Juan Barraza Mortgage

Frequently Asked Questions

How often am I able to refinance my mortgage??

There is no limit to the number of times you can refinance your mortgage! However, you must qualify each time you apply and there may be costs associated with closing the loan each time.

How do I know which mortgage is right for my situation?

The key to choosing the perfect mortgage is to understand the range of options and features available to you, as well as your budget, goals, and circumstances. I am here to help you navigate that process. The more you know, the more comfortable and confident you will be in choosing the best option!

Can I get a mortgage after previously claiming bankruptcy?

You may still qualify for a home loan even if you have a prior bankruptcy. The best way to find out if you qualify for a mortgage is to schedule a meeting and speak with me to discuss your options. Be sure to bring all paperwork regarding your past bankruptcy so that I can find the program that best fits your situation.

How long does the loan process take?

RESPA (federal law) does not allow a lender to close a loan until at least 7 days have passed from the date of your application. A typical home loan takes about 30 days, as a number of third-party services such as appraisals, credit, and title work are required in conjunction with the mortgage process. Once I have become familiarized with the details of your specific loan scenario, I will be able to provide you with a more specific timeline for your individual scenario.

How much money will I have to deposit upfront in order to purchase a property?

There is no simple, one-size-fits-all answer. The exact amount will depend on the price of the property as well the type of mortgage financing you choose. Depending on your loan program, your down payment could be as much as 20% of the property price or as little as 3%. There are also some loans that require no down payment at all.

Can I purchase a home if i do not have any money for a down payment?

There are actually a number of bond programs that offer low or no down payment financing options. To see if you qualify for one of these programs contact me today!

How do I know if I will qualify for a home loan?

The only way to find out is to schedule a meeting with me! I have helped numerous clients who didn’t know if they could qualify become home owners. I take the time to understand your current financial situation, as well as your long-term financial goals, and match these up with the loan program that best fits your needs. Your approval for a loan may also depend on the price of the home you are trying to acquire a loan for.

What will my mortgage payments be?

Your monthly payments will depend largely on the amount of your home loan. Despite this, a number of other factors contribute to your monthly payments, including the terms of your mortgage, the size of your down payment, your interest rate, and your homeowners insurance and property taxes.

What is a rate lock?

A rate lock is a contractual agreement between a lender and a borrower that essentially guarantees the borrower a set interest rate for their loan during a defined period of time. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

Should I lock my interest rate now, or wait until I am closer to closing?

Interest rates fluctuate constantly. If an interest rate is good, it may be best to lock it in. If you wait, you run the risk of an increase in rates. If you are concerned that these rates may go down after you lock, contact me to discuss your options. Certain programs allow you to lock your rate for an extended period and choose to lower your rate later should a better one become available.

What are the benefits of refinancing my mortgage?

Individuals typically refinance to save money. Usually by either obtaining a lower interest rate or by reducing the term of their loan. Refinancing is also a good method to convert an adjustable loan to a fixed loan or to consolidate existing debts.

Still got questions? Contact your local Burbank mortgage lender on 818-601-2389.