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Buying a Home

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.
Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

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First Time Home Buyers

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

Load More


VA Loans

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

Load More


Jumbo Loans

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

Load More


Refinancing

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

Load More


FHA

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

Load More


Conventional/Government Loans

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

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Reverse Mortgages

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

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Credit & Interest Rates

Top SoCal mortgage brokers do the shopping for you! When you’re looking for a home loan, mortgage brokers do the research for you, by shopping from multiple lenders, and for various types of loan products to give you the greatest choice in selecting your home loan. At Summit Lending, we work with many lenders, and are an FHA and VA approved lender, providing you with many options for financing your home at terrific interest rates. Contact our top Huntington Beach mortgage team to begin the home loan application process.

Category: Buying a Home

Generally speaking, the better your credit score is, the more options you will have in terms of home loans in SoCal. Jumbo loans for example, require better credit than FHA loans. With excellent credit (loosely defined as anything above an 800 FICO score rating), you will likely have every option you could hope for. However, credit scores above 740 are also considered very good, and will provide you with many options for financing your home, providing your income is stable, you have a down payment, and your debt-to-income ratio is reasonable. Contact SoCal’s top mortgage brokerage Summit Lending for more information.

Category: Buying a Home

Minimum credit scores for a home loan differ, depending upon the type of loan. Conventional home loans, such as those offered by Fannie Mae or Freddie Mac require a minimum credit score of 620. Some first-time homebuyers may be approved for an FHA loan with credit scores in the mid 500 range. A 580 credit score may be all that is needed to secure an FHA loan with a 3.5% down payment. VA loans typically also require a credit score of at least 580. At Summit Lending in Huntington Beach, we are happy to discuss all home loan options available to you, in addition to providing tips on improving your credit, if you want to secure a loan with more favorable interest rates or down payment requirements. Contact our top-rated SoCal mortgage brokers today.

Category: Buying a Home

Getting approval for a home loan in Southern California will require a down payment, with one possible exception. VA loans, for active military, reservists, veterans, and spouses may qualify for a VA loan with no down payment. Although other loans such as FHA, Conventional loans, and Jumbo loans will require a down payment, some loans require as little as 3% for a down payment. Contact our top reviewed team of SoCal mortgage brokers at Summit Lending in Orange County to learn more about down payment options for home loans.

Category: Buying a Home

The tax benefit you’ll get from your home loan comes from the deductions that you can take for the mortgage interest. You can deduct the interest paid on your primary residence, and on a second property. You’ll need to talk with a tax professional such as a CPA to determine the specific tax benefits of buying a home or refinancing a home.

Category: Buying a Home

The requirements for qualifying for a home loan will vary from lender to lender, and from loan product to loan product. As such the criteria will vary. However, all loans will require that your debt to income ratio is within specific parameters. All loans will need proof of your ability to repay a loan, which will require that you have documentation proving your income, savings, assets, reserves. Your credit score will also be required, although you don’t need to have perfect credit to qualify for a home loan. Nearly all loans will require a down payment (with the exception of VA loans), and different loan products will have different down payment requirements. You’ll want to speak with a SoCal mortgage broker to discuss your specific goals, and your unique financial information to determine which type of loan is best suited for your needs.

Category: Buying a Home

The words home loan and mortgage are used interchangeably. By definition they don’t mean the same. Specifically speaking, the home loan is an agreement that you sign which gives the lender the authority to take action against you if you don’t fulfill your end of the agreement by making your monthly payment. The mortgage can be thought of as the collateral of the agreement. As collateral, that means that if you don’t pay back the loan per the agreement you signed, the bank can foreclose and take back the home.

Category: Buying a Home

Lenders will look at numerous factors when deciding how much you will qualify to borrow. That’s why if you’re looking to purchase a home, it’s always smart to speak with a top SoCal mortgage broker before you fall in love with a specific home. At Summit Lending we’ll begin helping you to determine what you will qualify for by gathering information from you. This will include your income, your monthly debts, the amount you feel comfortable spending each month on your mortgage, the amount of money you have for a down payment, and more. Together with you, we will build picture of your financial status to see how much of a loan you can qualify for. Contact us today for a no-obligation, free consultation.

Category: Buying a Home

Debt to Income ratio, is also known at DTI. This figure, presented as a percentage, is arrived at by determining your monthly debt payments (credit cards, mortgages, car payments, student loans, etc) then dividing that figure by your monthly income. If your monthly debt payments for example are $3,000, and your earnings are $6,000, your DTI would be 50%. Many lenders prefer to see a DTI of less than 43%, but if your DTI is over that, it does not mean that you can’t get a loan. Speak with an experienced mortgage professional to learn more.

Category: Buying a Home

Interest rates change constantly. Back in the 1980’s for example they were frequently in the double digits. However, interest rates have been near historic lows for many years now. Because the rates are subject to change on a daily basis, you’ll need to check with a local mortgage broker for current interest rates.

