Guaranteed Rate, Inc. is a reliable company that specializes in providing home loans and financing options for individuals in Berkeley, CA. We are a trusted and licensed mortgage broker with several years of experience in providing fast and transparent Berkeley home loans. Whether you are buying a home for the first time or the 1000th time, Dianne Crosby of Guaranteed Rate, Inc. is the trusted mortgage broker to always turn to.
In addition, Dianne Crosby works with a competent team of highly trained, experienced professionals. Our trusted experts will manage your loan process and facilitate communications between all parties involved. We are one of the most reliable Berkeley mortgage companies that can help you realize your dream of becoming a homeowner.
What Do You Mean by Home Loans?
A home loan is a mortgage given by a mortgage company or financial institution to homeowners to purchase a property or residence. Buying a house is a dream for many in Berkeley, but having the resources to acquire them is a challenge, especially considering that the cost of some houses in Berkeley is too high. When they do not have money to pay for a loan, they borrow from a lender. The lender can be a bank or mortgage lender.
How do Home Loans Work?
In securing a home loan, collateral is given to the financial institution. In this case, your house functions as the collateral. A percentage of the value of your home (say 80%) is given to you, which is to be paid back a specified period of time with interest. If you default in payment, the lender can then legally take your home through a process known as foreclosure.
Most financial institutions offer a home loan with a fixed term of 30 years with the interest rates to be repaid in monthly installments.
What Do You Need To Get a Home Loan?
The following will be needed to get a home loan:
Good Credit Score: The financial institution is risking their money based on the trust you will pay back the principal. To ensure that you will not default, they normally require that you have a good credit score.
Down Payment: To secure a mortgage loan with a better rate, you have to make a 10 percent to 20 percent down payment relative to your income.
Proof of Income: Lenders want to be sure that you have a source of income that will provide you with the money to pay back. Provide them with documents such as W-2s or pay stubs that show you are earning an income.
Other Documents: The financial institution while checking your risk profile may assess additional documents such as bank statements and life insurance. They do this to ensure that you have the down payment in your account a few months before the application.
Home loans are an alternative to many people in Berkley to buy a property. Ensure that you follow the tips above to secure a home loan at a good rate.
Contact Us Today!
Contact us today at Guaranteed Rate, Inc. to speak with Dianne Crosby or any of our experienced experts. We will provide suitable answers to your questions and concerns about getting mortgage loans. A fantastic experience awaits you.