What Is A Good Credit Score For Mortgage Loan – Tips In Finding The Best Company
Having a good credit score can saves you hundreds of dollars every months and thousands a year when you are buying a home in Los Angeles or buying a home anywhere in California.
I reveal the minimum credit score I recommend to get a good deal on your next home purchase or refinance.
In this video, I answer some questions from a home buyers facebook group.
Question 1 – Should have a down payment before speaking with a loan officer?
You should do both. Start saving ASAP and also speak with a loan officer to see how much you will actually need to save to buy that home.
Question 2 – Should I be avoiding homes that have been on the market too long?
NO! Homes that have been on the market for over 60 days means you could get a killer deal and should definitely at least look at the house and if you like it, put in an offer. We recently closed on a house that was $90,000 under market value!
Question 3 – What is a good interest rate to get a home loan or refinance?
My recommendation is to have at least a 700 credit score or else you will be stuck with a high rate and paying more in interest than you should.
You can start working on your credit as soon as you turn 18. Keep your debt low, make payments on time, and have 3 open and active credit lines.
Check out my video on raising your credit score here – https://www.youtube.com/watch?v=A81zzKnYFDo&t=209s
Question 4 – How fast can you close on a home loan or a refinance?
With lenders upgrading their technology and competing with one another on who can close the fastest and best rates, closing on a home loan is faster than ever.
We can close on a home loan in less than 3 weeks whether that is a refinance or a purchase loan.
WANT TO DISCOVER 38 PROVEN HACKS AND TRICKS WHEN IT COMES TO BUYING YOUR VERY FIRST HOME?
I created a free book for first time home buyers that will help you get through the home buying process as smoothly and easy as possible!
GRAB YOUR FREE E-BOOK HERE https://vantagehomeloans.com/freeguide/
HAVE A QUESTION ABOUT GETTING A LOAN IN CALIFORNIA?
Book a call with me or my one of my home loan advisors:
or send me an email at firstname.lastname@example.org
FOLLOW ME ON THESE DIFFERENT PLATFORMS FOR MORE LOAN UPDATES:
1) FANNIE MAE HOME READY PROGRAM
Property Look up tool: https://ami-lookup-tool.fanniemae.com/amilookuptool/
This lets you know if the property you are looking at, qualifies for the home ready program where you only need to put down 3% so that you can get a killer deal!
2) FHA Program – Only 3.5% Down Payment Required and Perfect for First Time Home Buyers. Low FICO OK. Low Down Payment OK.
3) Conquest Program with UWM – 2.5% – 3% on a 30 year fixed mortgage. For highly qualified buyers and homeowners only.
Must meet the following requirements:
1. It has to be your primary residence or a secondary home
2. You havent gotten a loan with United Wholesale Mortgage in the last 18 months
3. 22 Day Lock Period ONLY – This means you have to close your loan within 22 days which is totally doable because this lender moves really fast but that also means you have to move quickly as a borrower and submit your documents ASAP.
Additional requirments may apply to qualify for these programs.
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Vantage Home Loans
145 S. Fairfax Ave. #200
Los Angeles, CA 90046
NMLS # 1394651
BRE # 01766463