California mortgage tips: Getting a Mortgage in California The Easy Way

After the notorious mortgage crisis of 2009, banks have turned extremely leery with customers. That means, it's become very, very difficult to get a mortgage. Most banks will ask for a ton of documents and even after getting the documents, there is no guarantee that you will get your loan. But you have the finances and you want to ensure that your mortgage application is accepted on the first shot. What do you do?

Let's Find Out
Industry experts point out that the real estate market has appreciated tremendously over the last two years. Interest rates are low and it is possible to get a good rate on your mortgage if you are careful with your application. With this intent, here are a few California mortgage tips that should make the application process simple and easy.

1. During the application process, do not change your employment.  Being with the same employer demonstrates stability and cast a positive light on your application. It also means that you have a steady income and will be able to pay off the loan. The longer you are at your current job, the better the chances of getting your mortgage.

2. You may have to demonstrate rental history for one year. This is expected and you should be prepared with a lease, cancelled checks, or a Verification of Rent or VOR from your landlord. If you have liquid assets, make sure you include these in the application as well.

3. Talk to a mortgage broker. Brokers are well-informed about the market and they could match you to the perfect loan, interest rate, and down payment. They may also be able to bargain with the lenders to get you the best rates and features in your mortgage.

4. Consider getting an FHA loan. This should be your last option but you can try the Federal Housing Administration for a loan. The down payment for an FHA loan is also only 3.5% which is quite affordable. The FHA has a program that insures the loans of first-time mortgage holders or home buyers. This may make you seem a much attractive option for lenders.

5. Get preapproved for your mortgage. This is probably the most sensible option we have for all first-time mortgage applicants. Don't wait for your dream home to become available on the market. Start saving money for a down payment in a separate account and then get preapproved for a loan. The place where you bank or the local credit unions are the best places to start applying.

6. Review your mortgage application to vet out mistakes. Remember, all the details on your mortgage application are verified. If you make a critical mistake in your application, it could result in your application being rejected outright with no recourse for appeal. If you want more info, then visit this related website.

These simple tips could make a big difference to your loan application. Make sure you talk to the loan officer and discuss paperwork with him in as much detail as possible. If you do your legwork and research possible, there is no reason for your application to get rejected.