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Loan Process

If youíre thinking about purchasing your first home, rememberóitís a big decision and several things should be taken into consideration. Here are some important questions to ask yourself before you buy.

How long do you plan on living in the home?

The national average for how long people live in their homes is approximately seven to nine years. Reasons for leaving a home can vary widely. But if you purchase a home then decide after only a short time to move, you may end up paying to sell. Generally, the shorter timeframe youíre in your home, the less your home has had time to appreciate in value. This may be so to the point that you may not recover what it cost to buy and sell the home.

What does your financial picture look like?

Itís possible to find a lender for nearly any financial situation. However, if your past financial history is good, you'll have better home loan options. In general, a couple of late payments on a credit report wonít affect your chances much and you'll be considered a good credit risk which qualifies you for lower interest rates. However, if you have more issues on your credit report, lenders may still provide you with a home loan, but you may have to pay higher interest rates and fees.

Where will the money come from?

Typically, home buyers will need money for the down payment and closing costs in order to close the loan. However, you donít always have to have a lot of money for a down payment, as long as youíre a good financial risk to a lender. Several loan options today offer zero down and low down payment home loans. Even if your credit isn't stellar but you have managed to save 10-20% for a down payment, you will still have some very good mortgage options.

You've Got Options to Choose From For Home Loans

Fixed Rate Mortgages

This type of loan is right for homeowners who will not be moving within 7-years and those interested in a traditional fixed-rate mortgage.

Adjustable Rate Mortgages

This type of loan is right for anyone looking for a low rate and payment and who is planning on moving within 7-years.

Jumbo Loans

This type of loan is right for people looking to purchase or refinance a home for over $417,000.

After reviewing our Website, we hope you found the answers to your questions and that you will consider Bankers Group for your current financial needs. For rates and terms, loan to values and underwriting guidelines, contact our underwriting department at: 818-226-6100 and ask for Dorothy Reik.

APPLY NOW

Dorothy Reik

818-226-6100

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 ó whether it's a home purchase, refinancing, or home equity loan ó 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:
818-226-6100.





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