TAKE A SECURE 5 MIN. LOAN APPLICATION ON-LINE NOW!! Click on this link: https://www.secureonlineapps.com/KeithDeJohnApp.htm ******************************************************************** Getting Qualified Getting qualified before you make an offer can help you understand how much you can borrow. When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you: - Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.
- Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.
- Helps you close quickly, since your loan is already approved.
Consider how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans. Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get. With so many programs to choose from, each of which has different rates, points and fees, it's hard to figure out which program is best for you. That's where Keith De John can help you make a decision that's best for you. Obtain Loan Approval Once your loan application has been received or taken by phone, Keith will start the loan approval process immediately. This involves verifying your: - Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value
- Based on your specific situation, additional documents or verifications may be required.
To improve your chances of getting a loan approval: During the loan process, do not make any major purchases like a car or furniture. Tell Keith of any pending purchases so he can plan accordingly. Anything that causes your debts to increase might have an adverse affect on your current application. Do not move money into your bank accounts unless it can be traced, and from family. If you are receiving money from friends, family or other relatives, please contact them before doing so. Do not go out of town around the closing date, since you will be needed to sign loan documents before closing. After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public at escrow. Be prepared to: Bring a cashiers check for your down payment and closing costs, if required. Personal checks are normally not accepted, so check with Keith before signing. Sign the loan documents and get ready to close. Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions, federal law requires that you must wait 3 days to close the loan after signing your final documents. That's it, but call Keith De John at (714) 612-5501 with any other questions.
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