Gregg and Lisa Whitney understand that trying to get qualified for a loan can be one of the most time consuming and confusing aspects of home buying. Their partnership, also known as Whitney and Associates, has a proven, long-term track record of successful real estate sales in the La Jolla, California Real Estate Market. Therefore, Gregg and Lisa Whitney would like to provide you with three basic guidelines that will help you through the process as you consider La Jolla, California Real Estate.

First off, when a lender is deciding to grant you a home loan, they will look at both income and job history. Generally speaking, most lenders want to see that you have sustained the same job and a steady income for a minimum of two years. For those who change jobs more frequently, lenders will accept this as long as it has been in the same line of work, because it gives evidence of a stable work history. The main reason lenders look at this is to ensure your income can sufficiently support the cost of your home. This is often referred to as the ‘Expense to Income Ratio.’

Ideally, you do not want your house payment to consume more than twenty-eight to thirty percent of your overall income; however, this does vary in areas with much higher price ranges, such as La Jolla. Also, all other debts compared to your income should not exceed thirty-three to thirty-eight percent of your overall income. This is often referred to as the ‘Debt to Income Ratio.’

Next, when buying La Jolla, California Real Estate, Gregg and Lisa Whitney know it is very important that lenders know you are actually going to pay back the loan; this is where your credit score comes in. It will show other instances in which you either did or did not meet your payment obligations, and if not, you must explain why that was. If you have a few dings, but nothing serious, then you will be fine. However, if you have a repeated pattern of late or non-payments, this may make it difficult to get a loan.
Finally, lenders will be looking at collateral for the loan, that is, the house itself. It is in their best interest to make sure that the loan they are lending you equals what the house is actually worth. Simply having a La Jolla appraiser look at the property will satisfy this requirement. Also, a lender will want to make sure the title to the home is clear of any judgments or liens, and that it is in the correct property owner’s name.

After these factors are met, it is time to select the best loan package to suit your needs. A La Jolla, California loan professional will help guide you through what is available for your financial situation. Gregg and Lisa Whitney work with seasoned experts in the mortgage field specializing in La Jolla California home financing and would be happy to refer a good lender or mortgage broker to you if needed.

At Whitney and Associates, we are the right choice for the buying or selling of a home in La, Jolla, California.
Have any questions or like to learn more? Use our handy form on the side of the page to contact Gregg and Lisa Whitney. You will see that we only require your email address. Gregg and Lisa Whitney understand that your privacy is important to you and we respect that. We do not share your information with anyone without your permission.

Gregg and Lisa Whitney realize that you are probably in the information gathering stage of your process, and we want to provide assistance to you in any of your La Jolla, California Real Estate needs. If you would like to talk to Gregg or Lisa Whitney in person, feel free to call Whitney and Associates at our main line at 858-456-3282.

When you are ready to invest in the real estate market let us help you. After all, we are the experts in La Jolla, California Real Estate.

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