Help U Invest

Lorisa M. McKelvey, Mortgage Planner

451 Washington Street Monterey, CA 93940

(831) 645-1160 Off

(831) 643-1161 Fax

(831) 578-2743 Cell

(831) 359-4135 Dir Fax

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Learning Center

Rate = Risk

The higher the risk, the higher the rate.

The best way to lower your rate is to minimize your risk in the following areas:

Credit – Increase your scores by obtaining sufficient credit. Maintain your credit by not using more than 30% of the revolving line of credit & making more than the monthly payment on time! Season your accounts. Every new account needs to show at least 6 months of payment history before it will help you.

Income – Stay consistent in your line of work.

Assets – Take advantage of 401K’s offered by your employer, especially if the company matches a portion of your contributions. Keep a savings account of at least 2 months of your housing expense as reserves.

Property - 100% financing shows no equity position in the property. The more you own of the property vs. the amount borrowed will decrease your risk.

Most Common Pitfalls Though The Loan Process. Avoid The Following:

Falsifying Information on loan application.

Misrepresenting critical information to the loan agent.

Submitting incorrect tax returns.

Borrower fails to perform and participate in a motivated manner.

Borrower’s source of down payment changes or disappears.

Family member does not like the property.

Borrower is too picky about the condition of the property.

Borrower finds another property that is a better deal.

Borrower continues to “negotiate” with seller after agreement has been reached.

Borrower brings an attorney into the transaction.

Borrowers do not execute their paperwork in a timely manner.

The borrowers’ deposit checks bounces or is not delivered as promised.

Borrower experiences financial or other critical setbacks, such as the loss of a job, a serious illness or divorce.

Borrower mis-budgets and comes up short on cash-to-close.

Borrower fails to obtain required insurance in timely manner.

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