Although every situation is unique, it is not uncommon for home buyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer?   Regardless of the motivation for keeping one property [...]

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Ten Credit Do's and Don'ts To Bear In Mind Prior To Getting Your Mortgage Loan

By on April 1, 2010 in Mortgage

How can a fully approved loan get denied for funding after the borrower has signed loan docs? Simple, the underwriter pulls an updated credit report to verify that there hasn’t been any new activity since original approval was issued, and the new findings kill the loan. This generally won’t happen in a 30 day time-frame, [...]

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Is There A Rule-of-Thumb Regarding The Number Of Credit Lines To Have Open?

By on March 28, 2010 in Mortgage

While the actual credit score has a big impact on a loan approval, it’s not the only component of the credit scenario that underwriters consider for a mortgage approval. Since loan programs, individual lenders and mortgage insurance companies all have their own credit report restrictions, it’s difficult to define a standard Rule-of-Thumb to follow. However, [...]

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