Payday Loan Fairy

Pain, lots of Pain. It use to be easy to get a loan in CA. Now it is just pain. I have been a mortgage broker in Ca for 24 years and it has never been this hard to qualify and close a home loan. Just expect lots of torture and asking for, in minute detail, all your income, savings, and credit information.

2007-10-01 05:08:49 by Samantha D

What would the estimated mortgage payment be a month?


NO SPAM!
Credit score 710. Interest rate unknown. I am just wondering what people out there say. Maybe someone has bought a home recently in California with a credit score in a relatively same area of a score as mine.
Thank you!
Car and student loan are my only expenses and both are almost paid off in full.

With really good credit you are looking at $100k. Some banks would lend you the $300k with income less than that, but please figure out if you can really afford it or not. Find out what the payments are and simulate them for a few months (deposit the difference between your rent and the new payment in your savings account -- let's you see how the new payment affects your lifestyle and gives you a few bucks in savings).

good luck!

Total payment depends on taxes and insurance. The rest of payment is principal and interest. Since interest is the dominant cost in a home mortgage without knowing the interest rate, we can't tell you.

A 30 year fixed at 5% is $1610 per month.

A 30 year fixed at 6.5% is $1896 per month (just principal and interest.

A 30 year fixed at 8% is $2201 per month (again, just principal and interest)

2007-10-28 21:54:42 by jocular2005

I am very interested in working as a Loan Processor but I am also curious of what does it take to open one’s own Mortgage loan office. I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital.

While each state, and sometimes, county, laws will vary, find out the process here:

www.howtostartamortgagebusiness.com

2007-04-14 08:17:50 by jazcy

I am very interested in working as a Loan Processor but I am also curious of what does it take to open one’s own Mortgage loan office. I know the essential people would include a Mortgage Broker license, underwriter, loan consultant, document drawer, etc. but what else is needed besides a large capital.

While each state, and sometimes, county, laws will vary, find out the process here:

www.howtostartamortgagebusiness.com

2007-04-14 08:13:04 by jazcy

Withou about 20% down payment? Would this be very hard to do? What is also an ideal income range to make this kind of deal. I know that it has become much harder to get a mortgage these days so I was wondering under what conditions one could buy a $730,000 home with 20% downpay or is this nearly impossible today in CALIFORNIA?

No, buying a home is still just as easy today as it was last year for people that REALLY qualify.

With a 20% down payment it sure makes it easier.

But it's more than just your score......

Your income has to support the new payment and your current debt load. This is called Debt-To-Income ratio. Lenders have their own guidelines, so you may not qualify with one lender, but might with another, but everything is risk based, which means the higher the risk, the higher the rate.

We would have to look at ALL the pieces of your puzzle to see if we could make the picture(transaction) fit together.

The easiest thing to do is to get pre-qualified, it doesn't cost you a thing, and then you won't have to worry about "What ifs".

You would know...

I would definately work with a broker if you think you have "Issues", they typically have non-traditional lenders in their portfolio that entertain non A-paper deals, where as a bank can only lend THEIR products, so if you were turned down at your local bank, you may get approved with another lender.

Good Luck

2008-04-05 12:19:02 by Quest

6 months interest which is just a tiny bit less than 6 mortgage payments if you're on a 30 year loan.

2006-03-29 15:46:57 by talenashton05