Mortgage financing in LA
Getting the loan to buy the property is one of the most important parts of the transaction but is frequently just left to whomever seems to have the lowest rate at the moment. At Preferred Realty and Loan we take pride in our in-depth knowledge of mortgage qualification and financing proceedures. We began our careers in the Real Estate industry as mortgage loan officers in 2003 and we have closed hundreds of mortgage loans since then. In the post bubble economic downturn Interest rates have been very low and although mortgage lenders are being tough with the qualification requirements, many people are refinancing their home loans to capitalize on these rates.
A very basic mortgage qualification tool to determine about how much mortgage you can obtain:
1. Take your household gross salary (if salaried) or your NET earnings, line 37 on tax return (if self-employed/business owner).
2. Divide this number by 0.2
3. This is how much of a mortgage you can qualify for at 4% interest-you will still need to have a down payment above and beyond this.
As an example: A husband and wife earning a combined income of $150,000 will qualify for $750,000 mortgage at 4% interest.150000/(.02)=750000. This is an oversimplification but it is a good starting point.
To obtain a new mortgage or preapproval, contact Sky Minor at 310-709-8283
For non U.S. citizens there are limited mortgage programs available. Foreign nationals don't have alot of options to borrow money in the USA but there are lenders out there who will offer mortgages. Typically these programs require 25-35% down payment and are fixed for only 3-7 years. There are numerous restrictions that the lenders impose on foreign borrowers, contact Sky for more information.