Applying for a mortgage can seem like a daunting and scary process. To help, we’ve created a checklist of things for you to compile, complete and acknowledge before applying. See the fill list by clicking learn more below.
Credit history is a recorded file of past and current credit that is utilized to compile a credit score. Read about credit, how it works, how to improve your score and more by clicking learn more below.
A closing cost is a payment required to finalize a home loan and is separate from a down-payment. Read about closing cost, their purpose, how you can pay them and more by clicking learn more below.
An appraisal is an estimate of a property’s fair market value and is required by a lender to ensure the loan amount is not more than the property value. Read about appraisals, how they work, ownership and more by clicking learn more below.
Property or Hazard Insurance protects the property owner, as well as the lender, from the risk of many hazards such as fire, vandalism theft and plumbing accidents, but not all hazards are included. It usually does not protect from natural acts of god (flood, lightening and earthquakes), nor unnatural acts of terrorism. Specific policy riders or policies must be purchased from insurance carriers to safeguard against these events. As Insurance Providers are pulling out of California and it is harder to get insurance, it is recommended you apply for insurance as soon as the ink is dry on your purchase contract.
Refinancing your mortgage is a common practice used to lower monthly payments, interest rates, extract equity for future investments and more. Read about refinancing, how it works, cost and more by clicking learn more below.
See a full list of mortgage terms by clicking learn more below.
Foreclosure is the process of a lender seizing a property in accordance with the terms stipulated in the mortgage contract. Read about foreclosure and how to avoid it by clicking learn more below.
We've been helping customers achieve ownership and afford the real estate of their dreams since 1990 and we love what we do.
Company NMLS: 1942
Individual NMLS: 303544
CA DRE: 00987187
UAMCO DRE: 01154 798
www.nmlsconsumeraccess.org
5511 Mission Street
San Francisco, CA 94112
Phone: (415) 260-9376
smhloans007@gmail.com
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