call 209-609-0212

Frequently asked questions

Whether you're a first-time buyer or you've bought a home before, the home loan process canbe tricky to navigate. You
will undoubtedly have numerous questions. When you meet with Team Molina, we simplify theprocess by clarifying the
details and provide you with all the necessary information for a clear understanding. Checkout answers to some of our
most asked questions.

Price is not the only factor in determining how much house you can afford – other items include, interest rates, credit scores, down payment, income and more. If you would like to know your estimated monthly payment (mortgage and interest) review our mortgage calculator but to know exactly how much you can afford please reach out to Secure Choice Lending and we will provide you with a free quote.

Your credit score is a three-digit number that shows your ability to repay debt. Lenders use it to decide whether you can be approved for a credit card or loan. Credit scores range from 300 to 850 points. Average credit scores range from 660 to 720. Your credit score can also affect your interest rate. The higher your score the more likely you are to get a lower interest rate.

A home appraisal is used to determine the value of the home. An appraiser inspects the size, features and overall conditions. Additional factors include the neighborhood, what similar homes have sold for in the past 6 months and home replacement cost.

Private mortgage insurance commonly referred to as PMI is the type of insurance that protects the lender's investment and is required on conventional loans where loan amount is greater than 80% of the property value or purchase price.

Underwriters in the mortgage sector perform the critical operation of assessing the credit worthiness of a potential customer and whether or not the customer(s) qualifies for a loan. An underwriter evaluates the credit history of the customer through their past financial record, statements, and value of collateral provided, among other parameters.

Call

209-609-0212

Email

jose@team-molina.com

eFax

209-444-0101

secure.png

NMLS ID : 1689518
California Department of Real Estate #02050654
1650 Spruce St., Suite 100, Riverside CA 92507

Secure Choice Lending is a mortgage lender committed to helping prospective and current homeowners finance their dreams.

COAST HOME LOANS

3485 Brookside Rd., Suite 104, Stockton, Ca 95219

back-to-top