Buy A Home

Why You Should Apply for Mortgage Pre-Approval

November 26, 2023 by Mortgage Consultants Group

When you are ready to buy a home in California, one of the first steps you should take is to apply for mortgage pre-approval. You probably have heard of pre-approval, but you might not be sure what it is, how it works, or why you need it. This post will explain the benefits of getting pre-approved for a home loan.

What is Mortgage Pre-Approval?

Mortgage pre-approval is a simple, quick process where you provide us with some basic information, and we let you know how much you might qualify to borrow. We then provide you with a mortgage pre-approval letter that states the amount we have pre-approved. This is not the same thing as a loan agreement, but as you will see in a moment, it is incredibly useful. Applying for mortgage pre-approval only takes a few minutes, and it can push the home purchase process forward quite a bit.

Benefits of Mortgage Pre-Approval

Let’s go over the advantages of getting pre-approved for a mortgage.

Learn what you can afford.First of all, you figure out how much home you can afford when you receive your pre-approval. Knowing the maximum you can likely borrow is one of the first steps in budgeting all of your home purchase expenses.

Narrow down your home search. If you have already started your home search without knowing what you are going to be able to borrow, you are only taking a guess which homes you can afford. You may have already wasted hours touring homes you will be unable to purchase.

Brian Musket of Mortgage Consultants Group quoted: “Worse, you can end up getting really attached to a home. Learning later you cannot afford it can be heartbreaking.Mortgage pre-approval lets you skip around all of that. You can just tour homes you can actually afford to buy.”

Make compelling offers. If, during your home search, you do fall in love with a beautiful home you can afford, you can then show the seller your mortgage pre-approval letter. This letter will inform the seller that you are a serious buyer who is likely to be approved to borrow enough to buy the home. Sellers are much more likely to accept offers from buyers with pre-approval. In fact, these days, many sellers will not even consider an offer from a buyer who does not have such a letter.

Apply for Mortgage Pre-Approval in Rancho Cordova Now

It is fast and easy to apply for mortgage pre-approval right here on our website.

Click where it says “Pre-Approval Letter” under “Resources” at the bottom of our site.
Our FREE Home Purchase Qualifier tool will pop up. Enter your zip code. Click the orange button that says “Go!”
Answer the series of questions that follows. These will concern the nature of your home purchase, your credit score, and some details about your income. It should only take you a couple of minutes to finish answering the questions.
At the end, you will be asked to input your name, email address and phone number. Click the box below to consent to the privacy policy and other agreements, then click “Submit.”

That is all you need to do! The process is complete, and you will find out right away if you are pre-approved for a home loan.

Mortgage Consultants Group can help you buy a home or refinance in Rancho Cordova or anywhere in California. To get started, please call us today at (916) 669-1682. We can walk you quickly through the steps of the loan process so you can move into a new home in CA.

6 Tips for Buying a Home During Times of High Rates

October 24, 2023 by Mortgage Consultants Group

Mortgage rates recently hit 7.23%, which represents the highest they have been since 2001. When shopping for a home during a time with high mortgage rates, you need to work extra hard to find affordable rates. Below are some recommendations that can help.

6 Homebuying Tips

Choose the right interest rate format. A good thing to ask yourself before you choose a mortgage is, “Do I want a fixed rate or an adjustable rate?

With an adjustable rate, you start out with a low introductory mortgage rate. After several years with that rate fixed, the rate then is determined by market rates going forward.
With a fixed rate, you lock in a rate that is permanent for the lifetime of the loan.

The advantage of choosing an adjustable rate mortgage in this scenario is pretty clear. A fixed rate mortgage can work out too though; just plan on refinancing it later.

Learn about the different mortgage types. When you are choosing a mortgage, make sure you look into all of your options—especially those that may help you to qualify for affordable interest rates. In particular, government-backed loan programs like FHA, VA and USDA are great for keeping rates low even without perfect credit. During your consultation, our loan experts can help you explore these different loan programs and figure out what you qualify for.

Enhance your borrower profile. Now is the time to do what you can to make your borrower profile as competitive as possible in order to qualify for the most affordable rates. That means increasing your credit score, and doing the same with your income if you have that option. Try paying off debts to improve your debt-to-income (DTI) ratio if you have the means. And make sure you have properly documented all of your assets. These steps will all be a big help no matter what type of home loan you are applying for.

