Caliber Home Loans


How this whole process started

This whole process started because I wanted to prepare myself to buy a house. I asked Gus to help me find someone that I can talk to. He made an appointment with an awesome Loan Consultant, Wil Reguera. Wil sat with me and patiently answered all my questions. I brought my credit report (you are entitled to run your credit report once a year for free Government Sponsored Free Credit Reports) and said, “I am here because I want to know what I need to do to buy a house.” This was a loaded question but the answers were pretty simple.

1st- You need to have good credit. What is good credit, well depends on the loan you want to get, the job you have, and how much down payment you have. Someone with a ~650 credit score can buy a house. In my case, my credit score was higher but below 700.

2nd- You need to have a down payment. This depends on how much your loan amount is for and of course, the percentage you are willing to accept. In my case, I was able to come in with 5% downpayment.

3rd- You need to have a job. There’s a loan to debt ratio that is used to figure out how much money your monthly mortgage will be, the more you make, the more expensive home you can afford–this is basic math.

I know I have simplified this a bit but I am not an expert (yet) and I am still learning through this process. I will break down on another post some of the loan options I was presented with.

Wilfredo Reguera, Wil Reguera

Caliber Home Loans

Source : Gaby Pacheco Blog

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