Vahe Hayrapetian Advises on Things to Do when Applying for Mortgage

It’s easy to be overwhelmed about the information made available about buying a house, most especially on applying for a mortgage. In fact, over 76 percent of first-time homebuyers feel overwhelmed by the enormous amount of information that they comes across when applying for a mortgage and buying a home.

As helpful as all that information will be, nothing beats talking to mortgage brokers like Vahe Hayrapetian. With his years of experience, he can help you understand everything you need to know about getting your mortgage application approved through these simple steps:

Have a Consistent Income

You’ll need to show proof that you’re receiving consistent income for at least the past 12 months, and even 24 months, if you can. Aim for a total debt-to-income ratio of less than 35 percent and avoid frequently switching jobs within one year when applying for a mortgage.

Take Care of your Credit

To achieve a debt-to-income ratio of less than 35 percent, start relying less on your credit card and don't apply for a new credit during the time you’re applying for a mortgage. Lenders will usually pull a credit update within ten days of closing the loan to confirm that you are indeed spending your money as you say you are.

While your application is underway, avoid making large purchases on your credit card or any other abnormal financial activity that lenders can use to relinquish your approval. This is among the most common mistakes among first-time homebuyers, for their eagerness to get their own living space makes them spend tons on household amenities like furniture and kitchenware, which consequently spikes their debt-to-income ratio.

Be Aware of your Credit Score

Most of the time, a buyer’s credit score can either make or break their chances of getting approved for a mortgage. If possible, be updated with your credit score months, or even a year, before applying for a home loan to spare yourself from any unpleasant surprises.

It also helps to talk to mortgage brokers like Vahe Hayrapetian, who can tell you everything you’ll need to know and do if you want to get a better chance at getting your mortgage application approved and bring you a step closer to your dream home.

Making the Decision

Deciding to buy a home can be exciting and daunting at the same time. It requires plenty of thought before making the final decision and the capability to take on significant financial responsibility. For most people, purchasing a home is one of the most important purchases they will make in their life. Thus, it is important to stay focused and organized during the whole purchasing process. There are a number of different elements to keep track of, and the process can become overwhelming without proper planning and organization. But with an assistance of a professional broker and real estate agent, obtaining your dream home can be rewarding and a pleasant experience.

What You Should Do

• Present your estate agent with any questions.
• Make sure to offer decisions and paperwork as early as possible. Doing this can make the process less stressful and allow you to focus on last-minute details that need your attention.
• Remain objective as you visit different properties to avoid unwise decisions.
• Do plenty of research about mortgages.
• Get pre-approved as early as you can.

What a Real Estate Agent Should Do for You

• Sorting through available homes to eliminate options that don’t meet your needs and requirements.
• Show you properties that have the potential to suit you and your needs.
• Guiding you to make a wise purchase.
• Works hard to get you the best deal for your ideal home.

What a Mortgage Broker Should Do for You

• Help you find a loan that will work best for you, based on your financial situation and long term goals.
• Get the loan at the best rate and with the best fees.
• Informing you all the important details throughout the process.
• Keeping your estate agent aware of loan-related progress while keeping your personal information confidential. Deal points and progress are only to be shared with your agent.

Trust Vahe Hayrapetian and his team to give you the best mortgage at the lowest interest rate. Contact Vahe Hayrapetian today at 818-964-1788.

The Man You Should Trust

Working with the right mortgage broker can make the process of funding for your new home fast and smooth. Vahe Hayrapetian knows what it takes to acquire the dream home you’ve been wanting for so long. He works with individuals to make the dreams of each family become real every day. He has also worked for a large number of different mortgage companies in the past years. Currently, Vahe is a part of Skyline Financial Corporation where he works as a sales manager.

Vahe at Skyline Financial Corporation

Vahe Hayrapetian is proud to work with a company like Skyline Financial Corporation that is often recognized as one of the top full-service mortgage banking and brokerage firms in the Southern California region. Skyline values recruiting top real estate industry talents. That’s why Vahe Hayrapetian appreciates to work with like-minded professionals.

Skyline Financial Corporation aims to process loans with a more streamlined process to make it easier for both potential homeowners and the professionals navigating the lending process. The company does the work with dedication to meet and exceed the client’s expectations. They do this with respectful treatment to their clients, top-of-the-line service, and valuable information.

If you have already found the house of your dreams, you can count on Vahe Hayrapetian to help you find the mortgage you are qualified for and purchase the property in no time. Vahe Hayrapetian is also an active philanthropist who cares deeply for the Children Now organization.

Home Loan Types

Buying or loaning your dream house is the biggest decision the majority of us will ever make, and we all know that obtaining a mortgage to purchase a new home could be a difficult process. But don’t worry, Vahe Hayrapetian is here to help as he outlines some of the most common home loan options and how they can serve individual applicants:

Fixed-Rate Mortgage

If you’re looking for a financing with consistent interest rate that will stay the same throughout the life of the loan, then the fixed-rate mortgage is the one for you. Fixed-rate mortgages are most appropriate for those seeking for a long-term financing approach. However, you must know that fixed-rate plans often are considerably higher mortgages than what an adjustable rate would offer.

Adjustable Rate Mortgage

Adjustable rate mortgages (ARMs) refer to home loans that offer interest rates that are dependent on the existing market conditions. Taking the ARMs road could be a little risky, especially for those looking forward to residing in their home for a long period of time, as no consumer can predict the market conditions that will develop throughout the life of the loan. However, ARMs provide a decent option for those looking to purchase a starter home that they may not live in for the entire duration of the mortgage. ARMs also provide an initial interest rate that is lower than what one would experience with a fixed-rate mortgage.

Hybrid Home Loans

Hybrid financing is becoming a very popular option in today’s recovering housing market. The good thing about hybrid financing is that it allows the homeowner to become financially established first by starting off with a fixed-rate that will remain for a pre-determined period. These initial periods can typically last for one, three, five or seven years, depending on the lender. After this period has expired, the loan will transition to an adjustable rate, in which current market conditions will impact the required monthly payment.

These are only the most common approaches to obtaining a mortgage. Vahe Hayrapetian is urging eligible applicants to consider other type of government-backed home loans, like the ones backed by the Federal Housing Administration. For this reason, Vahe Hayrapetian encourages borrowers who face severe credit problems to first determine if they are eligible for an FHA home loan.

Pocket Listings Benefits

Mortgage professional Vahe Hayrapetian says finding a home itself is the toughest part of buying a house. Now, the real estate market is booming again as many realtors are seeking the help of an old strategy: pocket listings. Usually, real estate agents want the homes they are selling to be seen by as many people as possible, so they will be listed on databases and hold open houses for people to come see the home. But pocket listings, on the other hand, are all about holding listings back for the right buyers. Listings will not be posted everywhere, instead will only be shown to the people who are very serious about buying and will be quick to put money down on the house if the price is right. Let this article help you discuss other benefits of pocket listings.

They are growing in popularity

Today’s real estate market is becoming tougher than ever, but fortunately, pocket listings have found their way to become more mainstream. There are sellers who are more comfortable in quietly marketing their property. Through pocket listings, they can just sit on the sidelines and only sell if they get the offer that they want.

They provide a “free trial”

A seller and their agent can quietly test the market without adding it to the multiple listing service (MLS). They can assess people’s reaction about the price they’re asking and see what kind of traffic they get without the MLS clock ticking, which is a huge advantage.

Pocket listings are also known as a “silent” of “off-market” listing. They started years ago to be able for high-profile people and expensive homes to be quietly marketed. Consider dipping your toes into pocket listings. Trust us, you’ve got nothing to lose.