Need help with your California home purchase?

Use the links below to find all of the information you need about your home California purchase.

California Homes For Sale
California Real Estate Agents
California Home Loan
California Mortgage Rates
California Credit Score
Prequalified
California Home Owners Insurance
California Home Inspection

 

How can I prequalify for a California mortgage?

To get pre-qualified, first find a few lenders and compare rates and closing costs

Factors that determine your prequalification level:
● Your Housing Expenses (Principal, Interest, Taxes, and Insurance) should be less than 40% of your gross income.  The exact figures varies.  Some lenders will require less of a ratio.  To get advice on which lenders may require less, you may consult a mortgage broker.
● Your Total Debt-to-Income ratio should be less than 50% - the lower, the better.  This means that your total credit card bills, car payments, and other monthly debt, including your monthly housing expenses should be no more than 50% of your gross monthly income.
● Your ability to prove a steady income and your credit history.
● The property value compared with how much money you are putting down.  If you have good credit, some lenders will not require a down payment.  But in general, to get the best rates, you will need to use at least 3% of your own funds.

 

Note that pre-qualification only qualifies you for a loan. It does NOT guarantee a loan.

When you are working on your California home purchase, it is best to get pre-qualified as soon as possible.  You may use it as a bargaining tool when you are trying to buy your home.  If you and another person are both interested in one home, the seller is more likely to work with the person who is already pre-qualified for a mortgage.
 

Get Pre-Qualified for an California mortgage Now- click here


Here are some other reasons why it is best to get pre-qualified for a California mortgage even before you know what house you wish to make an offer on.
 

Pre-approval helps you:
● Know how much you can borrow
● Confirm your ability to qualify for a California mortgage based on your credit, financial and employment information.
● Strengthen your position to make an offer on a house. A seller will be more willing to accept an offer if the buyer is pre-approved.

Before you close on your house, you will need to do some other things - including getting your California Home Owners Insurance.

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