First Time Home Buyer Mortgage Loans for Concord
Five Star Mortgage Professional Diablo Magazine San Ramon Express Readers Choice National Association of Mortgage Brokers Bay East Association of Realtors National Association of Realtors Better Business Bureau (BBB) A+

Save Time, Save Money

Mortgage Brokers San Francisco Bay Area

Getting you the BEST RATES POSSIBLE


Call
Menu

Call Jim: 925-838-6810

Jim Wilson, Broker / Principal

Preferred Mortgage, Inc.

Mortgage Loans for Concord

Concord California

First Time Home Buyer Mortgage Loans for Concord

Looking for the best of suburban East Bay living and a diverse economy? Look no further than Concord, CA. Located 29 miles northeast of San Francisco and home to a BART station, Concord is convenient for commuters. Concord, CA is also home to large employers of its own including Bank of America, Chevron, AT&T, John Muir Health, and the Mt. Diablo School District. Residents don’t have to travel far for world-class shopping thanks to Concord’s massive Sunvalley Mall. When considering a move to Concord, CA, you’ll have plenty of options including downtown condos, charming bungalows, luxury homes, and more. You’ll also need a reliable Concord, CA lender. Jim Wilson can help you find the right financing for your new Concord home.

Buying a home is the single largest investment you will make and having a professional mortgage broker there to walk you through the buying process will make that experience much more enjoyable. We take the time to explain the buying process from beginning to end in terminology that’s easy to understand. We save you time by explaining the many different loans and homebuyer programs that are available to find the one that best fits your needs. Then we get you pre-qualified so when you find the home of your dreams you’re ready to buy it.

Save Money by Choosing Us

Preferred Mortgage has teamed with lending institutions large and small across the country to bring our customers the very best of what is available. We are able to beat our competitors’ rates and pricing due to our preferred lending status with our partner institutions. That allows us to pass the savings along to you, our customers.

First Time Home Buyer for Concord – READ THIS

If you have never purchased a home before then you are eligible for special incentives given by lending institutions and also the U.S. Government. Every financial situation is unique and we will help you discover all the savings and benefits available to you. We work very hard to save folks money and with you the first time buyer the amount of savings is usually the highest. We look forward to helping you select the loan that’s right for you.

Investment Property Mortgage Loans for Concord

Whether you’re looking to purchase or refinance we have the resources to help you with your investment financing. We finance and offer cash-out options for financing up to 10 investment properties. We have conventional financing with as little as 10% down on purchases with Homepath and 20% down on Fannie and Freddie programs. With residential rents at all time highs and interest rates at all time lows it’s a great time to own rental properties. Call us now to refinance or get prequalified for your next investment.

FAQ – Frequently Asked Mortgage Questions

  1. What will a lender look at when I apply for a mortgage?
    • When applying for a loan lenders typically look at your credit score, assets, down payment amount, household income, and overall debt.
  2. What does it mean to get prequalified?
    • Prequalification is an estimate of how much you will be able to borrow. You supply the lender with some basic information about your income, debts and assets. The lender checks your information and gives you a general estimate of home loan amount and monthly payments. Prequalification only takes a few minutes and it’s free.
  3. What does it mean to get preapproved?
    • With preapproval, lenders review some basics about your finances and provide you with an official letter that states that as long as you meet certain conditions, you will be approved for a specific loan amount and loan program. That allows you to shop with confidence, as sellers often require a preapproval when you go to bid on a home. Learn more about the preapproval step in the loan process.
  4. Do I have to have a specific property in mind?
    • No. Often before shopping for a home, prospective homebuyers set a budget. Get prequalified or preapproved and we’ll help you determine how much of a monthly mortgage you can afford and how much you might be able to borrow.
  5. What is the minimum down payment I can make on a home?
    • It depends. Generally speaking, lenders require you to put down between 3.5% to 20% of the home’s value. See the side by side comparison of the mortgage programs.
  6. Will I have to pay for Private Mortgage Insurance (PMI)?
    • Typically, if your loan amount is more than 80% of the home’s appraised value, you will be required to obtain private mortgage insurance known as PMI.
  7. What is the difference between a second home and an investment property?
    • A second home is a home you use personally. The mortgage process for a second home is very similar to your primary home mortgage. An investment property is a property you rent out (become a landlord) or buy for the purpose of fixing up and selling at a higher value. This could be an apartment property, condominium, or single family residence.
  8. What if I have had credit problems? Will I be turned down for a loan?
    • Not necessarily. Even if you have had credit problems, you may still qualify for a loan. Your credit score is only one of the factors to qualify for a loan. Lenders also look at your employment history, income, debt, and cash reserves.
  9. Can I apply a gift towards a down payment?
    • FHA loans allow homebuyers to use gift funds to help cover the cost of the down payment. In many cases, some or all of the down payment may be a gift from a family member, the borrower’s employer or labor union, or a charitable organization.

How the Mortgage Process Works in Concord

  1. Begin loan pre-approval process – Gather Required Documents
    • W-2’s for all wage earners for the last 2 years
    • Copies of the one months pay stubs for all wage earners
    • Copy of Federal Tax Returns for the last 2 years (needed for self employed and investors only)
    • Copies of 2 months checking bank statements
    • Copies of the last 2 months savings bank statements (savings, 401(k), IRA’s, etc.)
    • Copy of a valid driver’s license or government issued identification
  2. Apply and Get Pre-Approved
    • This process helps you determine the amount you can borrow. Sign and complete the loan application and disclosures. At this time, income and credit verifications are completed as well as checks on your assets and liabilities. During the loan approval process, it is important not to significantly change the status of any of your financial accounts.
  3. Compare Loans and Rates
    • Deciding on the loan amount and length of your loan period will help you determine if points and fees make sense. Do you plan to hold onto your property for an extended period? A fixed or a variable rate is one of many choices available to you. There are also several alternatives to points and fees. We can help you find the right loan program for you.
  4. Lock your rate
    • Work with us to lock in your rate. You may be required to submit additional documentation before the loan can be approved. Your loan application will go through the final approval process which includes verifying the information submitted on your application. It is important to postpone making any major purchases or changing the status of your financial accounts. Large deposits and withdrawals must be documented. If you make any significant changes in your application information, please let us know beforehand.
  5. Close your Loan
    • Review and sign loan documents. Check the documents carefully for the correct interest rate, loan amount, names and addresses. If you’re purchasing a property you may be required to bring a cashier’s check or to wire funds. Refinance loans on primary residences have a mandatory three-day rescission period.

FREE QUOTE

QUICK, EASY, NO OBLIGATION