Home Loans Made Easy with Shauna Ratapu - Your Mortgage Person

How to EASILY navigate the home loan process! 

5 Steps to Pre-Approval for First-Time Homebuyers (or anyone looking to purchase a home), PLUS, the Number 1 thing NOT to do when getting a Home Loan.  

Part of my 5 in 5 series - 5 Mortgage Facts, Steps or Tips in 5 Minutes. 

Let me know in the comments what you'd like to see in the next 5 in 5? 

Have questions?  

Give me a call or text: 949-723-9572 

Email: [email protected] or DM me!  

This is the most frequently asked question of 2020, so I hope I can bring some clarity to it in 2021.

First off, closing costs in California can range from 2% to 5% of the loan amount.

They are divided into two main categories:

Loan Costs can include (but are not limited to):

Other Costs can include (but are not limited to):

#closingcosts

#homeshopping #preapproval

#dreamhome

#mortgage #mortgagebroker #homeloan #homeownership #homebuying #realestategoals #yournewhome #thebellgroup #californiahomepurchase #californiahomeloans #firsttimehomebuyer #costamesarealestate #orangecounty

#OrangeRealEstate #homefinance #mortgagefinance #mortgagebroker #mortgage #californiarealestate #yourmortgageperson #helpmebuyahouse #shaunaratapu #kiwisincalifornia #dreamhome #citizensfinancial #bigyard #refinance

#realestatetipsandadvice

Recently I was asked this question by a prospective new home buyer: "I want to buy a house but the thought of having to stay in it for 30-years scares me!"

To which I replied, "Why do you think you HAVE to stay in a home for 30 years?"

They responded, "Isn't that what a 30-year fixed mortgage means?"

I suddenly remembered thinking this exact thing when my husband and I were looking to buy our first home over 20-years ago. It was my mortgage broker who filled me in - that, no, I was in no obligation to live in a house for 30 years in order to get a 30-year fixed loan.

My goal is to make the home buying process as easy to go through and to understand as possible - so please feel free to ask me questions! There's no such thing as "silly questions" and I take every single one seriously - I bought my first home with literally zero knowledge of how this stuff works because I had no one in my life who understood it.

Because I've gotten these questions from prospective new home buyers recently, in this video I'll explain:

Call or email us today to learn more. ➡️949-723-9572

➡️[email protected]

Ready to apply? Link in bio.

Real estate agents - do you need a buyer pre-approved ASAP? We will give you top priority. Let’s chat!

➡️ 949-723-9572

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#DRE 02107604 NMLS 1895610

#NewHomeBuyers #30YearFixed #ARM

#BalloonPayment #InterestOnly

#Firsttimehomebuyer

#newhome #yournewhome #thebellgroup #californiahomepurchase #californiahomeloans #firsttimehomebuyer #costamesarealestate #orangecounty #mortgagefinance #mortgagebroker #mortgage #californiarealestate #yourmortgageperson #helpmebuyahouse #shaunaratapu

Are you self-employed and feel that it's just too hard to get a home loan?

Don't worry! It's not as scary or as complicated as some people think.

In this video, I explain the types of documents you'll need to provide in order to qualify, what to expect and I offer some important tips on how to prepare BEFORE you apply.

949-723-9572

[email protected]

DRE 02107604 NMLS 1895610

I often hear how difficult people think getting a mortgage is - and if you follow my page, you know how often I talk about the ease of the process. Well, I just wanted to outline it for you in 5 easy steps, so you know that it really is easy (or fairly easy depending on your circumstances) and also so you know what to expect.

Step 1: The Pre-Approval process

Step 2: The Application

Step 3: Processing

Step 4 Underwriting

Step 5: Closing

For more info - give me a call 949-723-9572

Email: [email protected]

DRE 02107604 NMLS 1895610

How to EASILY navigate the home loan process!  

FICO/Credit Scores range from 300 to 850 - do you know how you can improve your scores in order to qualify for a home loan? 

Or, if your score is already pretty decent, do you know how to improve it in order to qualify for a better interest rate?  

