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Los Angeles Mortgage Broker
LBC Mortgage began as a small company back in 2008, focusing on residential mortgages, hard money lending, purchase money loans and FHA Financing for California residents.
As time went by, we managed to establish a reputation of trustworthy provider of comprehensive real estate services and became leaders in our field in the State of California.
How we can help you
(818) 309-2999
Conventional Loans
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Portfolio Loans
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Jumbo Loans
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FHA Loans
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VA Loans
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Piggyback Loans
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Use our Mortgage Calculator to estimate your monthly mortgage payment. You can input a different home price, down payment, loan term and interest rate to see how your monthly payment changes.
How not to mess up your chances of mortgage approval
Believe it or not, but getting a mortgage approval is not as hard for the majority as keeping it. There are a few bumps in the road, so to speak, that you should avoid.
The entire process of a mortgage approval takes about 45 days, give or take and during this time any and all events may affect your loan. For instance, losing you job or becoming ill will greatly affect your mortgage loan approval. During this time the lender has a right to revoke your mortgage approval.
Of course, such life changing events are not easy, if not, at times, impossible, to control. However, there are a few things you can keep in check. With that in mind, here is a list of things you should avoid doing between the date of the application and date of funding. Each one of these items could instigate a revocation of your approval.
Step by step
You should refrain from career changes, such as leaving your current job to change industries or start your own company. This also includes switching from salary to commission paid job.
Buying or leasing a new more expensive car might not be a great idea either. Of course, if you lease is about to expire you would have to renew it. However, you should definitely consult with your loan officer first.
Transferring large sums of money between accounts should be avoided.
Pay your bills on time, this one goes without saying.
Avoid opening new credit cards, even if they offer great condition. Remember, any new inquiry on your credit report will have to be explained to the lender.
Refrain from random undocumented deposits to your accounts. This includes cash gifts without proper paperwork. Undocumented cash deposits will provoke the lender to disallow the gift and revoke you loan.
Of course, these are just a few things we came up with. Surely, there is more. It is our mission to help you through this complicated process and successfully fund your loan.
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Everything you need to know about Conventional Loans
Conventional loans, also called conforming mortgages, are ideal for first time buyer and follow simple conservative guidelines: borrower’s credit score, minimum down payments and debt-to-income ratios (a percentage of monthly income that has to be spent on pay off all borrower’s loans, credit cards and child support).
What defers conventional loan from other types of mortgages is the fact that it is not made nor insured by government entity. This make conventional loans a little more flexible to borrower’s needs. Since conventional loans are held by mortgage lenders, lenders can set their own rules and, for instance, allow the borrower to use investments, such as bonds and stacks, as a security for mortgage. This flexibility helps conventional loans to provide some features that are not available with other types of mortgages.
There are two types of conventional loans an Amortized Conventional Loan and an Adjustable Conventional Loan. An amortized conventional loan is a mortgage in which a borrower pays the same amount of principle and interest every month, from the beginning to the end of the agreed term. An adjustable-rate conventional loan is a mortgage that can fluctuate.
Who can qualify for FHA Loans
FHA loans are mortgages insured by Federal Housing Administration. FHA loans are known for lower lending standards and are highly popular among first time buyers with low credit scores. One of the most beneficial advantages of FHA loans is the allowance to get a loan with a down payment of as low as 3.5%.
FHA loans were designed as a type of federal assistance, which allows borrowers with lower income to still be able to purchase a home. For instance, FHA allows borrowers to spend up to 57% of their gross monthly income on debt obligations, in comparison with 45% debt-to-income ratio of conventional loans.
The only disadvantage of the FHA loan is the requirement of mortgage insurance. Because FHA loans do not have strict lending standards, it requires two types of mortgage insurance premiums – upfront mortgage insurance premium and annual mortgage insurance premium. Upfront mortgage insurance premium is a premium of 1.75% of the loan that the borrower has to either pay at closing or can it can be financed into mortgage. Annual mortgage insurance premium is a monthly premium which will be integrated into your mortgage payment for the life of the loan. Annual mortgage insurance premium is based on loan-to-value ratio, loan size and length and generally fluctuates between 0.45% and 0.85%.
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