Increase your down payment size. Are you familiar with the concept of loan-to-value (LTV)? The LTV is the percentage of the home’s value that your lender is loaning you to purchase the property. The rest of the value is what you are paying upfront with your down payment. By raising your down payment amount, you reduce your LTV. When the LTV is lower, so is the risk for the lender. As a result, they may be willing to offer you lower mortgage rates.

Buy your dream home. This might sound like an unexpected bit of advice, but if rates are high, now is the time to really focus your search for your dream home. You may be competing against fewer homebuyers, who could be staying out of the market right now because of the rates. That also means that more properties could be for sale. So, you can shop a wider home selection, and your chances of making a successful offer may have increased.

Work with a mortgage company that goes above and beyond. Another way to handle shopping for a home when mortgage rates are high is to choose an experienced mortgage company that will spare no efforts to bring you affordable rates.

Buy a Home at Rancho Cordova

At Mortgage Consultants Group, we have over 29 years of experience helping homebuyers move affordably into new homes regardless of economic factors. Whether you are shopping for a home in Rancho Cordova or anywhere in California, we can connect you with a flexible mortgage featuring affordable rates. To schedule your consultation now, please give us a call today at (916) 669-1682.

Why Rancho Cordova Is Your Next Home: 5 Compelling Reasons

July 20, 2023 by Mortgage Consultants Group

Rancho Cordova is a city located in Sacramento County, California. It offers a vibrant and diverse community that comes with plenty of opportunities for both residents and tourists. Read on to discover some of the reasons why you should consider moving to Rancho Cordova.

5 Reasons Rancho Cordova Should Be Your Next Home

Move to Rancho Cordova for Its Thriving Economy. Rancho Cordova has a thriving economy, with a large number of companies and businesses operating in the city. The top employers in the area include Dignity Health, VSP Global, and Aerojet Rocketdyne, among others. This means that you’ll have plenty of job opportunities if you’re looking to move to the area. The city also has a business-friendly environment, with low taxes and a streamlined permitting process. This has attracted many companies to the area, and it’s no surprise that Rancho Cordova is one of the fastest-growing cities in California.
Move to Rancho Cordova for More Housing Opportunities. Rancho Cordova has a range of housing options to suit different lifestyles and budgets. From single-family homes to apartments and condos, you’ll find something that suits your needs. The city also has a low cost of living compared to other cities in California, making it an affordable place to live. In addition, the city has a good mix of urban and suburban areas, so you can choose to live in a bustling neighborhood or a quiet suburb, depending on your preferences. The housing market in Rancho Cordova is also competitive, so you’ll need to act quickly if you find a property you like.
Move to Rancho Cordova for Quality Education. Rancho Cordova has some of the best schools in the state, which is great news if you’re a parent. The Folsom Cordova Unified School District serves the area, and it has a range of public and private schools that offer quality education. There are also several universities and colleges in the greater Sacramento area, including California State University Sacramento, which is just a few miles away from Rancho Cordova. This means that you’ll have plenty of options if you’re looking to further your education or enroll your children in college.
Move to Rancho Cordova for Its Recreation Opportunities. Rancho Cordova has plenty of recreational opportunities for residents and visitors alike. The city is home to the American River Parkway, which is a 23-mile trail that runs along the American River. You can hike, bike, or jog along the trail and enjoy the beautiful scenery. The city also has several parks, including Hagan Community Park, which has sports fields, picnic areas, and a playground. There are also several golf courses in the area, such as the Mather Golf Course and the Cordova Golf Course.
Move to Rancho Cordova for Its Rich Culture. Rancho Cordova has a rich culture that reflects its diverse population. The city hosts several cultural events throughout the year, such as the annual International Festival and the Rancho Cordova Fourth of July Celebration. The city also has a vibrant arts scene, with local artists showcasing their work in galleries and exhibitions. You can also catch a performance at the Harris Center for the Arts, which is located in nearby Folsom.

Conclusion

Rancho Cordova is a wonderful place to live, work, and play. With a thriving economy, affordable housing, quality education, and plenty of recreational opportunities, it’s no wonder that so many people are moving to the area. Now, if you’re considering a move to California, make sure to check out Rancho Cordova and see what the city has to offer.

Contact Mortgage Consultants Group Today!

Do you need help purchasing a home in Rancho Cordova? Mortgage Consultants Group is here to help you find the perfect home, contact us at (916) 669-1682. With over 29 years of experience and flexible financing options, we can make your homebuying or refinancing dreams happen. Don’t wait–reach out to our friendly loan experts now!