| Optimistic Current Market Trends | | | | with a loan amount that they would be approved for. |
| Traditionally, mortgage rates have been very stable | | | | Essentially, a pre-approval will tell a potential buyer |
| and non-volatile compared to other financial rates. | | | | exactly how much home they can afford and give |
| However, due to recent market conditions, rates now | | | | them a starting point for everything going forward. In |
| change multiple times even in the same day. With all | | | | the eyes of a seller, a buyer with a pre-approval letter |
| that said, rates are at historic lows and 2010 is one of | | | | is a stronger candidate for purchase then a buyer who |
| the best times historically to get a mortgage. To take | | | | has not started taking care of their financials. |
| advantage of this unique situation, finding a veteran of | | | | |
| the mortgage industry is essential. A mortgage | | | | Plan Ahead and Avoid Buyer's Remorse |
| professional can help you watch rates carefully and | | | | Even in tough economic times, the conditions of the |
| notify you when rate conditions are optimal to meet | | | | current real estate market make it a great time for |
| your desired financial goals. | | | | new homebuyers to plan and purchase their dream |
| Finding a good mortgage professional to work with | | | | homes. With home prices going back up, potential |
| takes time. According to Chasity Lousteau (Senior | | | | homebuyers should not wait too long if they are |
| Mortgage Broker for American Capital Corporation of | | | | considering buying. Help yourself by not waiting until the |
| Los Angeles, CA), a good mortgage company can | | | | last minute, and plan ahead with a qualified mortgage |
| offer you products both in-house as well as brokering | | | | professional. |
| loans from top banks all across the county. Being able | | | | According to Allen Cravello (President of American |
| to provide a mix of services allows potential | | | | Capital Corporation), in a survey of recent home |
| borrowers to have a better chance of getting qualified | | | | buyers in the Los Angeles area, one of the top |
| for a loan, as well as having more than one option to | | | | complaints from home buyers was they felt hurried |
| choose from. | | | | through the loan process and didn't feel they |
| The biggest uptrend right now in mortgage is that | | | | adequately performed their due diligence on their |
| banks and investors are becoming more confident in | | | | mortgage. Essentially, they experienced buyer's |
| the market. This means banks are now offering more | | | | remorse on the single largest financial purchase of their |
| products and in turn, it means potential borrowers now | | | | lives! To avoid this problem, start building a relationship |
| have more options. The most noticeable area where | | | | with your mortgage broker the second you even start |
| products have reappeared are for jumbo loans, which | | | | considering buying a home. Buying real estate is a large |
| is determined by a loan larger than $417,000 or | | | | financial decision and therefore time and care should |
| $729,000 depending on the county the home is in. With | | | | be put into finding a dependable and trustworthy |
| jumbo loans returning, it indicates that banks and | | | | mortgage professional to work with. |
| investors are optimistic about the market and the | | | | |
| timing is good for homebuyers. | | | | Chasity Lousteau is a Senior Loan Officer for |
| | | | | American Capital Corporation. She has over 15 years |
| The Importance of Pre-Qualifying | | | | of professional experience in helping clients in her |
| Good real estate agents and home sellers will require | | | | specialty areas of: FHA loans, conventional mortgages, |
| the buyer to have a pre-qualification letter before | | | | and high-down or low-down mortgages. She can be |
| taking their offers seriously. Having a pre-qualification | | | | contacted at 310-252-7226. |
| letter means an underwriter at a bank has evaluated | | | | You can listen to Allen Cravello and Steve Guilino on |
| credit and the overall financial package of a potential | | | | Mortgage Spotlight Saturdays at 3:00 PM Pacific Time |
| buyer. In turn, the bank has provided that borrower | | | | on KRLA 870 in Los Angeles. |