Tag Archives: Lender

Home Financing “Need List”


Kathleen Beck – Mortgage Lender

West Coast Mortgage Group

NMLS #243181 | BRE #01058848

Looking to buy or refinance a home is a very exciting time. It is also an important time for interested borrowers to organize their documents, better known as a “Needs List” to ensure your loan or re-fi is processed in a timely manner without unforeseen challenges.

The documents listed below are needed by your mortgage officer in order to verify the information you provided during the application process. These items should be sent at your earliest opportunity to expedite the processing of your request.

Documents Needed:

  • Copy of your Driver’s License
  • Copy of your Social Security Card
  • Legible copies of W-2’s and 1099s from last two tax years
  • Personal Federal Tax Returns from last two tax years
  • Statements for all checking, savings, investment and retirement accounts (including all pages for the last two months)
  • A letter of explanation for all non-payroll deposits into your accounts and copies of the checks deposited
  • Current pay-stubs from all borrowers (most recent 30 days)
  • Copy of Homeowners Insurance Policy Declaration Page showing the coverage and premium on all property owned
  • Current mortgage statements on all property owned

The entire loan and re-finance process takes approximately 30-45 days and mortgage officers should work to make this as simple and stress-free as possible. Once you have gathered the items above, send the documents via secure email, hand delivery, or by means you feel comfortable and you should have a smooth experience.

Tagged , , , , , , , , , , ,

Could This Be Your Year?


Is the Dream of Home Ownership Finally in Your Future?

Is this your year to fulfill your dream of owning your own home? We have a lot to be optimistic about in the Sacramento, Placer and El Dorado County Area. The interest rates are still low and inflation is almost non-existent. The local and California economy continues to grow at a nice steady pace. Our real estate in the Sacramento Tri-County area is still at an affordable value. The employment in our area also seems to be stabilizing. I have noticed less short sales and foreclosures on the market in our area. As a result many sellers are above water on their personal and investment homes. In short, 2014 should be a great year for both buyers and sellers.

In the last couple of weeks I have had several people contact me wanting to be pre-approved for a mortgage this is a very important first step in the home buying process. Most listing agents and sellers will not even consider an offer on a home without the buyer being pre-approved by a lender.
The next step is finding a Realtor who knows how to get your offer accepted by the seller. Many times in this market you will compete against other buyers for the home you want to buy. The Realtor you choose can make the difference between having your offer accepted by a seller so really check into the Realtor’s track record and references. Remember, this will be one of the biggest purchases you will make in your lifetime and it makes a difference whom you choose for both your Realtor and your Lender.
Let me help make your dream of home ownership come true. I specialize in finding you the right loan that meets your specific needs and financial goals. With mortgage rates still near historic lows, wouldn’t this be the year to make your dream come true.
Please email me today Kathleen@BeckHomeLoanPro.com or call 916-722-0395 to get started on your dream of homeownership.

Kathleen Beck
A person you can count on.
West Coast Mortgage Group
2716 Broadway
Sacramento, CA 95818
NMLS#243181 BRE#01058848


Tagged , , , , , ,

2014 Loan Limits Announced

Important Information If You Are Planning ImageOn Buying A Home in 2014

New loan limits have been announced for 2014.  These limits apply to all FHA and High Balance Loans closed January 1, 2014 through December 31, 2014 in Sacramento, Placer and El Dorado Counties. Each county has their own loan limits for FHA and High Balance Loans. Please contact me Kathleen@BeckHomeLoan.com for your county’s FHA and High Balance Loan limits.

The FHA loan limit and High Balance loan limit in Sacramento, Placer, and Eldorado counties will be $474,950 for a single family residence. The FHA loan limit in Sacramento, El Dorado and Placer counties have increased from $417,000 to $474,950 starting January 1, 2014. On the other hand the High Balance Conforming loan limits maximum balances have decreased to $474,950 for single family homes.

Fortunately, there are Jumbo loans readily available for qualified borrowers in the market place today. In the meantime, the standard conforming loan limit for Fannie Mae and Freddie Mac loans will remain at $417,000 for single family homes.

Please contact me directly with any questions you may have.

Kathleen Beck
A Person You Can Count On!
Mortgage Lender

Tagged , , , , ,

Yes, You Can Buy A Home With Less Than 20% Down!

