We have learned a lot of things from mortgage lenders with long years of experience working with them for our clients (borrowers). So, whenever clients visit our office for mortgage loan help, we see to it that we are able to discuss useful tips (including tips from the lenders themselves) that can help borrowers have a smoother home loan application process. As always, it is our desire that our clients get the best mortgage deal in town, so we make sure that they are guided every step of the way.
In this post, we are sharing some of the things that a mortgage lender, Irvine, CA wants borrowers to know.
That saving for a down payment can make a difference. Though there are mortgage loans that do not require borrowers to put a down payment, mortgage lenders underscore the benefit of saving for a down payment. Having some amounts to put down makes a big difference (recommended is 20%). Aside from higher chances of getting a mortgage, it surely can put some burden off a borrower’s shoulder, knowing that he/she has to pay a smaller monthly mortgage due. Here are more advantages of putting a 20% down payment mortgage.
That credit scores can play a key role for home loan success. There are a number of reasons to shape up credit score. Having a good credit puts a borrower in a position to attract the best mortgage loan deal. That said, it is imperative that a person who is searching for the best mortgage lender, Irvine, CA, should obtain a copy of his credit score before finding prospective lenders. A borrower should take actions accordingly – based on the report – to improve his/her financial situation to get a better credit score.
That using a mortgage calculator is an effective way for borrowers to educate themselves. Mortgage calculators might appear as a not-so-important tool to some, but they are actually quite useful. A borrower can learn more about mortgage loans when using these tools. For instance, they help borrowers understand how much home they can afford, how much monthly payment would be for a certain home price, as well as down payment and interest rates scenarios. (Try this easy-to-use calculator from Homeplus Mortgage)