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A listing of Personal Services in the South Bay Los Angeles Area A listing of Professional Business and Financial Services in the South Bay Los Angeles area A listing of Contractor and Construction Services in the South Bay Los Angeles area A listing of professionals, contractors, and personal services in the Torrance, Manhattan Beach, Hermosa Beach, Redondo Beach, Gardena, Lomita, Carson, El Segundo, Hawthorne, Lawndale, Rancho Palos Verdes, Palos Verdes Estates, Inglewood, and the Los Angeles area. A listing of professionals, contractors, and personal services in the El Segundo area A listing of professionals, contractors, and personal services in the Torrance area A listing of professionals, contractors, and personal services in the Manhattan Beach area A listing of professionals, contractors, and personal services in the Hermosa Beach area A listing of professionals, contractors, and personal services in the Redondo Beach area A listing of professionals, contractors, and personal services in the Gardena area A listing of professionals, contractors, and personal services in the Lomita area A listing of professionals, contractors, and personal services in the Palos Verdes Estates area A listing of professionals, contractors, and personal services in the Rancho Palos Verdes area A listing of professionals, contractors, and personal services in the Inglewood area
A listing of professionals, contractors, and personal services in the Hawthorne area A listing of professionals, contractors, and personal services in the San Pedro area A listing of professionals, contractors, and personal services in the Carson area A listing of Job and Employment opportunities in the South Bay Los Angeles area
Capital 2000
Tips related to: Real Estate Lending
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TOP FIVE MISTAKES TO AVOID WHEN APPLYING FOR A LOAN
For most people, their home is the biggest investment they will ever make. Therefore, there is no substitute for taking the time to educate yourself before you buy or refinance a house.

1)  REFINANCING WITH YOUR EXISTING LENDER: Your current lender may not have the best rates and programs.  There is a general miconception that it's easier to work with your current lender.  In most cases, your current lender will require the same documentation as other companies.  So even if you have had a good mortgage payment history with your existing lender, they will still have to do their verifications all over again.

2)  NOT GETTING A WRITTEN GOOD-FAITH ESTIMATE: Your mortgage company or lender is required to provide you with a written good faith estimate of closing costs within 3 working days of receiving your application.  Even better, ask for a Good Faith Estimate prior to submitting an application.

3)  NOT DOING A BREAK-EVEN ANALYSIS:  Figure out how much money you will save every month --  Then divide the total cost by the monthly savings to get the number of months you will have to stay in the property to break even on your refinancing costs.  ie; if your refinance costs $3000 and you save $150/month, your break-even is 3000/150 = 24 months.  You should refinance if you plan to stay in the house for at least 24 months.

4)  NOT BEING AWARE OF YOUR PROPERTY VALUE:  Ask your mortgage company or lender to have their appraiser do an in-house comparable search of your neighborhood to determine the estimated value of your property prior to paying for an appraisal inspection.  This will eliminate any surprises during the process such as: PMI charges due to high loan-to-value (LTV) or not being able to qualify for the promised low rate.

5)  NOT PROVIDING REQUIRED DOCUMENTS TO YOUR MORTGAGE COMPANY IN A TIMELY MANNER:  When your broker or lender asks you for additional paper work, jump on it!  Do not complain.  They are trying to get you approved, not trying to hassle you unnecessarily.  Borrowers who do not respond to requests for documentation quickly enough run the risk of paying higher rates if the rate lock expires.

 

 

 

 


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