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Los Angeles County Home Mortgage Loans

At Bankers Group our goal is to provide a full range of options to our clients.

Homeownership 101

A home is the most expensive purchase most of us will ever make. Here, we'll examine the basics of homeownership. If you've decided you want to own a home, we'll show you how to calculate how much you can afford to spend.

Mortgage lenders are primarily concerned with your ability to repay the loan. They'll consider your credit history, your monthly gross income and how much cash you'll be able to accumulate for a down payment. So how much house can you afford? To know that, you need to understand a concept called "debt-to-income ratios."

The standard debt-to-income ratios are The housing expense and the total debt-to-income. Or more simply put, the front-end ratio to back-end ratio.

Front-end Ratio:

The housing expense, or front-end ratio, shows how much of your gross (pretax) monthly income would go toward the mortgage payment. As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. To calculate your housing expense, multiply your annual salary by 0.28, then divide by 12 (months). The answer is your maximum housing expense.

BackEnd Ratio:

The total debt-to-income, or back-end ratio, shows how much of your gross income would go toward all of your debt obligations, including mortgage, car loans, child support and alimony, credit card bills, student loans and condominium fees. In general, your total monthly debt obligation should not exceed 36 percent of your gross income. To calculate your debt-to-income ratio, multiply your annual salary by 0.36, then divide by 12 (months). The answer is your maximum allowable debt-to-income ratio.

As an example:

Take a home buyer who makes $40,000 a year. The maximum amount for monthly mortgage-related payments at 28 percent of gross income would be $933. ($40,000 times 0.28 equals $11,200, and $11,200 divided by 12 months equals $933.33.)

Furthermore, the lender says the total debt payments each month should not exceed 36 percent, which comes to $1,200. ($40,000 times 0.36 equals $14,400, and $14,400 divided by 12 months equals $1,200.)

If you have questions about a home equity loan (heloc), please contact Lea Levy directly at: 818-226-6107.

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Dorothy Reik

818-226-6107

Likely before you came to Bankers Group, you were shopping around for a home loan in Los Angeles County to help you get the best financing deal on the market.

A mortgage ￿ whether it's a home purchase, refinancing, or home equity loan ￿ is a product just like a car. So, the price and terms may be negotiable. Shopping, comparing, and finding your way to Bankers Group may have saved you thousands of dollars.

Bankers Group is a mortgage broker center working in the Los Angeles County area. As brokers, we arrange transactions rather than lending money directly. In other words, we find a lender for you. Our access to several lenders translates to a wider selection of loan products and terms from which you can choose.

Maybe you were searching the Internet for a way to refinance your existing los angeles county home loan. Because refinancing involves many of the same steps you followed to get your current mortgage, the refi road may seem familiar. You may, however, face a few additional steps and different types of expenses.

To refinance means paying-off your current mortgage and taking out a new loan.

Homeowners opt to refinance for a multitude of reasons, but the most common is obtaining a lower mortgage interest rate to lower monthly payments. However, some other popular reasons to seek out a refinancing solution are building equity faster, changing a loan type to taking advantage of an improved credit rating or drawing on already built equity in the home.

To help determine if you're ready to refinance on a home loan in Los Angeles county, contact Dorothy Reik directly at Bankers Group:
818-226-6107.





Home Commercial Loans |   Escrow |  Hard Money |  Home Equity Loans | Home Mortgages | Refinance | |
Bankers Group   5311 Topanga Canyon Blvd., Suite 201    Woodland Hills, CA 91364
Cal BRE# 01233829 | NMLS ID# 294230 | BGIF, Inc. dba Bankers Group
PH: 818-226-6100 | Fax: 818-226-6111
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