I would like to continue the discussion about the myths surrounding buying a home. As I stated before there is a ton of information on the internet and myths about Home Loans found on the internet and other media.
One of the biggest myths is you cannot qualify for a home loan unless you have 20% of the sales price for a down payment because it is so hard to qualify for a loan without a 20% down payment.  This myth cannot be farther from the truth.
If you have good credit and job stability there are several different loans you may qualify for with a small or no down payment.
Many of you have heard about the FHA loan, this loan requires just a 3.5% down payment and does not have income limits for qualifying.  Also, if you are short of money to close escrow and need down payment assistance you can use the CHDAP (California Down PaymenImaget Assistance Program) with your FHA loan.
CHDAP will loan you up to 3% of the sales price towards your down payment and closing costs for your first home with an FHA loan, so you will only need to come in with ½ of 1% for your down payment and your closing costs to purchase your new home.  There are income limits to this program based on the size (the number of people) in your household.  This program is geared towards the moderate to low income buyer.
The VA loan is a great loan if you are active military or a Veteran.  The VA loan requires a 0% down payment.
If you are buying a home in a rural area the USDA loan is a good option to look into, there is no down payment requirement, but there are income limitations and property eligibility requirements.
We now have Conventional programs with 3% and 5% down, but your credit, job stability and money/reserves need to be stellar in order to qualify.  If you are able to put 10% down on your new home it will be much easier to qualify for a conventional loan.
The loans listed above are just the basic loans available. Some Cities and Counties have additional loan programs available.  Email or Call me today with any questions you may have.
I will be writing a series of informational pieces for my blog in the weeks to come.  Please let me know what you would like me to talk about.

Tagged , , , , , , , , ,

One Last Shot at Super-Low Rates?

ImageIf you missed your chance at refinancing your mortgage at a super-low rate, the standoff over the raising the federal debt limit is giving you what may be one final opportunity.

Normally, signs of a softening economy are a bad thing for consumers. But if you’re still hoping to refinance your mortgage or are looking to buy a home, the standoff offers what will likely be a short-lived opportunity to lock in the kind of low rate that many thought was gone for good.

Approaching 4 percent again

Rates dropped sharply in mid-September after the Federal Reserve announced that it would not be cutting back on its bond-buying program as many had speculated, and they’ve continued to sink with the partial government shutdown that began Oct. 1 and as the prospect of a full government shutdown appears more likely.

According to some surveys, fixed-mortgage rates have declined by about half a percentage point since the Federal Reserve meeting in mid-September. Many services are reporting average 30-year fixed-rates of around 4.25 percent are available for borrowers with good credit and 20 percent down/equity, with Zillow reporting 30-year rates approaching the 4 percent level once again.

Surveys are reporting 15-year fixed-rate mortgages, popular for refinancing, are currently running about a full percent lower than the 30-year variety.

Delays in approvals are likely

If you’re looking to buy or refinance, the shutdown does present a few problems. Although lenders are continuing to process most mortgage applications, including those for loans backed by the FHA, VA, Fannie Mae and Freddie Mac, they can’t finalize until at least some government operations are restored.

That’s because they need to verify incomes and social security numbers with the IRS and Social Security Administration before those loans can be approved, and those agencies are officially on shutdown at the moment.

So if you are applying for a purchase or a refinance, you may want to lock in your rate for a bit longer than you normally would – for example, 60 days instead of the usual 30.

Mortgage rates generally sink on economic uncertainty, as investors become more pessimistic and are willing to accept lower returns on safe investments. This reduces the rate of return on Treasury bonds, considered the safest of investments, and mortgage rates and other interest rates typically follow.

What about a full shutdown?

The partial government shutdown that began Oct. 1 is generally seen as having a slightly dampening effect on the economy, due to federal workers not getting their paychecks and the closure of federal offices preventing certain government-dependant business transactions – such as approvals for small business loans – from being carried out.

The greater concern though, is the uncertainty over the possible effect of a full government shutdown and failure of the U.S to make its debt payments. That’s the main thing that has investors scurrying for safe cover and allowing interest rates to sink even further.

The deadline for resolving the standoff – in which House Republicans are refusing to raise the debt limit without significant changes or delays to the Affordable Care Act, or ObamaCare – is Oct. 17. If it appears a deal is in the offing, rates may begin to edge back up before that date; if the deadline passes, they could fall even further.

By Kirk Haverkamp, Published: October 07, 2013

First published on MortgageLoan.com at: http://www.mortgageloan.com/one-last-shot-super-low-rates-9582

Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
%d bloggers like this: