Last-minute Credit Screening
If you are buying a home in Los Angeles and you have been approved for a mortgage based on your credit, be aware that, effective June 1, 2010, your lender may order another full credit screening.
This is to ensure that you have not taken out, or even shopped for additional loans – a new car, furniture, and new credit card, etc. If the new credit screening finds that you have, the loan will be put on hold pending further investigation. If the loans are large enough to affect the debt-to-income ratio this could put an end to the loan as it could mean monthly payments that are too high to support your budget.
Part of Fannie Mae’s loan quality initiative, lenders will be required to get two credit reports, social security numbers and verification of the borrower’s occupancy of property.
When buying a home in Los Angeles resist the urge to continue spending after you have applied for a mortgage, because you spending pattern is going to be closely investigated after the second credit screening. You may need new furniture for that home, but you might want to wait until after the closing lest you lose your loan.
Buying or Selling Los Angeles Real Estate
Buying or selling a Los Angeles home can be a daunting process in a city this size, especially if you’re new to L.A. Town. You’ll need a resident expert to show you around and help you narrow down the areas where you might like to live. I will help you find the perfect home in the right area to fit your lifestyle, budget and needs!
When I list and sell Los Angeles homes for my clients I strive to make the experience a pleasant one. My mission is to provide outstanding service while utilizing the best practices and systems available.
If you are an absentee owner, you’ll need someone to handle all the details that you can’t handle remotely. That’s where I come in – I’m there when you can’t be. I also specialize in lease property in Los Angeles.
Westside Los Angeles Real Estate, including, but not limited to:
- Westwood Real Estate – Westwood single family homes, Wilshire Corridor condominiums, Century City condominiums
- Brentwood Real Estate – Brentwood single family homes, Brentwood condominiums
- Santa Monica Real Estate – Santa Monica single family homes, Santa Monica condominiums
- Beverly Hills Real Estate - Beverly Hills single family homes, Beverly Hills condominiums
- Culver City Real Estate – Culver City single family homes,
- Palms/Mar Vista Real Estate - Palms/Mar Vista single family homes, Palms/Mar Vista condominiums
- Silver Lake Real Estate - Silver Lake single family homes, Silver Lake condominiums
- Echo Park Real Estate – Echo Park single family homes, Echo Park condominiums
For more information on how I can best serve your Los Angeles real estate needs, please fill out the online contact form or give me a call at 310-473-6919.
