Best Mortgage Refinance Companies in Van Nuys

Frequently Asked Questions

• Introduction

  Refinancing a mortgage can be a complicated process, and hiring a mortgage refinancing broker can make it simpler and faster. There are several things you can do to protect your interests and help your broker complete the process for you.
  

  
  

  Check a potential broker’s online reviews to find one with a good reputation. In addition to the opinions of past clients, check to see if a broker has an online portfolio, which can support the reviews you find from past clients to show a broker’s trustworthiness. This can also help you establish if a broker has handled financing for properties similar to yours.
  

  
  

  Get a written summary of a broker’s rates before committing so you know exactly what hiring your chosen mortgage refinance broker will cost. Find out which lenders work with your broker and what information they need to successfully refinance your mortgage.
  

• What credit score do you need to qualify for a mortgage in Van Nuys?

  Mortgage lenders in Van Nuys usually approve borrowers who have a higher credit score; a typical ballpoint is a credit score of 620 points or higher. This is because lenders view people with higher credit scores as less risky to lend money to. Having a higher credit score makes the underwriting and approval processes faster and easier, and this also gives borrowers a better interest rate.

• Is getting pre-approved for a mortgage in Van Nuys critical when planning to buy a home?

  When planning to buy a home, it is important to prioritize getting pre-approved for a mortgage in Van Nuys. Having been pre-approved for a mortgage gives you an advantage over other home buyers, as this gives the impression that you are a serious buyer. This improves your chances of falling into the sellers' good graces. It also gives you a better idea of how much you can borrow.

• Do you need to be in the agriculture business to be able to use a USDA loan in Van Nuys?

  You can qualify for a USDA loan in Van Nuys even if you are not in the agriculture business or planning to purchase a farm. The United States Department of Agriculture guarantees a particular type of mortgage called a USDA loan. You can use it to purchase either single-family or multi-family housing. Most suburban areas qualify for USDA loans. They are also designed for low-to-medium-income home buyers.

• Is there an age requirement for getting a reverse mortgage in Van Nuys?

  In Van Nuys, reverse mortgage loans are only available to homeowners aged 62 years old and above. Your home should also be your primary residence to qualify for a reverse mortgage. Individuals who are at an older age and plan to apply for a reverse mortgage can access a larger part of their home's equity. For those who are younger than 62 years old, they should consider other types of mortgage programs.

• Can a student loan hinder you from qualifying for a mortgage in Van Nuys?

  No, a student loan will not hinder you from qualifying for a mortgage in Van Nuys. Even if you have student loan debt, you may still get access to a mortgage if you have decent credit and sufficient income. To increase your chances of being approved for a mortgage even if you have a student loan, you may want to consider a 0% down payment loan. The next option is to lower your debt-to-income ratio by paying down some debt.

• How do you refinance a mortgage?

  Decide why you’re refinancing, such as to get a lower interest rate, pay off your loan faster, or to get a lower monthly payment. Share your credit information with your broker along with information about the equity you have in your home. Review your mortgage refinance broker’s quotes and choose the best loan terms.