When I was much younger, my mother would always warn me to wear clean underwear in case I was in an accident. She didn’t want any son of hers to be taken to the hospital wearing dirty underwear.
First time homebuyers in Temecula, Murrieta and other areas of Riverside and San Diego County who are beginning their home search, would be advised to check their Jockeys, Fruit of the Looms and Hanes before they begin the search for their first home. (more…)
Posts Tagged ‘first time home buyer loans’
Temecula Real Estate – First Time home buyers should wear clean underwear!
Sunday, July 18th, 2010
Temecula Real Estate – Do you know what your lender looks for in a loan application – Part 2
Sunday, June 27th, 2010
First Time Home Buyer Loans
Buying your first home can be a very exciting experience. It can also be a frustrating one if you don’t have all the information necessary to make the journey a smooth one.
Unless you’re paying cash, you will be asking a mortgage company or bank to lend you a lot of money. It should be pretty obvious that the lender wants to make sure you will repay them so they are going to carefully examine your current financial situation to determine if you can and will pay them back.
The four area lender reviews are:
Credit History
Asset
Income
Reserves
In part two, we are going discuss the Asset or the property you will be buying. (more…)
Temecula Real Estate – Do you know what your lender looks for in a loan application? Part 3
Sunday, June 27th, 2010
First Time Home Buyer Loan
In previous posts we’ve discussed the first two legs of the loan application: Credit History and Asset.
Part 3 is going to focus on the third leg of the loan application CH-A-I-R, or Income.Where Credit History is concerned with your willingness to repay. Income is how the lender determines your ability to repay.
If you’ve been using one of the myriad of “how much do I qualify for?” applications on many lender’s websites, you’re probably getting misled by the results.
Why? Because unless you have lending experience, you probably aren’t calculating your income the same as a lender would. The exception being, if you are salaried and each paycheck is exactly the same. (more…)