Purchase Mortgage Loans

31Dec2011
Author:
Scott Sheldon
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Purchase Home Loans from Sonoma County Mortgages

Get A Free Mortgage Quote To Buy A Home!

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Sonoma County Home Purchase Loans made easy and convenient. Looking for a mortgage to purchase a primary residence? How about a purchase mortgage loan for a second home or even an investment property. We offer flexible and competitive mortgage rates for purchase mortgage loans throughout Sonoma County.

Here's how we work:

  • Complete No obligation mortgage rate quote online prequalification form, securely
  • Receive Mortgage loan numbers for your unique scenario
  • Give us a call to discuss to discuss the mortgage loan numbers
  • Select the loan program that makes the most sense for you

Begin a secure online mortgage rate quote request today. Choose from a variety of local mortgage loan programs. We offer fixed rate mortgages and some variable-rate programs.

Get pre-qualified today quickly and securely. Choose the right purchase mortgage loan for your financial situation. Our system allows you to compare loan programs against each other to determine which program makes the most sense for you. Compare mortgage rates on fixed-rate mortgages as well as deciding whether not to pay discount points.

Need help deciding which mortgage loan program makes the most sense? Check out our mortgage tips with the latest news and mortgage loan guidelines or try out our online mortgage calculator for your convenience.

Mortgage Advice

A Free Guide To Sonoma County Home Buying

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First Time Home Buyer Programs

Research first time home buyer programs for your home purchase.

The Top 10 Reason Why You Cannot Buy A House

Understand the biggest obstacles home buyers have in securing a home.

How The Loan Process Works

See how the loan process works from start to finish.

Steps To Buying A Home: Where To Begin

Here are the steps to buying a home.

Buy A House Without 20% Down

Yes, buying a house without 20% Down is a reality.

Paper Trailing Funds In A Loan Transaction

How to document and source monies used for securing a home loan.

What To Expect When Buying A Home

See what you can expect to happen to decide to purchase a home.

First Time Home Buyer Loan Program Eligibility

Learn the loan programs first time home buyers are eligible for. Some government programs have no down payment requirement!

Investment Property Programs

Find information related to investment property mortgage loans.

Get That Loan Approved!

Learn what the banks want to get your purchase mortgage loan approved quickly.

Browse Q&A

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Recent Questions & Answers

What are the initials steps I should take when deciding to get pre-approved to buy a home?

Great question and one that should be handled with the utmost care and integrity. First you need to get prequalified. You need to have a conversation with a mortgage professional about your credit, debt, income and assets. After determining you qualify to purchase a home, the lender would ask you to submit a loan application with them.  During this process, they’ll also ask you for authorization to pull your credit report. Allow them to. This only helps the lender’s in helping you get preapproved. Additionally, your lender is going to ask you for financial documentation. In most cases they will e-mail you a checklist of the financials they need to obtain from you in supporting your ability to qualify.

Upon submitting this information to a lender, give them at least 24 hours to thoroughly review all of your financial documentation and complete financial package. After such time, they can produce a pre-approval letter for you to give to your real estate agent to make an offer to buy a home.  That’s it. As a good general rule of thumb, it is always optimal to get pre-approved prior to house hunting.

Looking to get preapproved to buy a home? Begin by getting a complementary mortgage rate quote online today it’s free!

Do I Need To Provide Bank Statements For Getting A Sonoma County Loan?

Yes, lenders will need full supporting documentation showing cash to close and/or savings in the bank necessary for qualifying on whichever loan program you are working with. Expect lenders to require at least two months of bank statements on any monthly account, and most recent last two quarters on any quarterly accounts same goes for annual accounts. Do make sure to include the full statement for each account e.g. all pages, all schedules even if the pages are blank. A  Bank/asset statement to a mortgage lender is just that- the entire statement. Additionally, pictures of bank statements taken for example with a smart phone will not work.

Looking to get a mortgage? Start by getting a complementary rate quote online today!

FHA Mortgage Insurance Premiums Now .85%

The mortgage insurance premiums on FHA loans has now been reduced .85%. This represent more borrowing ability for mortgage consumers looking to purchase or refinance their homes. On a loan of $300,000 that’s an annual reduction of $1350, or $112.50 per month respectively.

Thinking about refinancing your current FHA loan from a few years ago?  The mortgage insurance premiums reached as high as 1.3% of the loan amount now reduced to .85-the savings can really add up given your size of financing. If you’re thinking about reducing the mortgage payment on your FHA loan or buying a home with a lower monthly payment, you owe it to yourself to at least explore the options.

 

The premiums are effective January 26, 2015. If you are currently working with the lender for an FHA loan agent very easily be able to reduce your premium on January 26 and effectively wrap up your loan.

Start  Today by getting a complementary FHA mortgage rate quote!

Can I buy a house if I have a rental late payment?

No you cannot have a rental late in the last 12 months if you are gunning to buy home. Mortgage lenders may do what’s called a verification of rent (VOR)-to make sure you have not had a late payment in the last 12 months if you have this very well might derail your loan.

Additionally, landlords are reporting rental obligations on credit reports. If your landlord posts this to your credit report not only could it hurt your chances for getting a mortgage but it could also drop your credit score. Need some home buying guidance?

Start today by getting a complementary rate quote!

 

Should I work with a mortgage broker or a mortgage lender?

Depends-primarily on who you feel comfortable with. Let’s be honest, this is the largest transaction most people ever take on in their entire life and should be handled with somebody who knows what they’re doing. A mortgage broker does not control their own money. Instead they act as an intermediary between you the borrower and the lender and as such, charge fees to do so. A mortgage broker used to have a massive product offering pre-2007. Ever since, the wholesale lending environment is a fraction of what it used to be and the banks have stepped up their retail offering direct to the consumer. Enter the mortgage lender. The mortgage lender unlike a bank only focuses on the origination of mortgages not all the other ancillary banking products IE credit cards, auto loans etc.

The mortgage lender does lend their own money and they get to make credit decisions as they take all the risk unlike a broker. The lender has several distinct advantages;they also control the pricing of their loan allowing them to be flexible on the rate and fees, and can handle the loan application through funding in one streamed process. A mortgage broker does act similarly with the proces,s but they do not control the underwriting decision -where the lender does.

Can’t decide where you should go to get your mortgage? Begin with the free mortgage rate quote for your purchase or refinance, it’s fast and there is no obligation.