Tehama CA Lowest Mortgage Rates

Fixed Rate Mortgage Refinance Loan Tehama CA

We shall cover some common questions that Tehama CA Mortgage borrowers often ask in the article:

Tehama CA mortgage borrowers looking for lowest mortgage rates in California will find the article helpful.

How Bankruptcy affects mortgage

When it come Fannie Mae and Freddie Mac backed loans. Since 2008 the guidelines have only got tough. It used to be 4 years waiting period after the date of Discharge of filing CH 7 Bankruptcy and now the time has only got stretched a bit higher as for Ch 13 from the date of discharge is somewhat less.

CH 13 is still sparing than CH 7 because CH 13 shows that the Borrower did go into hardship but has the willingness to repay so the time frame is a bit less where the borrower has to wait before being eligible to apply for mortgage.

There are other smart ways too of doing mortgage but not necessarily can every one arrange for such methods. Like having someone trusted to apply for mortgage in his name who has clean credit while the person who actually filed for bankruptcy making the payments to the borrower who applied for mortgage in his name and borrower making the payment to the bank.

Call Tehama CA mortgage expert below to get you the lowest mortgage rate on your refinance.

How does the underwriting work in mortgage? Why do underwriters ask so much paperwork for mortgage? Why does it take so long to get approved on mortgage?

The above three are common queries mortgage borrowers have in mind. Hopefully they will have some answers reading this article.

We are living in the age of technology where most of the work is automated and has been outsourced to technology or call it a developing Artificial intelligence or an AI system. Just the way no matter what you type on Google and you get the answer in a few mill seconds.

Typically in a bank when applying for mortgage. When you give out your loan application. The data is being into a system or software. The Loan Officer requests that all the info that he has fed into the system or software on his computer while the borrower gave out the application on phone. The documents are required to support the data fed into software.

The Loan Officer just like going to Google runs the application information using a govt or banking software and in a few seconds he has the answer from the software. That the mortgage has been approved or denied. Yes it’s that fast and that simple. 

However one can feed any information into the automated system and get an approval. Hence the information fed into the system needs to be vetted manually and that is where it takes time.

There is an acceptable level of deviation that is allowed by the automated software but if the deviation is more then additional paper work may be required.

Remember the software is a preliminary evaluation. Its verdict can be final only when the documents support the information fed into the system. 

The final verdict is that of the underwriter.

Call Tehama CA mortgage expert below to get you the lowest mortgage rate on your refinance.

For more information visit www.affordable-payment.com or call 323-705-3191 if you are a California Mortgage borrower. 

CURRENT REFINANCE RATES MONTEREY CA  

Product                              Rate                         Change

30 year fixed                      3.63%                         0.02

15 year fixed                      2.99%                         0.07

5/1 ARM                              3.07%                         0.14

Artical by Roger Shanker