For many, getting a home loan can seem like a difficult process. With so many loan options to chose from, confusing industry terminology, and uncertainty about your credit score, there are many reasons why people would prefer to put it off till next week or even next year. We take great care and pride in the responsibility of guiding you through this process. We will show you how getting a loan can be simple and straightforward while guiding you through the maze of programs available on the marketplace today.
At North Valley Mortgage, we are committed to making the mortgage process clear, understandable and stress-free. We lay out the mortgage process from the very beginning to give you a clear picture as to how everything works. For the expert real estate investor, this may be boring and unnecessary, but for the average person it is extremely helpful. If we ever give you too much information, please let us know! Our goal is to educate you through the process of obtaining a loan so that you can make informed decisions about your future. Let's get started!
What loan program is right for you?
There are 5 basic loan product tiers available on the market today:
Each of these products has it's own unique advantages and disadvantages and within these loan categories, there are many options and loan products to choose from. For example, with a Conventional loan, you could choose a 30 year, 25 year, 20 year, 15 year, or 10 year loan. Or maybe you would like to keep your payment lower initially with an adjustable rate mortgage. A large part of determining which type of loan will work best for you is based on how much you want to put down on the home, and what your credit score is. Once we determine some of these key pieces of information, we will be able to guide you towards the best loan options for you.
How to get the best interest rate
Our extensive list of wholesale lenders from California to New York give us the competitive edge that enables us to find the best lender for your situation, and ultimately the best rate. This is also what differentiates us from your local bank. Instead of simply offering the rates and programs from a single bank, such as a local bank, we offer a broad array of services from many lenders, all of which are in competition with each other. More competition means better rates. It's truly a win win for you, and it's also what enables us to move more quickly and efficiently in the marketplace. When new products come out, we are the first to hear about them, and can implement them quickly and efficiently by adding them to our broad array of programs that are currently offered.
The other way we are able to help you get a better interest rate is by "timing the market". Rates change on a daily basis and sometimes several times a day in volatile conditions. We subscribe to a very effective rate lock service which gives us cutting edge information on a minute by minute basis in addition to longer term predictions that help us determine when to lock your rate. This includes charts, graphs, and daily commentary on where the bond market is going and what to expect. No one has a crystal ball, but it certainly helps to get the advice of market experts. We rely on this service heavily to get our customers the best possible interest rate. Give us a call and we can explain this in more detail, and show you what this service looks like.
Getting Prequalified
If you are planning on buying a home, you will need to get pre-qualified for a mortgage and we recommend doing this before you start shopping for homes. It's important to get pre-qualified ahead of time so that you know exactly how much you will qualify for, as well as what you are willing to spend on a monthly basis. All real estate agents require a pre-qualification letter prior to writing an offer. If you find the perfect property, and then decide to start working on your pre-qualification after the fact, your dream home could be sold out from under your feet before you even have a chance to even write an offer. You can also spend significant amounts of time looking for homes in a certain price range only to find out later that you don't qualify for homes in this range. All of these reasons point to the fact that it is a good idea to get pre-qualified before you start shopping for homes. Once pre-qualified, we will provide the necessary letter to your Real Estate Agent so that he/she can move forward with confidence, and include this with any offer he/she writes on your behalf. If you are ready to get pre-qualified, click here now.
How do you get started?
If you would like to learn more about the documentation needed to get your loan started, click here.
