Planning to apply for a new home purchase loan, Thousand Oaks, CA? You may find the process daunting most especially if it is your first time. But here’s the thing: If the right information made available to you, things should be okay.
With the aim of helping to make the process a lot easier for you, we are sharing below some information that you may find useful when you get a new home purchase loan, Thousand Oaks, CA. Take the items below into consideration; they will surely help you make the most appropriate decision.
Getting familiar with the monthly mortgage payments
- The principal – Refers to the monthly cost that directly goes towards paying back the loan.
- The interest – The monthly rate imposed from the cost of borrowing; it is expressed as a percentage of principal
- The property tax – This goes directly towards paying the property taxes as a requirement in your locality; (in California, property tax is computed using a property’s assessed value and the property tax rates based on the property’s address.)
- Insurance – Getting insurance provides with the needed security and protection in case of damages to your property.
- PMI (Private Mortgage Insurance) – The payment you need to put that goes towards your mortgage insurance in case the down payment is less than 20%
Things to do when applying for a new home purchase loan program
- Do a diligent research prior to the application.
- Make an assessment on your qualifications (Mortgage brokers such as HomePlus can help)
- Consider some options – There is what we call a 30-year Fixed loan; FHA loans, VA loans, and Adjustable Rate Mortgage are also the types of loan recommended for first-time homebuyers.
- Gather all the requirements (your mortgage broker can do all the leg works).
- Improve your credit score before the application for better interest rates – Staying current on all your payments (please note that payment history is 35% of your FICO score); paying down your credit card balances; and disputing your negative accounts can help improve your credit score.
Have more questions about getting better deals on a new home purchase loan, Thousand Oaks, CA? HomePlus is readily available to help you every step of the way.
Contact us to get started at 800-810-PLUS (7587).