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Common Questions to Getting That Home Loan

What steps can I take to improve my chances of getting a loan?

Today many lenders are more flexible and allow a greater percentage of monthly income to go toward mortgage payments. But they are more stringent on credit card balances. Lenders often count 5% of the balance as a borrower’s monthly payment, instead of the credit card’s minimum payment. If you are planning to pay off some debts before you apply for a loan, consider the ones with the largest monthly payment. Many lenders, for example, prefer to have a car loan paid off, because borrowers are not likely to go out and buy a new car right away. On the other hand, if credit cards are paid off, a borrower might start charging again.

Should I wait until interest rates drop?

Time is money. Can you afford to wait? Of course home buyers want to buy when interest rates are at their lowest. When interest rates are at near-record lows, potential buyers or homeowners looking to move up are asking themselves if the time is right to act. But no one can predict with certainty where rates are headed at any particular time. Waiting for a bottoming out may instead provide time for rates to rise.

What’s the debt-to-income ratio lenders use to qualify borrowers?

Many lenders use two ratios when they decide whether to approve a mortgage. If, for example, the ratios are 28/36, the “front” ratio of 28% means the lender will allow a mortgage payment (including principal, interest, taxes and insurance) of up to 28% of the borrower’s monthly pre-tax income. The “back” ratio of 36% means all loan and credit payments cannot exceed 36% of the borrower’s monthly income.

For more information visit the California Home Network, your:
Folsom Luxury Homes and Land Specialist

Our motto is to always “Do the Right Thing”, starting with providing premier executive real estate service to buyers and sellers of Folsom, Granite Bay, and El Dorado Hills luxury homes and land.

For more information from California Home Network visit Patrick Warholic, The Internet Home Marketing Specialist for free, no registration required, MLS home and property searches with amazing home search results at your fingertips, along with its ease of use, no registration required advanced home search features that will simply astound you. You can even search by using the new Google Map search, and even do a home search for energy saving features. Are you looking for great real estate deals, short sales, or bank owned properties? With this powerful home search engine that information is right at your fingertips now.

California Home Network also provides free real estate reports, information for sellers, information for buyers, and find out exactly what your home is worth with a free home valuation, with current up-to-date market information provided for you.

Learn how how you can be mortgage free in 8 to 11 years without re-financing. Ask for your free House Payment Free analysis.

Contact Patrick Warholic, Realtor, CCRA, SRES, ASP, and e-PRO certified.

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When Patrick Warholic commits to something, you can bet that he's going to focus all his energy and attention on getting it done—the right way. His career as one of the Folsom area's leading real estate agents is no exception to this approach. Patrick immerses himself in the needs of his clients and formulates a plan specifically designed to achieve the results they want and deserve. Whether his clients want to buy their dream home or sell their existing home quickly and profitably, Patrick combines his intimate familiarity with the area, extensive business background and goal-oriented mentality to ensure his clients get the highest possible return on their investment. If you're in the market to buy or sell a home, it makes sense to work with a professional who's in the business of Performance Not Promises. That's Patrick Warholic. Take it from someone who has worked with Patrick:

"Being in escrow, I find that I am very particular and appreciate folks that take extra time and effort to go the extra mile to be sure everything is done correctly. This is how Patrick does his business as well. He leaves nothing to chance, asks great questions, carefully reviews his buyer and seller settlement statements, attends his buyer and seller signing appointments, he is very responsive to all phone calls and follows up on all aspects of his transactions. In my opinion, he simply takes excellent care of his clients." —Cara Filipelli

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Patrick Warholic - ASP, SRES, CCRA, ePRO Certified Realtor®
Home Location: Folsom, California, United States

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