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Let’s take a look at millennials’ financial history
There’s no way around it: you have to build a budget
How much should millennials plan to spend on a home?
What if you fail the 28% rule of thumb test?
What about if you don’t have enough for a down payment?
What else should millennial homebuyers know?
Best Apps for Remote Working
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What to consider when building an ADU
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Reality Check Your Dream House
Options for Making Your Dream Home a Reality
Home Buying Commandments as Told Through ’90s Hip Hop
If I didn’t mention it yet– we added a new member to the Aragon Lending team. My adorable daughter, who, in addition to being stinking cute, requires a lot of late-night attention. (Believe me, this will be brought up at her annual review. 😉) One of the things that have been getting us through the feedings is ’90s hip hop because when you’re sleep-deprived and up when you should be asleep, you rely on your old favorites, and have I mentioned how much I love the mid-’90s? That Friends post from a few weeks ago should have been a major hint.
Obviously, you have to add in kid-friendly language when you’re singing along (OPP=Other people’s puppies.) Once those creative juices are flowing, anything can happen. Like coming up with the home buying commandments as told through hip hop songs. Here are some Notorious-ly B.I.G. decrees to follow to ensure a smooth home buying process.
- Back That Azz Up with credit scores. Knowing your score means there are no surprises when it comes time to go to the bank and ask for the benjamins. (and you know it’s all about the benjamins.)
- Who Am I (What’s My Name)? – Check your credit report for bad data, and clear up any inconsistencies before getting pre-qualified. It can be as simple as name misspellings, former names used, negative items that need to be removed, like an ex who pretends that he’s Still Not a Player.
- Doing The Humpty Dance if you see that your FICO score is between 800- 850. You are considered a Juicy borrower, and I guarantee that your lender will have a Crush on You.
- 740-799 Party Up since you are in the very good category.
- 670-739 you can Jump Around since you are not livin’ too much in the House of Pain
- 580-669 Keep Ya Head Up, and there’s lots of room to improve those scores (and we can help! There are mortage options available at this score.)
- Anything lower, and let’s pull a Nate Dog and Regulate. We’ll get you where you need to be.
- It Was a Good Day to pay down debt and keep it cool. While there’s no magic number, the lower the debt, the better the mortgage terms, typically.
- 1st of Tha Month, don’t forget to pay on time. Late payments will affect your credit report, which impact your credit score and mortgage prospects.
- Bling Bling–now you need to see how much you have on hand for a down payment. Twenty percent is ideal. Anything less than this, you will Ante Up the private mortgage insurance (PMI).
- Sabotage– this is what you’re going to do to yourself if you open up any new credit cards, make large purchases, or change jobs while you’re in the home buying process. Stop telling your friends you Got 5 On It and keep your spending habits chill because these will be taken into account when looking for a mortgage.
Remember what Wu-Tang said– C.R.E.A.M (cash rules everything around me.) If you can pay for everything in cash, you have it made. If that’s not you, we’re always here to help you navigate the homebuying process, so when in doubt, just get in touch, and we’ll make sure it ends up California Love.