In this podcast, I let you know the six categories that make up your FICO/Credit score and how you can use them to improve your credit fast!  

There are a few different ways to get a mortgage but I’m just going to talk about the two most common – through a mortgage broker, and through a bank. And I’m also going to tell you why I think brokers are better.

Here are the links from the video:

Respa - Real Estate Settlement Procedures Act

https://files.consumerfinance.gov/f/201503_cfpb_regulation-x-real-estate-settlement-procedures-act.pdf

Regarding Predatory Lending Laws: CNBC explains the Dodd-Frank Act:

https://www.cnbc.com/id/47075854

If you watched my episode called 5 things you need to qualify for a home loan, you might remember that I talked about having two years of solid INCOME being one of the major elements necessary to qualify.

For people who are self employed or have commission-based income, providing this income verification isn’t as straight-forward as it is with someone who has W-2s for the past two years at the ready.

First, some people have asked me,  “Why is proving my income even that important if I have great credit and have always paid my bills on time?”

Well, to be frank, banks want to see WHERE the money you’re using to pay your bills is coming from – why? Because...death and taxes – the only two things that are guaranteed, right? If you have a bunch of money in a mattress somewhere that you use to pay your bills, that’s great, but unless you can prove that it came from a legitimate source, lenders usually won’t approve you just based on your shining credit score.

However, there are some pretty cool programs out there called Non-QM mortgages that are specifically aimed at people whose income isn’t as “traditional” or “verifyable” as a W-2d employee.  For instance, some lenders will just look at your bank statements and be happy with that if they see steady deposits over a period of time. And before you shake your head and think, oh I’m sure there’s a catch – no, there’s really not. Really!

Okay, so what does non-QM even mean? QM is the abreiviation for “Qualified Mortgage” – and a “Qualified Mortgage” is one that fits into the lending criteria of traditional or conventional loans like the ones that adhere to the Fannie Mae/Freddie mac guidelines (and if you don’t know what those are, check out my channel, there’s an episode there that explains it). So, a NON-QM loan is one that has guidelines which sit outside of those “Qualified” ones.

Okay so if like me, you remember how these Non-QM loans got a pretty bad rap after the financial crisis in 2007 & 2008. That’s because some lenders were giving out loans that people simply couldn’t afford, causing them to go into foreclosure when the crisis hit its peak. The good news is that BECAUSE of the financial crisis, federal regulations have really tightened up in the mortgage industry, causing ALL lenders – including NON- QM lenders -  to be much more careful about who they lend to.

So tune in to find out what exactly Non-QM loans are all about and how to get one!

Are you confused over interest rates and which type of loan structure is best for you? If yes, then watch this video and get a better understanding of what type of home buyer suits each type of loan structure.   

It's ALWAYS good to be a more informed buyer. After all, purchasing a home is probably the biggest (monetary) investment in our lives! 

Knowledge is POWER!  Here are some links to more information that might help inform your decision:  

Consumer Handbook on Adjustable-Rate Mortgages (FYI, I think this link is better than the Federal Reserve one below) https://files.consumerfinance.gov/f/201401_cfpb_booklet_charm.pdf  

Federal Reserve Consumer Handbook on Adjustable-Rate Mortgages https://www.federalreserve.gov/pubs/arms/armstext_cover2005.pdf  

How to EASILY navigate the home loan process!  

Today I'm briefly comparing differences between four different loan types: 

- Conventional Loans 

- FHA Loans 

- VA Loans and  

- USDA Loans.  

There are so many more loan types out there, so be sure to like and subscribe to my channel in order to get all the latest episodes as they come in. 

Thanks for watching!  

Links from video:  FHA (Federal Housing Administration) website: https://www.hud.gov/program_offices/housing/fhahistory  

VA (Department of Veterans Affairs) Loan website:  https://www.va.gov/housing-assistance/home-loans/  

USDA Eligibility website: https://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do  

USDA Loan Map: https://www.rd.usda.gov/browse-state