Alpine CA. Lowest Mortgage Loan Broker

Alpine CA. Lowest Mortgage Rates | Company | Broker | Lender

CURRENT REFINANCE RATES ALPINE CA

      Product                  Rate Change

● 30 year fixed 3.63% ↑ 0.02

● 15 year fixed 2.99% ↑ 0.07

● 5/1 ARM 3.07% ↑ 0.14

Basic 4 things that shall be checked during your application for refinancing are the following:

1. Your Credit Score and Mortgage Payment History

2. Your Income and Employment history

3. Your assets (Stocks, bonds, mutual fund, cash in the bank)

4. Your appraisal to determine the current value of your home

Let’s expand on the above 4 points in detail so that you are prepared and have an understanding of how mortgage process works for Alpine CA Mortgage Rates.

Your Credit Score and Mortgage Payment History (Alpine CA)

The first thing that would be requested by the borrower is to get access to his credit report. Credit report and credit score are two separate things.

A credit report is an itemized financial reporting of the borrower’s individual finances and how he has been managing it all these years.

A credit score is a numerical expression of the itemised financial reporting of borrower’s personal finances and how he has been managing it over the years on a scale of 350 to 850. Where 350 is the lowest credit score and 850 is the highest credit score.

720 or 740 plus is considered good credit score and thus you qualify for lower rates as you have managed your finances well.

Mortgage Payment history is yet another important factor that is looked into. It is extremely difficult for a mortgage borrower to be able to refinance if he is reported single time late in past 12 months. Generally, mortgage history of past two years is looked into more closely.

You can contact your Alpine CA mortgage expert to get you the lowest mortgage rate on your refinance.

Your Income and Employment history (Alpine CA)

Two years of income history is required. To verify two years of W-2 if you’re employed and two years of IRS tax returns, if you are self-employed, is needed. If you have an only one year of employment history. The case can still be pushed as long as you are employed but in case of self-employed almost inevitably two years of IRS tax returns will be needed.

As for employment history. Two years of employers details and job position is needed in case of employed borrowers and for self-employed borrowers, banks like to see two years of business details.

You can contact your Alpine CA mortgage expert to get you the lowest mortgage rate on your refinance.

Your assets (Stocks, bonds, mutual fund, cash in the bank) Alpine CA

While refinancing Banks want to make sure that you have some form liquidity with you. That liquidity can take any form. Such as 401k, IRA, Stocks, Bonds, Mutual Fund, net Cash Value of Life insurance Policy. Whether you are self-employed or employed or regardless of the property type. Assets are needed.

The reason why banks want to see that you have a few months of housing payment liquidity with you is to see how prepared you are to deal with financial contingency and would the mortgage borrower be in a position to continue making his house payments.

Your appraisal to determine the current value of your home (Alpine CA)

The collateral against which the bank would be lending money is your home. Your home comprises of two things. Land value and Construction. This is reflected in your Appraisal report conducted by a licensed appraiser. Here we find best mortgage refinance lender

As of today, the bank with which you apply for refinancing will send out an appraiser on their own. To avoid prejudice n the matter the Loan Officer cannot contact the appraiser by any means and neither can the borrower so that no one can influence the outcome of the appraisal.

An appraiser looks at the home and finds a similar looking home in the neighborhood within prescribed limits called comparables and evaluates the property value. They give consideration to any recent construction or renovation made by the mortgage borrower.

You can contact your Alpine CA mortgage expert to get you the lowest mortgage rate on your refinance.

Alpine CA Mortgage Broker

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower. You can even email at roger@affordable-payment.com

Article by Roger Shanker