Tuesday, February 27, 2018

Don't Waste Your Time!: Get A Mortgage Pre-Approval

You've made that very personal decision, to consider buying a house of your own! You may have put off this moment, for a variety of reasons, including; indecisiveness; geographic; job-related; financial, etc, but now, you think, you're ready! So, what should you do first! The logical first-step is to discuss finance, and the all-important mortgage information, with a qualified mortgage broker or banker. If you have received a recommendation from someone you trust, and is knowledgable, begin with a conversation with that professional. If not, interview, and hire, a real estate professional, who will take care of your needs, and provide you with recommendations of reliable mortgage professionals. Either way, be certain to get a Mortgage Pre-Approval, before you begin your quest for the house of your dreams.

1. A pre-qualification is not a pre-approval: Beware, there is huge difference between being pre-qualified, and pre-approved! The former means that based on the basic information you have provided, you would be able to qualify to get a certain size mortgage. On the other hand, the latter means the broker/bank, has done a thorough review of your income, liabilities, etc, as they would before they issued a mortgage, and, as long as the house comps out, you will get a mortgage.

2. Other debts/liabilities: Lending institutions use a formula to determine how much mortgage one might qualify for. It takes into consideration all debt owed, and that combined with your new mortgage debt, cannot exceed a certain percentage. That is, in addition to, the mortgage must fall within a certain percentage of one's income.

3. What can you afford as a down-payment?: Traditionally, you are asked to put down 20% down-payment, and you can then use your mortgage for the balance. However, there are loans available, which require less down, but that means a higher monthly payment! You may also be in a position to put down more, and carry a smaller mortgage. This must be a combination of what you can actually afford, as well as your comfort level.

4. What can you afford monthly: The lending institution will come up with a maximum figure, they say you can carry monthly. They base this as a percentage of one's income. However, you may not feel comfortable with that amount of debt, so you must take that into consideration. All this valuable information will help you decide the price ranges you should look at, when you search for a home.

5. Move to the front of the line: Let's say you've taken into consideration the above information, and now are prepared and ready, to begin your search, in earnest. You have searched, and found the house you want, but others feel the same way. When there are competing offers, the buyer with a Pre-Approval, often is given more consideration, because it is considered a better bet, for the seller.

It is the responsibility of a qualified real estate professional to help you find the right house, at the best available price, with the least amount of hassle or wasted time! Make it easier on yourself, by beginning properly, by getting a Mortgage Pre-Approval.

Article Source: http://EzineArticles.com/expert/Richard_Brody/492539

Article Source: http://EzineArticles.com/9501868

Saturday, February 24, 2018

Why Vacaville? - Synder Filtration

Jeff Yeh, President of Synder Filtration talks about the company's history, and why Vacaville has been great location for them to grow and expand over the years.

Wednesday, February 21, 2018

Real Estate Closings: 5 Needs To Remember

Congratulations! You've hoped for, and found, the house, you believe, best serves your needs, requirements, concerns, etc. If you are like most people, you will be using a mortgage, to provide a significant amount of the necessary payment, and gone through the trials and tribulations of the process, and emerged successfully approved, for the amount you needed and/ or desired. Finally, before the deed on the house, transfers from the present owner, to you, you will have to emerge from what many first - time buyers, refer to, as the dreaded, real estate closing. Let's review 5 things, which may be requested from you, so you aren't surprised, but rather are as prepared as possible, thus making this, go far more smoothly, and with less stress!

1. Where the earnest money came from: Lending institutions often question, where one got the funds, to put down, also known as the earnest money. For example, if a property sells for $500,000, and you are to put 20% down, that means $100,000 down - payment. Generally, when you sign the contract, you will be expected to put an amount down, known as earnest money. This amount is often 10%, so in this case, someone would put $50,000 down, upon signing the contract, and a similar amount payable at the closing. You might often be asked to show where this money came from, by submitting a few months bank statements, or investment statements, etc.

2. Tax returns: Mortgage banks and brokers, generally require the buyer, to submit the two, most recent, years, tax returns. This is generally done, by signing a form, permitting, them to get these from the government. Be prepared to answer anything, which might tend to be somewhat confusing!

3. Investment statements: Gather the investment statements from your investments. Generally, you will be asked, also, for the past year, or two, and especially, the most recent few quarters.

4. Bank statements: You'll have to provide, at least, the last 2 bank statements, and some might ask for 3 or 4. Be certain these indicate, clearly, you can afford the home, you are purchasing.

5. Know your credit rating: Do you have a, high - enough, credit rating, to assure the lending institution? The best approach, is to fully evaluate this, carefully, prior to begin your house - hunting!

There are many other closing requirements, but the above 5, are consistent, and, if one is prepared properly, should be no problem! As the Boy Scout Motto goes, Be prepared!

Article Source: http://EzineArticles.com/expert/Richard_Brody/492539

Article Source: http://EzineArticles.com/9760917

Sunday, February 18, 2018

Why Vacaville? - Wunder Mold

Tom Cheddar, General Manager at Wunder-Mold, talks about some of the things that make Vacaville an attractive place for his business.

Monday, February 12, 2018

Which Mortgage Program Is Best For You?

