Monday, June 10, 2013

Process for Home Mortgage Loan In California

1. Preapproval (link to form)
Most sellers and Real Estate Agents today prefer that you be preapproved for a loan of a specified amount. To get it, your loan agent reviews your income, debt service, credit score and other relevant information, then provides you with a letter detailing what you qualify for. By getting this information before you begin the search for your new home, you accomplish two things. One, you give yourself and realtor a budget to work with. Two, you strengthen your position with the seller. They know that if they accept your offer you have the potential to pay for it.
2. Applying For Your Mortgage (link to form)
Applying for a home loan with Bill Rayman and Mortgage Capital Partners could not be easier. Bill can take your application in person, over the phone, or you may complete the secure online application on this site. You can also choose to fax your completed application to 310-481-4859.
3. Processing Your Loan Application
This step is simply the process of verifying the information you provided during the prequalification process. Typically, we will ask for 3 items to verify these facts:
  1. Your last 2 pay check stubs (a year-to-date P & L if self employed)
  2. your last 2 years tax returns including W-2’s and/or 1099’s.
  3. You last 2 bank statements (checking, savings, investment, 401k, etc...)
We will also order a credit report and arrange for an appraisal on the property being financed. If it’s a purchase, we’ll request a copy of the purchase contract.
4. Appraising Your Home
The appraiser will contact your Real Estate Agent if you are purchasing a new home or call you directly if you are refinancing, to set a time to view the inside of the property being financed. The appraiser will research the comparable homes that have sold recently in your area to determine the current market value of the property. This information is then used by the bank's underwriter as an assurance that the amount they are lending is appropriate to the value of the property.
5. Underwriting your loan
The bank must now make a final determination to approve or reject the loan, and if approved, under what terms. If for any reason they are unable to approve your loan under the terms for which you have applied, they may counter-offer with other terms. For example, if you applied for a 15 year fixed rate mortgage, but the Underwriter felt the larger payment would be overly taxing based on your other debts and as a function of your income, then they may offer a 30 year fixed rate mortgage instead.
6. Closing Your Mortgage
Your closing will commonly take place at the escrow company or at a convenient location. Bill or his team calls you several days in advance of closing to ensure  everything has been or at an location convenient to all parties. Bill will usually call you 24 hours prior to your closing to make certain everything has been properly coordinated between you, your Home Owners Insurance Agent, your Real Estate Agent (if applicable) and your title company.
This is the basic process, but as you can imagine, each of these steps has many possible permutations and potential rabbit trails.  A mortgage loan consultant, unlike an employee of a bank, is your advocate to make sure there is a way to make this process as painless as possible, and arrive at the best possible loan for you.

The consultation is complimentary and has no obligation attached.  Call today if there is any way we can help you achieve your goals through getting one of the currently historic low interest rate loans.

New Contact Information for Bill Rayman

Bill Rayman Home Mortgage

12121 Wilshire Blvd
Suite 350
LA CA 90025



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  3. Processing Your Loan Application
    This step is simply the process of verifying the information you provided during the prequalification process. Typically, we will ask for 3 items to verify these facts: hard money lenders

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