California Mortgage Tips for First-Timers

Loan and mortgage processes in California are relatively similar to that of other states. However, first-timers can take advantage of a few tried and tested tips to ensure that the process goes as smoothly as possible. Here are a few California mortgage tips that you may find useful. 

Apply for one mortgage or loan at a time.  
Doing multiple applications can result to multiple inquiries by different vendors which can negatively affect your credit score. Many vendors tend to ask for a letter of explanation if they see multiple inquiries into your financials within the past 120 days. 

Ensure that your employment is stable prior to getting a loan.
Most underwriters look for applicants with stable income streams which ensures your ability to pay off the loan on time.

Refrain from making large purchases shortly before or after taking out a mortgage.
Additional debts have to be counted in to your qualifying ratios, even if you have the money to pay for it and even if you get the monthly payments deferred. For more info, check this website.

Mortgage applications need not be hard nor tricky. The first step is ensuring that you are a good candidate and you can expect a good chance of getting your mortgage approved by any reputable lender.