There are many types of mortgages. It is to your advantage to know about each mortgage type before you start searching for your next home. Most people apply for a fixed-rate mortgage. In a fixed rate mortgage, your interest rate stays the same for the term of the loan, which can range from 10 to 30 years. The advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it, although your property taxes and home owner's insurance may change during the repayment term of your mortgage. Another type of mortgage is an adjustable rate mortgage (ARM). With this type of mortgage, your interest rate and monthly payments usually start lower than a fixed rate mortgage. But your rate and payment can change either up or down, as often as once or twice a year. The adjustment is tied to a financial index, such as the U.S. Treasury Securities index.

The advantage of an ARM is that you may be able to afford a more expensive home because your initial interest rate will be lower. There are several government mortgage programs, including the Veteran's Administration's programs, the Department of Agriculture's programs, Federal Housing Administration mortgages, and conventional loans. Thoroughly discuss your financial situation with your real estate broker about the various loan options, before you begin shopping for a mortgage.

Below is a brief description of the 4 main mortgage types. The Federal Housing Administration (FHA), Veterans Administration (VA), United States Department of Agriculture (USDA), and Fannie Mae/Freddie Mac (conventional financing) all have different guidelines and down payment requirements. Fannie Mae and Freddie Mac are the most recent sudo-government agencies to launch minimal down payment programs. There are also various down payment assistance programs available to first time home buyers, recent graduates, and low-income households. Most down payment assistance programs have income and sales price limitations and repayment requirements.

• Conventional Financing - Conventional mortgage loans require a minimum 3% down payment. Private mortgage insurance (PMI) is required unless there is a 20% down payment or lender paid PMI is offered by the mortgage company. Mortgages are offered for owner occupants and investors.

• FHA Financing - This financing type requires a minimum of 3.50% down. FHA allows approved nonprofit organizations and/or family members to assist homebuyers with the down payment requirement. Upfront and monthly mortgage insurance is required. Only owner occupied financing is offered.

• Veterans Administration - Honorably discharged veterans or active-duty personnel in the US military who meet specified qualifications are eligible for no down payment mortgage financing. VA Mortgages requires an upfront funding fee unless the veteran is disabled. VA mortgages require no monthly mortgage insurance, but are available to owner occupants only.

• USDA Financing - This mortgage program is available through the United States Department of Agriculture. This loan type allows zero down financing for owner-occupied properties in designated rural areas. Income and sales price limitations apply. An upfront and monthly fee is required. There are two distinct loan types, which include guaranteed and direct loans.

Each of these loan types offer different features and should be fully investigated to determine which loan type fits your credit and financial situation. It is always in your best interest to be pre-approved prior to looking for a new home.

Article Source: http://EzineArticles.com/expert/Michael_Zuren_PhD./1966583

Article Source: http://EzineArticles.com/9726888

Friday, February 9, 2018

Why Vacaville? - ICON Aircraft

Karl Higgins, director of Government Relations for ICON Aircraft, explains why ICON chose Vacaville for its headquarters and manufacturing plant over numerous sites throughout the United States.

Saturday, February 3, 2018

Get Pre-Approved Before Buying Your Next Home

Prior to looking for a home, the first step you should take in the home buying process is to complete a mortgage pre-approval with a knowledgeable and trustworthy lender. Be sure to provide honest and accurate information to your lender. This will help the loan officer find the best mortgage options for you and ensure the fastest and smoothest loan approval process. The following suggestions will help expedite the loan process.

• Read All Documents - Make sure you thoroughly read all the loan documents. Ask your loan officer to explain anything that you do not understand. Never sign blank or incomplete documents.

• Be Truthful - Truthfully disclosure all your income sources and debts. Do not fabricate or alter any documents.

• Explain Your Employment History - Thoroughly explain and document any part-time employment or gaps in your employment history.

• Source and Document Your Funds - All gifts must be fully documented with a paper trail. Do not accept cash as a gift from a relative for the down payment. Only seasoned funds are acceptable as gifts.

• Credit Issues - Thoroughly explain and document all past credit problems.

• Educate - Ask your loan officers to explain the terms of the loan, including any prepayment penalties, variable rate features, and any stipulations on how to eliminate private mortgage insurance.

Once your pre-approval has been issued by the lender, be sure to ask your loan officer to review with you all the loan programs your pre-approval includes. If you are a first time home buyer, you may qualify for down payment assistance, a zero down mortgage, or a special interest rate. While looking for a new house, you may find a property that needs a renovation loan or a condominium that can only be financed with a particular loan type. If you are looking a newer house, a construction or draw loan may be the best mortgage type for you. Be sure you thoroughly understand all your financing options before finding the house of your dreams. During the house-hunting process, keep an open line of communication with your loan officer and discuss financing options and inform your lender of any major financial changes that happen between the date your mortgage pre-approval was issued and the loan closing. If any changes occur to your financial situation, such as: a new job, new loans, or large gift that you intend to use towards the down payment, be sure to inform your loan officer so he is aware of these changes.

Keeping your lender updated will eliminate delays and the surprise of a possible mortgage denial. Having a mortgage denied due to changes in your financial picture, especially after telling your friends and family you bought a house can be embarrassing and heartbreaking. Be sure to talk to your lender, so you have a thorough understanding of the mortgage requirements and programs available to you.

Article Source: http://EzineArticles.com/expert/Michael_Zuren_PhD./1966583

Article Source: http://EzineArticles.com/9502969

Friday, February 2, 2018

Ready, Set, Rec! - February

Community Services Director Kerry Walker talks about the many activities and events being offered by the City of Vacaville!