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How to Increase Your Chances of Qualifying for a Mortgage


Qualifying for a mortgage loan is a complicated process. Here are a few tips to make that process easier.

Today we’re joined by a special guest, Jay Rodriguez from New American Funding, to talk about a few ways that homebuyers can increase their chances of securing a home loan. Jay offered some great tips, which we’re going to share with you now.

According to Jay, the biggest factor in qualifying for a loan is your ability to repay. That means when you’re applying for your loan, make sure that the job you are getting your approval based on is going to be your job all throughout the process. If your income and employment are consistent, it’s a lot easier to get qualified.


Don’t move any large amounts of money around in your bank account.

As far as credit is concerned, your score and your debt need to be as clean as possible. Don't make those large purchases with credit during the loan approval process. They will check your credit multiple times through the process to make sure that you haven’t opened any new accounts or taken on any new debt. At the same time, you don’t want to close any credit cards during the approval process because if you do, it will be very detrimental to your score.

Finally, don’t move any large amounts of money around in your accounts. Any money that’s used in the transaction will be inspected and sourced. Your lender has to know where it’s coming from if it hasn’t been sitting there in your account for at least a few months.

If you follow these tips, your lender is much more likely to say “yes” and much less likely to say “no.”
If you have any questions for Jay, feel free to reach out to him at (949) 214-2810. If you have any other questions for me in the meantime, don’t hesitate to give me a call or send me an email at any time. I look forward to hearing from you soon.

Why Do You Need a Real Estate Professional?


Today I want to share five reasons that you need a real estate professional at your side.

Today I want to talk about the five reasons that you need a professional at your side when entering the real estate market.
 

1. The paperwork. Selling a home involves a lot of paperwork. Therefore, you need to work with a professional who can help guide you through these documents. In my business, I use a transaction coordinator to make sure that all your paperwork is completed correctly.

2. All the steps. Between negotiations, appraisals, and inspections, there are a lot of things that need to be done when selling a home. You will definitely want a professional on your side to help you through these steps.


The national news does highlight different markets and how they are changing, but you will need to work with an agent who knows your specific market.

3. Negotiations. When it comes time to sell, you’ll want to have someone representing your best interests. Having an agent working on your behalf will ensure that you earn the best price and the best terms.

4. Valuing the home.  Pricing a home correctly can be difficult. Having someone who understands your local market and who isn’t emotionally connected to your property will help you determine a fair price. This will allow you to earn the best deal for your home.

5. The current market. The national news does highlight different markets and how they are changing, but you will need to work with an agent who knows your specific market. With a real estate professional like myself, it'll be easier for you to get that information and it'll help you sell your home in the shortest amount of time for the most money.

If you have any additional questions about this or if you're interested in learning more about buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

Pro Advice About Home Buying for First-Timers


Today, Jay Rodriguez from New American Funding is here to give new homebuyers a few tips for how to set themselves up for success when entering the market.

Today’s guest is Jay Rodriguez from New American Funding. This past weekend we were talking when I had millennial buyers come in that got me thinking: What are the steps and tips that new homebuyers should know when they’re looking to enter the market?

Jay’s first point is to actually examine where your money is going and start saving. We live in a cashless society nowadays, so be sure that you’re keeping track of your money. There are apps that you can download that will help manage and track your expenditures, which will come in handy if you want to keep an eye on your funds.

The more money you’re able to contribute to your home purchase, the less financing you’ll need, meaning that your monthly payments will be lower. You’ll be more likely to qualify for a loan and you’ll happier with your monthly payment situation.

Further to that, pay attention to your credit. There are programs that will accept a credit score as low as 580, but the higher your credit is, the better off you’ll be in terms of what financing you have access to.

You should be speaking with a credit specialist as soon as possible in the home buying process. You need to find out what, if any, issues your credit has so that you can repair it if necessary.


You should be speaking with a credit specialist as soon as possible in the home buying process.

Apps like Credit Karma and certain credit unions will send you your credit report, but many people don’t realize that there are many different versions of your score. In the mortgage game, we’re stuck with a model that hasn’t been updated since 2009. Also, if you have medical debts or similar collections, those will be viewable on a completely different report from the one that’s pulled by Credit Karma.

Jay’s first step to beginning the home buying process is to speak with an agent you trust and like. They need to be an expert in the market and know the area you’re looking to buy a home in.

He also recommends attending open houses, which are free. These allow you to see the neighborhood and imagine yourself living there.

Finally, get yourself a lender. New American Funding is licensed in all 48 states of the continental U.S. and would be happy to hear from you. Call (949) 214-2810 to set up a consultation.

If you have any questions about real estate in Southern California, please reach out to my team. We’d love to help you.