Whether you’re looking for pre-approval information to finance your first home in North County San Diego, or a current homeowner seeking to refinance your existing property, The Lund Team can help.

Get Prequalified for a Home Loan in North County San Diego

Getting pre-approved for a home loan can help you secure the home of your dreams. Prequalification shows home sellers you're serious about your purchase. It also ensures you know just how much of a home loan you qualify for, which can help you and your real estate agent zero in on the right market for your needs.

Pre-approval in the San Diego area is exceptionally important. Home values range widely and knowing what you can buy and where you can do so, is essential. Even more importantly, in this competitive market, you need to show home buyers you are serious about your offer.

Find out how much of a home you qualify to purchase and get prequalified today. Simply take a few minutes to fill out our form here. Once you do, a certified mortgage broker will contact you to get the process started with as little as a 24-hour turnaround for approval.

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What to Expect in the Financing Process

You don’t have to go through the financing process blind. With the following information, you can educate yourself so that you have the absolute best chances of getting your dream home in Southern California or successfully refinancing the one you already own. Here are some of the steps you will go through on your path to your new front door.

1. The Credit Check

After an initial consultation and with your consent, Your lender will submit to pull your credit score.  This score helps to determine if you are a qualified borrower according to various banks underwriting process. This first credit check also enables them to pull together one or more loan offers to present to you. 

If you are curious You can pull your own free credit report at any one of the major credit companies, such as Equifax or Experian.  After reviewing your credit, your lender may have suggestions on ways to improve your score that may enable you to secure different types of financing.  Actions to take action, such as paying off credit card debt and resolving incorrect information, can positively affect your debt-to-income ratio and is a major determinant in your FICO score.

Rule of Thumb: Avoid making any big changes or purchases in the months leading up to your seeking home financing. These can lower your credit score and cause you to lose out on premium loan rates.

2. The Loan Options

There are several loan options available, depending on the amount you are borrowing, the length of time, your credit score, the percentage you put down as a deposit, and much more. Your lender is likely to present more than one loan option. Here are examples of some you might expect to see.

Conventional loans are available up to $879,750 in San Diego County. These are attractive to some because the borrower can put as little as 5% toward the purchase price, and have terms as long as 30-years.

VA loans are available to qualified veterans with up to 100% financing. To qualify, veterans must have adequate income, suitable credit and be able to obtain a Certificate of Eligibility from the U.S. Department of Veteran’s Affairs.

FHA loans in San Diego County are available to homebuyers for just 3.5% down on loans up to $879,750. Approved applicants will have a minimum of a 580 credit score.

Adjustable Rate Mortgages offer lower interest rates that adjust over time. They offer borrowers to get into the real estate in North County San Diego for less monthly payments.

To learn more about refinancing your home, or to get pre-qualified, please contact one of our experienced agents today!