California Home Loans
In just a few short years, the mortgage industry has taken a dramatic change for the better. Adjustable rate mortgages, 100% financing, negative amortization and stated income are almost completely faded out. New rules and regulations are in place that make the criteria more strict for getting a home loan.
But the new criteria are to prevent exactly what has happened recently, the major influx of foreclosures. With the drop in home values the nightmare that many never anticipated became a reality. Refinancing a home that is worth less than the loan they owe is now impossible under the rules, forcing many people with no money down adjustable rate loans into foreclosure.
The stricter rules do not prohibit financially secure buyers from obtaining a mortgage loan. Good credit, income and low debt is the formula for a qualified buyer. And now more than ever, is the time for investing into real estate. Investors are gobbling up properties for cheap, and holding on for when the market corrects itself. Getting a foreclosure used to mean getting a home for pennies on the dollar. But most of your “real estate owned” or bank owned properties are selling at par with the rest of the market. But don’t let that deter you. There are many properties that are not bank owned that are a steal.
Here is a list of bank webpages that lead to "Real Estate Owned" properties:
- Countrywide Home Loans
- Wells Fargo
- Citi Mortgage
- Bank of America
- GMAC
- IndyMac
- Chase
- Downey Savings
- HSBC
- Homeq Servicing
- Ocwen Financial
- American Tax Funding
- National Bank of Arizona
- Beal Bank
- BB&T
- Unity Bank
Powered by Craigslist and Google Maps a good way to begin searching for properties is: Housingmaps.com
Trulia is a great combination of many real estate websites consolidated into one.
Purchasing a home may be the single largest investment you will ever make. Taking your time, shop around, and make sure your are only comfortable with your loan officer, but you are getting a competitive loan package (rate and fees).
If you are looking to purchase a new home, refinance, or investing in the real estate market, finding a lender is easy but a good one is as hard as ever.
One of the best things you can do when shopping for a mortgage is to fill out a 1003 or loan application. Having one on hand makes it efficient when shopping for rates, because you will have to fill one out in person or over the phone.
You will need a copy of your credit report in order to complete the application. Check out the Federal Trade Commission website (above) to gain access to an annual free credit report.
Or you can sign up for one of the various credit monitoring services. Many have affordable plans that offer a wealth of information that will help raise your credit scores. Not only do they monitor for identity theft, but they let you know factors that are bringing down your credit, what-if scenarios that will help you make the best choice when raising your score, and identity theft protection. I use Identity Guard.
After obtaining your credit report/scores, verification of income and assets may be necessary. Two years of income statements and two months statements of assets is the standard.
You can also use services such as Lending Tree and Zillow Mortgage Marketplace.
Don’t be afraid to try out local banks,
Bank-Anywhere.com
Powered by: FDIC.gov Bank Find
just like any other retail store, banks have “sales” or specials that can’t be beat. At the same time, a broker, often a lender will offer loans that its own retail division can’t match.
»
