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Fairway Mortgage Capital provides many services to assist you in your residential property financing needs.

Financing a home can be a confusing and intimidating adventure. Unfortunately, too many people embark on this task without the correct information and preparation. In this case, such people often find that even when they make it through the process of securing a loan, they made mistakes along the way and end up in a bad position. However, with a small amount of effort put forth on the front end, you can enter the home financing process confident that you will get just what you need.

Here are a few Tips for Successful Financing:

Be Prepared for the Journey
Whether you're trying to secure a purchase or a refinance real estate loan, you must follow a rather strict timeline. Depending on your level of preparedness, the process can be either smooth or rough. Before proceeding through the home loan process, start by taking the time to understand the system and make educated decisions.

Get Pre-approved
A loan prequalification or pre-approval is vital to the loan process, since it allows you to obtain an estimate of your borrowing power. We highly suggest that you not skip this fast, easy, free step. With a written pre-approval (including a certificate guaranteeing you a mortgage to a specified amount), you won't waste time looking at homes you can't afford. Rather, you can focus your time and energy shopping for YOUR ideal home.

Know Your Finances
Determine how much you can afford to spend. While you may qualify for one amount, it might be too high for your actual budget. Set a monthly dollar amount that you feel comfortable committing to. Don't forget to figure in additional costs, such as insurance, property taxes, HOA dues, interest, and principal.

Check your Credit Report
While any lender can quickly run your credit report, you should acquire a copy first. Then, you'll know exactly what is on the report and can address any dubious or inaccurate items. Be sure to clear up any financial problems that you can before you apply for a loan. Don't dispute any items while applying for a loan.

Shop Around
Look for the best loan costs, considering topics, such as:

  • Appraisal costs
  • Broker fees
  • Credit report fees
  • Interest rates
  • Loan term application fees
  • Prepayment penalties

Apply for a Loan
Gather all the documents required to verify your loan application:

  • Job tenure
  • Employment stability
  • Income
  • Assets
  • Liabilities

Additionally, be prepared to supply us with financial documents, one month's paycheck stubs, complete bank account statements, and 2 years of tax returns.  Call us for a complete list of required documents.

Secure Your Rate
Interest rates change daily. Locking your rate in writing guarantees you a certain rate and terms for a specified period of time. Lock in as many costs as you can. Push for setting the lock at the time of application, not at approval.

Close the Loan Process!
Depending on local loan process requirements, this step can be performed in person or by using a 3rd party escrow service. If everything proceeds smoothly you will walk away a new home owner!

We offer a wide array of loan programs to suit your needs. From Conventional loans, Jumbo, HELOC, ARM, FHA & VA loans, we will get you into the best possible mortgage at a very competitive rate. Let's discuss your home loan needs!

 


Fairway Mortgage Capital
a Division of Finance of America Mortgage LLC

25283 Cabot Road, Suite 105
Laguna Hills, CA 92653

Phone (949) 305-8834   FAX (888) 418-4644


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