There are many different loan program available for Californians. Today’s home loan choices are vast, and the majority of borrowers are not aware of all the mortgage options that are available to them.
Each loan program is built around some different criteria. The primary criteria that will be evaluated when selecting the proper mortgage include income type, how the income is earned and what proof can be shown to back up the income claims, credit scores, past payment history with particular attention paid to any previous mortgages, and the amount of the total loan compared to the value of the home in a refinance or the sales price in a purchase. involved in selecting the
When it comes to income, the mortgage industry favors the traditional W2 employee. This borrower can show proof of income via previous tax returns, W2s, and current paycheck stubs. Based on credit scores, these borrowers, known as Full Doc borrowers, traditionally receive the lowest interest rates.
The industry realizes that there is a large number of the population that might have some difficulty thoroughly proving their income. These borrowers, typically those who are self-employed or those who are cash tip wage earners, there are stated income or state programs. In return for the more comfortable qualification standards provided by indicated loan, lenders charge slightly higher interest rates for these loans when compared to full doc loans.
For those who fall between the lines of stated and full doc programs, there is reduced documentation, sometimes called lite doc, loan programs. These programs allow borrowers to show bank statements as evidence of income over a set period. The average monthly deposit over the selected period is used as the borrower’s income. Interest rates for these mortgage programs fall between the rates for full doc and stated loans.
The most aggressive loan programs in the industry are referred to as no documentation or no doc home loans. For borrowers who have a strong credit history, these loans allow for qualification with no proof of income. The rates on these loans are higher than the other programs as the lender is taking a significant amount of risk when they lend without any proof of payment ability.
With interest rates still at historic lows, there has been no better time to consolidate all of your high-interest rate debts into one low payment with a California Refinance Debt Consolidation loan. Eliminate the hassle of paying multiple payments for credit cards, car loans, and even some student loan. Chances are you have enough equity in your home to rid yourself of all these bills once and for all. Not only will you be paying less interest out every month but your monthly debt expenditures will more than likely decrease dramatically freeing up more of your hard earned money.
California Mortgage Debt Consolidation Loans will help you eliminate late fees and reduce your interest rates. If you are even thinking about talking to a credit repair company or declaring bankruptcy do yourself a favor and give us the opportunity to help save your home and your credit. Today’s lenders offer THOUSANDS of programs that are designed to provide virtually anyone the chance to leverage the equity in their homes to build a better life. Let our California Mortgage Debt Consolidation Loan professionals help you find the program that meets your needs
A specialist at California Mortgage Debt Consolidation Loans can work with you to put an end to harassing phone calls by debt collectors. Pay off collection accounts once and for all and bring your past due to considerations up to date and give yourself a new opportunity to take control of your life and your finances.