Four Steps to a Calabasas Mortgage

by Calabasas365 staff:

The new year brings hope to the financial future and an ideal way to re-invest is with a Calabasas mortgage. Following recent continual news reports of the financial crisis and ample foreclosures, the Calabasas real estate industry is now a prime target for investment. The inevitable changes to the lending market mean that your finances need to be in order before you begin looking for a Calabasas bargain. The following tips will help you secure a Calabasas mortgage, stress and trouble free:

1. Check Your Credit Score Before You Apply For A Mortgage

Credit scores required to secure a Calabasas mortgage have risen as mortgage lenders reel from the 2008 financial situation. The first step in securing a Calabasas mortgage is to order a copy of your credit report and see where your score lies. When looking to secure a Calabasas mortgage, you will want a credit score of 740 or higher. Scrutinize your credit report, identify any errors and report these to the credit bureau – finding these mistakes could be the key to buying into the Calabasas real estate market.

2. Improve your Credit Score

You can improve your credit score quickly by paying off outstanding debts and decreasing your debt to income ratio. Begin by paying your bills on time – this is more important to your credit score than you would think. One late payment can reduce your score by 150 points. An acceptable score of 750 will suddenly become 600, making it very difficult to secure a Calabasas mortgage.

Somebody who pays their bills late appears to be in financial hardship and, in the eyes of a Calabasas mortgage broker, not in a position to borrow.

Paying rent on time for 12 months looks great to a Calabasas mortgage lender and makes them feel safe that you will make regular mortgage payments. Additionally, if you break a lease it will show up in your credit report – this is not a good reflection of your commitment to contracts.

3. Collect Your Paperwork

The paperwork to apply for a Calabasas mortgage is now even higher. The days of no or low document mortgage loans are gone – in today’s market, all mortgage lenders will require proof of every declaration. Presenting your paperwork in a clear and orderly fashion will make you look more professional and make it easier for the Calabasas lender to assess your eligibility for a mortgage.

Proof of income is the most important requirement when filing for a Calabasas mortgage. Collect an income statement from your employer, copies of your bank statements from the last six months and copies of all recent tax returns.

Proof that you’ve been paying your bills and rent on time will also work in your favor when applying for a Calabasas mortgage.

4. Save Your Cash

To a Calabasas mortgage lender, having a decent sum in the bank means that you are likely to make timely repayments and are financially responsible. When applying to a Calabasas lender, aim to have saved at least six months’ of mortgage repayments before applying. There are online calculators to determine the repayments on your desired amount, or contact your local Calabasas lender. The amount you save for a down payment could make or break your application for a Calabasas mortgage.

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