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73421 29 Palms Hwy
29 Palms, CA  92277

phone  760-367-9585
fax      760-367-0023
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Equal Housing Opportunity
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56913 Yucca Trail Ste. B,
Yucca Valley, CA  92284

phone  760-853-0057
fax      760-853-0060
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Loan Programs

Are you looking to finance a home?

Triad, Realtors can help.Stressed out about applying for a mortgage? You don't have to be. I have close working relationships with various lending companies in 29 Palms, and they've helped me realize a few things that can make the process of applying for a loan effortless.

1 - Compose a list of questions about your loan program
If you do not fully comprehend the pros and cons of the different programs, be sure you bring a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of each one, because it can be hard to understand the differences between both fixed and adjustable rate mortgages.

2 - Decide when to lock
When you lock in the interest rate, it indicates that the mortgage lender holds to the interest rates for the loan - normally at the time the loan application is received. By floating the rate, you can lock the rate anytime between application and the issuing of closing documents.

3 - Decide if you want to pay additional points to decrease your interest rate
Oftentimes you can opt to pay additional points to lower the rate of your loan. Every point is 1 percent of the loan and is payable in cash at closing.

4 - Compile your paperwork
Getting a loan requires a lot of paperwork, so you should take some time to get your documents together. Below is a checklist for your convenience.

In general, the documentation you will need includes:
Check for application fee

Property Information (if you already have a contract on a house)


Purchase Agreement.
Copy of legal description and MLS sheet.
If you are selling your current home, copy of listing contract.
If you have sold your current home, copy of settlement statement (HUD-1).

Income & Assets


Pay stubs for the last 30 days.
For the past two years:  
Names and addresses of each employer.
W-2s 
Statements for each bank, mutual fund, and/or investment account for the last three months.
Estimated value of personal property and furniture.

If you have made any large deposits to your accounts:  
    Explanation and source for deposit.

If large deposit was a gift:  
    Signed gift letter (lender can supply).
    Copy of gift check.
    Copy of deposit receipt. 

If you own more than 25% of a business:  
    Corporate or partnership tax returns.

If self-employed:  
    Tax returns for the last three years (with schedules).
    Year-to-Date Profit and Loss Statement prepared by an accountant.

If you own rental property:  
    Tax returns for the last two years and current rental agreements.

If you are retired:  
    Pension Award Letter.

If you receive Social Security:  
    Social Security Award Letter.

If you are counting child support as income:  
    Copy of divorce settlement.
    Copy of twelve months of cancelled child support checks.

Debts



Names, addresses, account numbers, balances and monthly payments on all current loans.
Explanation of credit report anomalies, including:
 
Late payments, credit inquiries in the last 90 days, charge-offs, collections, judgments and/or liens.

Bankruptcy filed within last seven years (bring a copy of your bankruptcy papers).

VA Loans



Copy of DD Form 214, Report of Separation.

Miscellaneous



Photo ID and proof of Social Security number.
Residence addresses for the past two years.
If applicable, a copy of your divorce decree.
If you are not a citizen, a copy of the front and back of your green card.

Your FICO Score



Scoring your Credit - How's your FICO?

In today's increasingly automated society, it should come as no surprise that when you apply for a mortgage, your ability to pay can be reduced to a single number. All the years you've been paying your mortgage, car payments, and credit card bills can be analyzed, sliced, diced, spindled and mutilated into a single indicator of whether you're likely to meet your future obligations.

All three of the major credit reporting agencies (Equifax, Experian and TransUnion) use a slightly different system to arrive at a score. The best known is called the FICO score, based on a model developed by Fair Isaac and Company (hence the name) and used by Experian. Equifax's model is called BEACON, while TransUnion uses EMPIRICA. While each of the models considers a range of data available in your credit report, the primary factors are:

Credit History - How long have you had credit?
Payment History - Do you pay your bills on time?
Credit Card Balances - How much do you owe on how many accounts?
Credit Inquiries - How many times have you had your credit checked?


Each of these, and other items, are assigned a value and a weight. The results are added up and distilled into a single number. FICO scores range from 300 to 800, with higher being better. Typical home buyers likely find their scores falling between 600 and 800.

FICO scores are used for more than just determining whether or not you qualify for a mortgage. Higher scores indicate you are a better credit risk, and thus may qualify for a better mortgage rate.

What can you do about your FICO score? Unfortunately, not much. Since the score is based on a lifetime of credit history, it is difficult to make a significant change in the number with quick fixes. The most important thing is to know your FICO score and to ensure that your credit history is correct. Conveniently, Fair Isaac has created a web site (www.myFICO.com) that let's you do just that. For a reasonable fee, you can quickly get your FICO score from all three reporting agencies, along with your credit report. Also available is some helpful information and tools that help you analyze what actions might have the greatest impact on your FICO score. Each of the credit services offers similar services on their web sites: www.equifax.com,www.experian.com, and www.transunion.com.

Armed with this information, you will be a more informed consumer and better positioned to obtain the most favorable mortgage available to you.


Getting your mortgage is just one part of getting into a new home. Triad, Realtors is experienced at assisting both new and experienced buyers alike in all areas of real estate. Call us today at 760-367-9585 if your needs include a real estate pro experienced at the business side of buying and selling.
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