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How to Qualify for a Loan
In Today's Market
Wow! Based on all the doom & gloom headlines; “Sub Prime Crisis Spreads”, “Credit Crunch Hits Bay Area” etc., you’d think there was no mortgage money left to lend! Not true! As a matter of fact, conforming fixed rates ($417,000 loan amount and below) are excellent and available in the 5.50%-6.00% range. Need a jumbo loan? How about combining a conforming fixed rate with a second mortgage (fixed rate or home equity line) to avoid the higher jumbo rates, although these too have come down! Whether you are looking to buy or refinance, now’s a great time to review financing options.
Buying a home is one of the most exciting things you’ll ever experience! While obtaining a loan to purchase your home may not tip the charts on the “excitement meter”, it may be the most critical part of the purchase process.
As a mortgage consultant assisting homebuyers in Santa Cruz County and beyond for over 21 years, there’s nothing more satisfying then calling to say “Your loan is approved!” A smooth lending process begins by getting pre-approved for your mortgage. This simple yet vital first step involves collecting the appropriate income/employment and asset documentation and completing your loan application with you. We’ll order (no cost) your credit report to determine your credit scores and provide a thorough analysis. We’ll discuss loan options based on your specific scenario and then will submit your loan to have you pre-approved
Now, knowing you have a mortgage, all you have to do is find your perfect home! This is where Teresa’s expertise comes into play. Teresa can now focus on a specific price range for you and once you find your new home, your pre-approval letter will be included, satisfying the seller and moving you one step closer to, moving!
In my two decades of originating home loans, I’ve found that keeping things simple and understandable makes good sense and my clients seem to appreciate this. I look forward to assisting you!
Scott Goodrich
Mortgage Consultant
Monterey Bay Mortgage
Adjunct Real Estate Instructor
Cabrillo College
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