Danny Arriaza Your Mortgage Lender

Agent educating first time buyers at the Fair Housing event!

Celebrating # Mother’s Day

Why is it important to get -approved before purchasing a home?

1️⃣ You can set up your budget in advance. 💰 A home is a big investment, and so knowing what your mortgage will be can help you set up your budget and financial plans early on in the process.

2️⃣ You will give the impression of being a responsible buyer. Sellers are looking for someone who takes the purchasing process seriously and if you show the seller you’re pre-approved already, they are much more likely to go into negotiations. 😃

3️⃣ You have more negotiating power💪🏽Since a mortgage will show the seller that you, as a homebuyer, are qualified to purchase a home, the seller may be open to a larger range of bidding prices due to decreased risk of financial losses.

4️⃣ You can move in faster! Being pre-approved means you already got one of the biggest steps done and you can move on to the closing process quicker. Before you know it, the keys 🔑 will be yours!

Talking to a lender can be intimidating if you don’t know what to ask. Let’s continue with tip # 2 of this series.
Here are a few good questions to ask when you meet with a lender:
✔️ What is the interest rate and the annual percentage rate (APR)?
✔️ Can I lock in an interest rate? If so, for how long?
✔️ Will my down payment vary based on the loan I choose?
✔️ What will my closing costs be? Are they a part of my loan, or will I pay them in cash at closing?

Buyer Tip Of The Day- Did You Know?

Seriously house shopping is counterproductive if you’re not pre-approved in our market. Think about it, if you find the home of your dreams and put in an offer without pre-approval, the seller is just going to throw it out.

Why? They have no proof that you actually have funds to buy the house, and they probably will have several other offers that do have proof.

That proof is a pre-approval. Basically, a lender will look into the nooks and crannies of your finances to determine how much mortgage you can afford (re: how much a bank will probably let you borrow).

It’s an easy process, but you need to get it done before you start seriously looking at home, lest you encounter a case of house heartbreak when ~the one~ gets away.

So save this checklist and then crack open your file cabinet/email archive and start pulling out these docs. You’ll want at least 2 years of history to show, too.

Have any questions about getting pre-approved or how to start the home search process? My DMs are always open, and I’m happy to answer any questions you may have.

Happy Monday

Are you qualified for a conventional loan? Let's find out!

Fun Fact Friday

Thinking about changing your employment when mortgage is due soon or purchasing a new home?

Did you know?

Sticking with your employer while going through the home buying process is crucial. Income is the key to support your borrowing power. Any changes to your employment or income status can stop or greatly delay the mortgage process.

👉 Did you know you have OPTIONS?

✅ Let me help you to save money today by providing different mortgage options. Contact me today!

When buying a home, it’s always a good idea to get preapproved first. Why? Because it goes a long way when we break it down in our buyer tips this week! Who do you know that needs to get preapproved?

So you applied for a mortgage, and… your loan application was denied. Boo. ⁣ But keep your chin up and don’t stress — there’s hope yet for aspiring homeowners just like you. Here’s what you can do:⁣⁣
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1. Find out why you were denied. Your mortgage specialist should give you a definite answer as to why your application was turned down. Having this info will help you know what you need to do for next time.⁣⁣
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2. Check your credit report. Pull your free credit report (Borrowell is great for this) and make sure there aren’t any errors. ⁣ ⁣
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3. Pay down your debt. Most lenders want to see a debt-to-income of less than 44 percent. Do what you can to come in under that number by paying off credit cards, student loans, and car payments.⁣ ⁣
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4. Shop around. If you were denied by one of the big banks, talk with your realtor or mortgage broker about other loan options that may work with your financial profile. Don’t be afraid to speak with multiple lenders.⁣⁣
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If you’re looking to buy a home and have had trouble getting a loan, give us a call. We are here to listen, encourage, and get you back on the path to homeownership.

Friday tip

My oyster partner! 😍😍

I totally get it! Buying a home is a huge deal. Plus, making sure you have a budget established, your credit in check and all of your documents in order feels like a daunting task. That’s where we come in! Our team (I) will help you crunch the numbers so that you have the confidence you need and a competitive edge when submitting offers.

Call us today to get the guidance you need in today’s market!

Do you know the difference between a Pre-Qualification and a Pre-Approval🤔?

🔮 Pre-qualification is a general idea of what you could qualify for WITHOUT doing a credit check. It's a quick process and is based upon the borrowers pay-stubs, and bank statements.

🆗Pre-Approval is a complete look at the borrowers credit history, and the borrower fills out a mortgage application for the loan.

💰The borrower then is given a conditional commitment in writing with the loan amount, interest rate, and the loan type they qualify for.

💡 Things to Remember ⤵️:

1️⃣A pre-qualification isn't a sure thing and doesn't carry weight like a pre-approval does.

2️⃣ Having a pre-approval shows any seller that you are motivated and a serious buyer.

3️⃣ Knowing what a buyer is qualified for prevents wasted time looking at properties that are too expensive.

Happy Labor Day!