The Interest Rate on Your Roseville Mortgage Is the Least of Your Concerns!
Perhaps it is all of those car commercials advertising 0% financing. Or perhaps it is the mortgage crooks on the radio touting mortgage rates under 4%. Whatever the reason, I'll get Roseville mortgage clients whose main concern is getting a low interest rate on their home loan.
Little do they know how unimportant that is in the current market!
First off, slight increases in interest rate often translate to very small increases in your monthly payment.
But that's not the main issue.
The issue before we talk about rate is: Do you even qualify for a loan?
Borrowers may not realize that every bit of information on their application must be verified. And that the lender will pull copies of their taxes from the IRS (and they had better been filed); one of the things they look for is entries that affect your income like unreimbursed business expenses. And even if your credit score is over 640, there can be items on your credit report such as recent bankruptcies that will make you ineligible for a mortgage.
Is there sufficient equity for a refinance? Is one of the borrowers currently involved in a lawsuit? Does the required monthly HOA or hazard insurance payment push your monthly debt load too high?
There are scores of obstacles to overcome before a Conditional Loan Approval can be granted. And if the Underwriter puts a condition on the Approval that cannot be met, your Roseville mortgage is a dead deal.
But don't get discouraged. It's the mortgage professional's job to navigate you through the obstacles then get you the interest rate best suited to your situation.
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