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Qualifying for a San Francisco Loan by Richard Miller
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Qualifying for a San Francisco Loan |
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The mortgage lender will check the down payment amount the borrower makes, the amount of other loans the borrower planned of using and the amount of the loan requested. This detail is converted into LVR or loan to value ratios. As a general rule, the higher the amount placed by the borrower into the deal, the lower the risk is for the mortgage lender. On unsecured home loans, the ideal LVR ratio for a lender on a residential property occupied by the owner is 70 percent or less which means that the property value need to fall more than 30 percent before the money owed exceeds the value of the property, therefore encouraging the borrower to stop making payments for the mortgage San Francisco. It is important for the lender to know if the borrower has sufficient funds for the closing. Are the funds currently in a savings or checking account or are they coming from the sale of the real estate property of the borrower. In the case of the latter, the San Francisco mortgage lender will know that the present loan is dependent on another closing. If the funds for settlement and down payment are to be borrowed, the lender wants to be extra careful because the less of the lender’s money is placed into a purchase, the higher the chance of default and foreclosure will be. Apart from that, mortgage lenders are also interested in the proposed purpose of the property. Lenders feel more comfortable when a mortgage loan is used for the improvement or purchase of a property the applicant will occupy. The reason for this is because owner-occupants have pride of ownership in keeping the property and will continue making monthly payments even during terrible economic conditions. In the borrower’s perspective, understanding what the lender looks into when they apply for a San Francisco loan is crucial because it enables them to prepare all the things needed to qualify for the loan.
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