Category: Buying a Home

At Summit Lending, in Huntington Beach, we are very proud of our fast approvals, and our quick closings. Each mortgage loan approval is unique, but approvals can happen very quickly (in some cases, just days). Other approvals may take slightly longer, if you need to provide supporting documents.

Category: Buying a Home

The prequalification for a home loan begins with meeting with a local mortgage broker. Our top-rated team of SoCal mortgage brokers, direct lenders, and professionals as Summit Lending in Huntington Beach can walk you through the steps of securing your prequalification. Our team will explain all steps in the application process (which doesn’t take long at all), and will help you to begin collecting necessary paperwork and documentation you’ll need to supply to begin the prequalification process. Contact us today to get started.

Category: Buying a Home

Self-employed individuals in California can absolutely qualify for home loans, though the requirements from lenders can be a stricter. As a self-employed person in SoCal, the best loan will be the mortgage loan that has the greatest benefits, that you also qualify for. Keep in mind, without W2 statements, lenders will ask for extra documentation to prove your ability to pay the loan. They may request to review investment portfolios, and the may reduce the Loan to Value ratio, to ensure you don’t have a lot of outstanding debt relative to your earnings. You will likely also have to put down a fairly significant down payment. Plan to have at least two years’ worth of income documentation before applying for a home loan as a self-employed person in California.

Category: Buying a Home

Home loans can have a co-signer and frequently do. First time homebuyers in particular may need help getting a foothold in the competitive Southern California real estate market, so having a co-signer can help. A cosigner for a home loan is not the same as a co-borrower, or co-applicant. That means that cosigners typically don’t get the same benefits as coborrowers, but initially at least, they do often share the same responsibility. In some cases, where borrowers need a cosigner until they can establish solid payment history, and build a history of credit, the cosigner will only remain on the loan for a few years. Speak with a trusted SoCal mortgage broker to learn more about cosigners on home loans.

Category: Buying a Home

In SoCal, the best loans for borrowers with low down payments are often FHA loans, or VA loans. If you are the spouse of a military service member or veteran, or an active duty military service member, or a veteran, VA loans are available for some borrowers with no money down. But civilians have great options as well. Some conventional loans are available with as little as 3% down, and some FHA loans are available with as little as 3.5% down. It’s important to note that very specific requirements will need to be met to secure these low down payments. They are typically available to borrowers with excellent credit, and secure income. Speak with a top Southern California mortgage broker to learn more about your unique options.

Category: Buying a Home

To find out if a mortgage broker is licensed, you may check their status through the Nationwide Mortgage Licensing System & Registry (NMLS).

Category: Buying a Home

HARP stands for the Home Affordable Refinance Program. This program was created by the Federal Housing Finance Agency (FHFA) in effort to help existing homeowners who are current on their mortgage payment, but have little equity, to be able to refinance. Eligibility for HARP loans is limited to homeowners who currently have a mortgage held by Fannie Mae or Freddie Mac. You must have gotten your mortgage after May 31, 1999, and you must not have any 30 days+ late payments in the last six months, or no more than one late payment in the last 12 years.

There are also restrictions on the loan-to-value ratio that must be met. At Summit Lending, we’re happy to help you determine your loan-to-value, and to help you to secure a HARP loan, if all eligibility requirements are met. The benefits of HARP loans include lowering your monthly mortgage payment, building equity quicker, lowering your interest rate, and ensuring you have a fixed rate mortgage that won’t increase over time.

Category: Buying a Home

The length of time it takes to get a home purchase loan or a refinance loan in Southern California will vary. However, obtaining a prequalification from a top reviewed mortgage broker will only take a few minutes.

Category: Buying a Home

Your best chance for getting a great rate on your mortgage in Orange County, or throughout Southern California is to engage the help of an experienced mortgage broker. Top mortgage brokers will work with numerous lenders, and can therefore shop for the best rates for your home loan for you. Because the mortgage professionals at Summit Lending in Huntington Beach work with borrowers every day, we can quickly assist you in finding the most suitable loan for your needs.

Category: Buying a Home

The easiest way to get approved for a home loan is to contact a top mortgage broker who can help you with the process. Applying for a mortgage loan only takes a few minutes. You’ll just need to answer a few questions, and the top reviewed Orange County mortgage brokers at Summit Lending will be able to guide you through the process.

Category: Buying a Home

Home loan programs all vary in their requirements for loan approval. Some government backed loans such as VA loans and FHA loans require lower down payments, and are more flexible in regards to credit requirements. Other loans, such as Jumbo loans generally have less flexibility in their requirements for approval. Orange County based Summit Lending is both a mortgage broker and a direct mortgage lender. This means that we can guide you to the lenders that best fit your needs. In other cases, if there isn’t a loan available for your unique circumstances, we can make the decision to lend directly to you.

Category: Buying a Home

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