ARE YOU PREAPPROVED FOR A LOAN?
TO GET PRE-APPROVED FOR A LOAN:
I will help you complete a mortgage application and ask you to provide us with various information verifying employment, assets and financial status such as W-2 forms, pay check stubs, bank statements and tax returns.
We’ll look at your credit profile and assess your goals for a down payment and determine the loan programs that would be best for you.
Getting pre-approved for a loan gives you competitive advantage when the time comes to bid on a home because you have been approved for a loan for a specified amount. Together, we’ll review your mortgage options that best meets your needs. Once the application process is complete you will receive a pre-approval letter indicating the amount your lender is willing to lend you for your home purchase.
A pre-approval letter is not binding on the lender; it is subject to an appraisal of the home you wish to purchase and certain other conditions. If your financial situation changes (e.g. you lose your job), interest rates rise or a specified expiration date passes, your lender must review your situation and recalculate your mortgage amount accordingly.
Lots of folks who are looking to purchase a new house qualify for several different kinds of mortgages, but they don't have a lot of money to put up the standard down payment. Do you want to buy a new house, but don't know how you should put together a down payment?
YOUR DOWN PAYMENT
Look for ways to trim your monthly expenditures to save toward a down payment. There are bank programs through which a portion of your paycheck is automatically transferred into a savings account each pay period. Some practical approaches to save additional funds include moving into less expensive housing, and skipping your vacation for a year or two.
Ask for help from generous members of your family
Many buyers are sometimes lucky enough to receive down payment help from thoughtful family members who are anxious to help get them in their first home. Your family members may be eager to help you reach the goal of having your own home. We accept gift funds for down payment.
Borrow from a retirement plan
Research the details for your individual plan. Many people get down payment money by withdrawing funds from their IRAs or borrowing from their 401(k) programs. Make sure you comprehend the tax ramifications, your obligation for repaying funds, and early withdrawal penalties.Before you begin to shop for a new home, you should set up a time to meet with me so we can figure out how much you can afford.
This will put you in a better position as a buyer.
The feeling of accomplishment will be the same, no matter which strategy you use to get together the down payment.
Your new home will be your reward! Want to discuss down payments?
Call us at 925-998-2964 or E-mail: HomesandLoansCA@gmail.com
Looking for mortgage advice?
We'll be glad to answer your questions about
your mortgage options!
Give us a call today at (925) 998-2964 or
Golden Pacific Home Loans
111 Deerwood Dr Suite 200 San Ramon, CA 94583
CA BRE# 01918049 NMLS# 967683