Welcome to Ben Sley and the C2 Financial Team!
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Ben Sley and the C2 Financial Team are your premier lending team for all your mortgage-related needs throughout the great State of California. We pride ourselves on offering the best fit mortgage for your unique needs, making the loan process as simple as possible. We can get you a Pre-qualification letter from a recognized lender quickly as you begin your house-hunting process.
You’re looking to buy a home, a decision that will most likely be the biggest financial decision of your life. Now what? In order to make the best informed decision you can make, you should educate yourself about the lending process for your ideal home. There are several steps you should take before you even begin shopping with a Realtor(R) for your new home.
1. Estimate how much home you can buy
The first step is to estimate home much home you can comfortably afford to buy. A general ballpark figure would be to take your annual income (if two spouses, your combined annual income) and multiply it by 3.2 to 4.2. For example, if your combined annual incomes total $100,000, you could likely afford a home (ballpark estimate) in the $320,000 to $420,000 area. The higher your already-existing monthly payments, the lower the home value estimate. Likewise, the lower your existing monthly payments, the more home value you can buy. Of course, the amount of down payment will adjust these numbers accordingly.
2. Obtain and evaluate your own credit report
Federal law provides that you are entitled to a free copy of your credit report once every 12 months. To order your free annual credit report as provided by law from each of the three major credit bureaus (Experian, Equifax and TransUnion) you may call 1-877-322-8228 or visit www.annualcreditreport.com. If there are errors or discrepancies on your report, it could delay your approval process or cause your lender to charge a higher interest rate than the lowest rate you would otherwise qualify for. You can avoid these potential problems by making sure your report is accurate before you begin the loan process. If your report is not accurate, an experienced mortgage broker such as myself can help you take the necessary steps to correct any errors so that it doesn’t cause problems during the loan process.
3. Let me help you get Pre-qualified
Before you have a Realtor(R) show you any properties, let me help you get Pre-qualified for a loan. A pre-qualification is an informal letter agreement between you and a lender which is obtained by your mortgage broker, such as myself, stating that the lender will provide you with an amount it believes you would qualify for based on basic information you provide to them such as your income and expenses. At this point, the lender will not do a credit check, nor will the lender verify the information you provide. There is no charge for this and you are not obligated to use that lender as your mortgage provider. Likewise, a pre-qualification letter is not a guarantee that your loan will ultimately be approved. However, having a pre-qualification letter will give you a much better negotiating position with a seller and will greatly help your Realtor(R) help you find just the right home for you!
After completing the above-mentioned steps, you are now in a very good position to start shopping for your dream home! Once you find a home and have your offer accepted, you are now ready to begin the full mortgage application process which you can do right here on my website. There are many options that I can help you with – Conventional (Fannie Mae and Freddie Mac), Jumbo, FHA, VA. Here on an H1B? No problem! I can search for the best terms for you from over 100 different lenders with different programs. Let me show you how to find the best fit for the right loan for your unique circumstances! Contact me!
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