IT’S ALL ABOUT APPROVAL IN REAL ESTATE!

By
Real Estate Broker/Owner with The L3 Real Estate, A Trusted Name In Orange County Real Estate #00573423

 Costa Mesa Real Estate Approval

IT’S ALL ABOUT APPROVAL IN REAL ESTATE!

These days, a buyer's biggest concern shouldn't be so much about finding the lowest interest rate, but finding a lender who will approve their application.  There are three basic types of mortgage providers, each regulated by a different agency, and following different disclosure laws.

Banks: generally employ their own underwriters and provide loans with their own money.  They often have mortgage products matched to particular situations, such as manufactured homes or new construction.  Minimum credit score requirements will vary from bank to bank.

Brokers: work on a commission and make a little more than bankers, but their business is highly regulated and transparent.  They prepare your application file and present it to banks or investors.  Involving a third party can take more time, of course, and since they have higher credit score requirements and fees, don't shop at a broker if your score is below 620.

Correspondents: draw from their own credit lines and sell your mortgage shortly before closing.  Since their ability to lend depends on their own credit, it's possible for closing to be delayed if they are processing more loans than they have funds to cover.  That doesn't mean you can't still get good terms, however.

You need to assess your financial position and your needs, and speak with your real estate agent about which type of lender best suits your situation.

Ask about our programs:

Low as 10% down! Owner will pre-pay your mortgae insurance! Save at least $100 per month!

Down payment assistance available up to $12,510 or 3% of loan amount in the form of a grant, does not have to be repaid.

Larry Weichman is President and Broker of Costa Mesa-based real estate powerhouse Weichman Realtors,"the most trusted name in Costa Mesa Real Estate". Larry and his highly-trained team of professionals have proudly served Costa Mesa since 1976. For questions about an upcoming sale or purchase, call him directly at 714-241-4532 or email your questions to Larry@TeamWeichman.com. Be sure to visit Larry Weichman in Costa Mesa CAfor the latest news and information on the Costa Mesa real estate market. Lic #00573423

Weichman Realtors

(714) 241-4532

1525 Mesa Verde Drive East

Costa Mesa, CA 92626-5221

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