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Improve Your Chances Of Qualifying For A Mortgage With 4 Easy Steps

apartments in redlands ca

When it comes time to buy a home, your first major hurdle to overcome is securing financing through a mortgage. But if you’ve never had a mortgage or similar loan before, you may find the process intimidating – and even more so if your loan application is denied.

Whether you’re a first-time borrower or you’ve been through the process before, these four easy steps can help you improve your chances of qualifying for a mortgage, and will help you secure the best rates and terms possible.

Step 1: Always Have Your Paperwork Ready To Go

The first thing a lender wants to see is that you have reliable income and you don’t hold too much debt. Their primary concern will always be whether or not on paper you look like someone who could pay back the loan. Pull together any paperwork you have for each lender or debt you have, W-2s or other documents to prove your income, mortgage or rent payments, and any assets you hold.

Step 2: Make Sure Your Payments Are Up-To-Date

Lenders will look at your payment history to see if you have any trouble paying your existing and past debts. But if you miss a couple of payments on your credit card bills in the months before you apply for your mortgage, the lender is going to see that right away and may hesitate to issue you a loan.

Step 3: Pay More For Your Down Payment

From a lender’s perspective, your down payment is a guarantee of your commitment to your new home. When you put down a more significant amount, the lender feels more assured that you are committed to making the transaction work.

Step 4: Boost Your Credit Score

Lenders are looking for credit scores above 650 for most conventional loans. If you want to get the best rates and terms, you’ll need to be closer to 750 and higher. To guarantee your credit score isn’t what loses you a loan, make sure you always pay on time and pay off larger debts like credit card bills to improve your overall credit balance.

 

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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Should You Lock In A Mortgage Rate?

apartments in redlands ca

One of the chief concerns of borrowers taking out a mortgage is interest rate changes. Depending on the circumstances locally, nationally, and internationally, interest rates can change over the course of a day.

There’s no reason for you to worry about your rate increasing while you wait for your closing date – instead, speak to your lender about a mortgage rate lock. Your lender will come up with an agreement that makes sure that rate is available to you for a certain period of time, with some exceptions. Typical time periods for a rate lock are 30 days, 60 days, and sometimes 120 days. The caveat to this is the longer your rate lock period, the more you’re typically charged in fees.

However, there are some things to be aware of when considering a rate lock:

Don’t lock too early.

If you lock in your rate for 30 days at initial approval and then don’t make an offer on a home for another two weeks, your rate lock will expire before your closing, and you’ve lost your guarantee. It’s advisable to wait to lock your rate until you’ve found a home.

Understand all of the terms.

Make sure you know whether your rate will be susceptible to changes stipulated in your agreement, and what fees you can expect. The longer your lock term, the more you’ll end up paying in additional costs.

Make sure you’re not missing out on lower rates.

A problem with locking your rate is that if rates drop during that period, you won’t be able to take advantage of them. Speak with your lender about a one-time rate drop option should things change during your lock period

 

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.

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Hoping To Downsize? What You Need To Know Before Looking At Listings  

redlands homes for sale

One of the reasons people flock to Redlands, CA is the laid-back, community-focused atmosphere. With a comfortable climate and proximity to major cities in Southern California, Redlands is often a choice for people who don’t want the hustle-and-bustle of a metropolis.

For that reason, Redlands is an excellent opportunity for those of retirement age to downsize their family home to access a relaxed lifestyle near to everything you still need. Whether you’re looking to downsize in your later years or are looking for ways to cut down your current costs, there are some things to consider before you even start looking at listings in Redlands.

What Is Your Long-Term Plan?

If you’re looking for a home to stay in for retirement years, are you hoping to leave that property or funds from its sale to your family? If you’re not in your retirement years yet, do you have plans for a family or a home business? Make sure you’re not downsizing in the wrong areas.

What Will You Do With Your Furnishings?

Moving from a five-bedroom family home in Redlands to a two-bedroom condo will save you lots of money, but will your current furnishings even fit into your new home? Consider selling furniture from your previous home to invest in small space-friendly furnishings.

How Much Will Your New Home Cost You?

Moving from a bigger home to a smaller one that costs the same amount isn’t quite downsizing – you’re better off keeping your spacious property unless you’re saving on taxes or maintenance. But more than the initial cost of the home, what will you need to spend on repairs, upgrades, or other areas that may require overhauling before your home is comfortably livable?

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How To Find The Right Family Home in Redlands, CA  

homes for sale near redlands ca

Moving as a single person or a couple is one thing – moving with a family is quite another.

When you’re shopping for a family home, you’ll find yourself balancing the needs of multiple people – which will often be different from each other – with the challenges of the home-buying process in general. Budgets can be contentious, and it may be difficult to plan your future needs while balancing immediate ones.

A huge benefit of shopping for a family home in Redlands, CA is that you won’t be overwhelmed by choices; in 2017, Redlands was home to slightly over 71,000 people. A great place to start your search for real estate in Redlands is to decide if there are certain amenities or schools you want to be nearby, and non-negotiable characteristics you need in a home.

Ask yourself these questions to help guide your search for the perfect family home in Redlands.

Can I afford that house?

The more children you have, the more space you need. But looking for a four-bedroom home means you’ll be paying a higher price. Before you even start looking at properties in Redlands, get preapproval for a mortgage, so you know how much you’ll be able to finance. If paying for four-bedrooms isn’t an option, you’ll find a creative way to make fewer work, but you don’t want to waste time looking at what you can’t afford.

Is a historic property right for me?

You’ll find a lovely selection of homes in Redlands from eras past. And oftentimes, these homes have the curb appeal and historic finishes that can’t be replicated today. But, the downside of that uniqueness is that they often cost more to maintain.

A secondary consideration regarding historic homes should be how suitable they are for your family. Perhaps you love the look of an original hardwood staircase, but is it practical for your young children to navigate these for the next several years? Consider things like the cost of child-proofing existing architectural elements before making a decision.

Does this layout work for my family?

Each home you look at will have a unique layout, and one of them will be ideal for your family. If you have small children that you like to keep an eye on, an open plan layout will let you see what’s happening in the living room even when you’re in the kitchen. If you want all of the bedrooms to be near to each other, you may have to sacrifice a first-floor master.

About US

Redlands California Homes for sale is run by Results Group. Jessica, Alan and Justin have been part of this community since birth for some of them. If you are looking to sell a home, buy a home or just have questions about real estate in general  in and around Redlands California such as Highland, San Bernardino, Yucaipa, Calimesa, Cherry Valley, Beaumont, Hinda, Moreno Valley, Bloomington or surrounding area, contact us at (909) 345-0909 or email us here. One call is all it will take for you to understand why we have top reviews and provide a zero pressure approach to real estate. Have an expert for all your Redlands California Homes for Sale and area for your real estate needs. Learn More About Us here.