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.
Increased FHA loan limits can help Palos Verdes homes buyers with its generous 3.5% down payment requirement and minimum 620 FICO score requirement.
Palos Verdes real estate new home loans and refinanced loans now have additional credit checks during the approval process.
Buyers of Palos Verdes real estate are opting for more adjustble rate mortgages than in the past year.
Palos Verdes homes owners may have their FICO credit scores reduced if their home equity line and/or credit card limit has been reduced and their current balances are closer to their new limits.
Credit scores explained for Palos Verdes homeowners as well as upcoming changes to how those scores are computed.
Palos Verdes real estate mortgage interest rates are the lowest since 1971 and buyers have taken notice.