Our Mortgage Blog

Article provided by: Shannon Christenot

Mortgage Los Angeles

If you're buying a home, you'll have to apply for a mortgage. If this is your first time buying a home, you may have a lot of questions. In this article, we'll try to answer those questions so you know what to expect when applying for a mortgage in Los Angeles.

Which loan type is appropriate for my situation?

There are several loan options. You'll want to discuss your options with the mortgage broker before you make a final decision. The biggest decision you'll need to make is whether you want to apply for a fixed-rate or adjustable rate mortgage. Both have different benefits. Adjustable rate mortgages usually have lower interest rates in the beginning; this makes them a good option for first-time home buyers. They're also good for anyone who might move in a few years because they're advancing in their career, or thinking about starting a family. Fixed rate mortgages, on the other hand, may have a higher rate, but it stays the same, so you'll always know what your payment is.

You'll also need to decide what type of mortgage is best for you  depending on your situation, and find out what effects different loan terms will have.

What documents do I need?

During the loan application process, you'll need to provide documents to different members of the lending team,writer. The documents needed will be different depending on the type of mortgage you're applying for, but the ones asked for most often include:

  • Pay stubs
  • Bank statements
  • Tax returns

You may have to provide other documentation if you're refinancing your home or going through a divorce while applying for a mortgage.

Costs involved

When applying for a mortgage, Los Angeles residents will have to pay some upfront costs before closing on the loan. These could include appraisal fees, credit report fees, and application fees. Discuss the costs with the mortgage banker to determine how much money you'll need to provide before the loan is approved. You'll also need to find out what funds you'll need to provide to complete the loan closing

What happens during the appraisal process?

Most lenders require a property appraisal to estimate the fair market value of the property when purchasing or refinancing a home. Lenders usually have a list of reputable professional appraisers who are experts in the local market. They give those lists to the mortgage bankers, who assign one of the appraisers to review the property. That way you don't have to find the appraiser yourself.

When will I get a loan estimate?

A loan estimate is a three-page document that the lender has to provide within three days of receiving the application. It includes estimated interest, monthly payment, and closing costs. It's important to remember that loan estimate is just an estimate; the actual cost may be higher or lower.

These are just some of the questions you might have when applying for a mortgage in Los Angeles. When looking at mortgage brokers, consider hiring Shannon Christenot. She'll help you find an affordable mortgage loan that meets all your needs and helps you get into your dream home.

Mortgage Los Angeles
Shannon Christenot
(818) 601-2231
700 Flower St #1000
Los Angeles CA 90017

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