This well-written article will assist Palos Verdes home buyers in determining their mortgage options when purchasing their new home. Home buyers strengthen their position when they submit a PreApproval letter and proof of funds along with their Purchase Offer. Included is some information to gather before applying for a home mortgage/loan
Palos Verdes real estate appraisals for Palos Verdes homes have been affected by Fannie Mae rules which created appraisal management companies which may now have to disclose just how much the appraisers have actually been paid and how much the management companies are keeping.
The number of Palos Verdes real estate foreclosures is less than both Los Angeles County and the State of California. Charts indicate that only .5 - 1% of Palos Verdes homes are in foreclosure.
Palos Verdes homes owners can take advantage of the new federal mortgage complaint and dispute resolution hotline which became available on December 1, 2011.
Increased FHA loan limits can help Palos Verdes homes buyers with its generous 3.5% down payment requirement and minimum 620 FICO score requirement.
Buyers and sellers of Palos Verdes real estate as well as Palos Verdes homes owners wanting to refinance are currently affected by the lack of transparency regarding who actually receives the appraisal fee.
Palos Verdes real estate new home loans and refinanced loans now have additional credit checks during the approval process.