California mortgage

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There are different mortgage loans in your area that provide with information on their conditions. But usually they are telling you minimum and maximum rates that are actual for this kind of mortgage.

The rate you get depends on many factors and can widely vary within those limits.

In order to decide what mortgage you can apply for and what rates are yours you should consider these parameters.

1. Credit

The more serious the credit problems you had experienced, the further your grade decreases. As the grade on loans decreases, lenders generally assess higher rates and fees.

And please don’t think this is related only to mortgage loans. The same rule applies for all your loans even consumer ones. So don’t miss your car payment J

2. Debt ratio

Many lenders use this ratio in order to evaluate the capacity of the borrowers to repay the mortgage obligation. So if you have it too low you will be provided with high level of mortgage rate. The ratio is calculated as a result of division of the total monthly debts (the housing expenses for the proposed loan plus the borrower other monthly credit obligations) by the total monthly income.

3. Loan to Value Ratio

Next ratio you have to take into consideration is Loan to Value Ratio (LTV) that shows what part of the property value is covered by mortgage. The better credit history you have the higher LTV you can consider.

4. FICO Score or Credit Score.

A FICO score is a credit score developed by Fair Isaac & Co. Credit scoring is a method of determining the likelihood that credit users will pay their bills. The higher the credit score, the better the credit risk.

There are different methods to calculate this score. And different agencies can use any of them or calculate an average. In order to make the calculation before your visit to your lender you may use online calculators. The scores range from 375 to 900 points, and in general, a score of 650 or above indicates a very good credit history. Average FICO scores fall into the range between 620 and 650.

If you really decided to buy a home in California you have to choose the right mortgage program for you.

And the first thing you have to take into account is the level of mortgage rate they are taking.

Here are the actual rates for different programs:

Coming soon:

True facts and personal opinions about companies providing mortgage in California!

Everything you waned to know but were afraid to ask about!

California mortgage lenders and mortgage brokers as common people see them!