Palmdale Mortgage

The 2010 home buyers who have bad credit will have fewer options than they might have had in the past, in terms of getting a home loan. Lenders today have raised the bar and are expecting buyers to bring a little more to the table than in past years. Mortgage lenders today are requiring borrowers to have better credit scores more down payment and lower debt to income ratios. These are the new terms for 2010 and beyond.

Maintaining a decent credit score will get you through hoop number 1. If you credit is bad now is the time to work on getting your score over 620. This magical number is the dividing line between a passing score and a challenged score. One way to raise your score is to make sure the balances on your credit cards are less than 50% of the maximum credit available. Having no late payments in the last 24 months will always go along way in improving your score. Always take a look at your credit report once a year to check for mistakes. This can be done for free once a year. Paying down balances is just as important in putting something to the side every month. Lenders like to see a reserve in your account. Money that is seasoned that did not get there last night when you won at bingo. Start saving money. The more you can save between now and the time you apply for a mortgage loan, the better off you will be. For one thing, you will need money for a down payment and closing costs on the home. Another important aspect is your debt to income ratio. Your bills divided by your income. Study the different types of mortgage loans. Many of the homeowners who got into foreclosure trouble over the last few years did so because they failed to understand how their ARM loans worked. Learn the pros and cons of fixed-rate versus adjustable-rate mortgage loans, and choose the right one for your home buying situation. By a home within your comfort zone. Don’t let a lender or a realtor put you in a house you can not afford.

A good broker is more than a loan officer they are more of a guide. Here to guide you through the ups and downs of the mortgage process. From application to escrow from underwriting to closing. From recording to funding the Palmdale Mortgage Guide is here. If you are facing foreclosure and need to consider a short sale or a loan modification we are here for that also.

For first time buyers I have specific detailed step by step information. If your credit is chalenged I can hold your hand until you are ready.

There is a lot of information and there is a lot to digest bt I am here to help you.

If you just have a question or you are ready to get started on the journey of purchase, refinance, or selling your property give us a call.

(310) 346-1040 All calls are returned within 24 hours.

If you need to fax an offer,prequal, or other documents feel free to use my e-fax at 206-888-2597

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God Bless You and Enjoy.

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