Things To Consider Before Buying A Home

Documents Needed for Loan Applications

Dos & Don'ts

How Your Credit Score Is Derived

Keep Your Credit Clean

What To Expect At Closing

Moving Checklist

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need Grand Avenue Realty & Lending!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

Grand Avenue Realty & Lending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

For many people, buying a home is the single biggest investment they will make in a lifetime.

The so-called "right time" is different for everyone. Before making a decision to buy a home, ask your Grand Avenue Realty & Lending Loan Officer to help you answer the following questions.

Can You Qualify for a Mortgage?

The best way to determine this is to figure out your debt-to-income ratio. As an example, if a loan program uses a 28/36 qualifying ratio, it means the homebuyer is allowed to spend no more than 28% of his or her gross income on monthly mortgage payments and no more than 36% on total debt. Total debt includes car and school loans, credit cards, child support and alimony. More specifically, if an individual earns $60,000 per year, his or her monthly gross income is $5,000. Under the 28/36 guidelines, that person’s maximum monthly mortgage payment should not exceed $1,400 while his or her total monthly debt should not exceed $1,800.

How Much Home Can You Afford?

Commonly paid in cash, down payments are based on a percentage of the home’s selling price and are due at closing. If you are able to make a down payment of 20% or more, you can save money — between $20 to more than $100 a month — and avoid the cost of mortgage insurance. If you don’t have 20% to put down on a home, remember that there are other options out there. Many affordable mortgage programs exist, including a few that require little or no down payment. Additionally, zero down payment programs are available for some veterans, active-duty military personnel and reservists.

How's Your Credit?

All lenders require a credit report that contains personal financial information such as loan payment information, bank and credit card accounts, and more. You are able to obtain a copy of yours by contacting any one of the credit bureaus throughout the United States.


Copyright 2012 Grand Avenue Realty and Lending Inc. All Rights Reserved. CalBRE# 01873127 NMLS#346148