Residential Loan - photo graphics person signing contract for a house

SECURE A RESIDENTIAL HOME LOAN WITH EASE:
GET PRE-APPROVED TODAY

RESIDENTIAL HOME LOAN - photo graphics women handing key to apartment to couple

Buying a new home is a long and complex process. From finding the perfect home, to locking down a good mortgage rate, to making the down payment, to completing the inspection and, finally, the closing, the homebuying journey can take months, even years to complete.

And, even if you’ve found the perfect home, there is no guarantee that you will be able to seal the deal.

IF YOU’VE FOUND YOUR DREAM HOME,
WE WANT TO HELP YOU SECURE THE RESIDENTIAL LOAN YOU NEED!

LOAN CONSULTING PRO - photo graphics signing a loan contract

Meet Loan Consulting Pro:

a new digital lending service to
help you with all your residential mortgage needs.

We can connect you to the right lender and
make sure that you prepare all the right documents
for a swift pre-approval.

EXPERT MORTGAGE COUNSELING & LOAN CONSULTING

EXPERT MORTGAGE COUNSELING & LOAN CONSULTING - photo graphics padlock house icon dollar bills

Throughout the homebuying journey, you may experience a number of ups and downs, especially when it comes to securing a loan. We want to make this process easier and as stress-free as possible.

If you are in the market for a new home, be sure to reach out to a member of our team. We can help you navigate the mortgage application process, and help you get pre-approved.

HOW TO GET PRE-APPROVED FOR A NEW RESIDENTIAL MORTGAGE:

Often, sellers will want to see that a buyer is pre-approved for a loan before entering any kind of negotiation. When you are pre-approved for a mortgage, the lender/bank has already reviewed your financial credentials and deemed you worthy for a loan. The pre-approval outlines the terms, loan amount, monthly payments and interest rate.
Pre-qualification, however, only provides an estimate of how much a buyer can afford to spend on a new home.

HOW TO GET PRE-APPROVED FOR A NEW RESIDENTIAL MORTGAGE - photo graphics loan contract signing

Securing a residential loan can be difficult if you are not prepared.
We at Loan Consulting Pro want to assist you with all steps
of the loan application process, including providing you with
all the information you will need:

REQUIREMENTS FOR RESIDENTIAL LOAN PRE-APPROVAL

While all lenders are different, below you will find a preliminary set of requirements needed for mortgage pre-approval.

CREDIT SCORE: 620+

Your credit score and credit history will be verified when getting pre-approved for a loan. However, the required credit score will depend on the kind of loan you are applying for. There are certain federally subsidized loans available for people who have lower credit scores (580), however, those with higher credit scores (780+) can secure the best interest rates.

PROOF OF INCOME & EMPLOYMENT VERIFICATION:

Lenders will check to see your pay stubs over the past 2 years. This includes checking your W2 statements and tax returns. The lender may also check to see if you are employed by contacting your employer. Self-employed homebuyers will have to prove additional information about the stability of their job and income.

PROOF OF ASSETS:

Lenders will check your bank account/ investment accounts to see if you have the cash to cover a down payment and pay for closing costs. The cost of your down payment will vary depending on the type of loan you are approved for. IDENTIFICATION: When securing a loan, you will need to provide proof of your identity. This is typically exercised in the form of a driver’s license and social security number.

COLLATERAL:

When it comes to a residential mortgage loan, the loan is typically secured and requires collateral. The home you end up purchasing is also often used by the lender as a form of collateral. If you fail to pay your mortgage, the bank/lender can seize your home.

CURRENT RESIDENTIAL MORTGAGE RATES

CURRENT RESIDENTIAL MORTGAGE RATES - photo graphics couple browsing houses on laptop

Over the past few years, homebuyers experienced a one of a kind stroke of luck. Thanks to historically low interest rates, many first time homebuyers were able to secure themselves an affordable mortgage rate to purchase their homes. However, the low interest bonanza was not without its pitfalls.

The low interest boom resulted in a highly competitive market with home prices soaring to unprecedented levels. Many homebuyers entered bidding wars and ended up paying far above asking to buy their home.

Secure a loan - photo graphics house cut outs on top of stacks of coins

Current mortgage rates do not look anything like they did back in 2020! At present, the average interest rate for a 30-year fixed term loan starts at 7.12%. This increase in interest rates has resulted in a drop in home prices and a slowdown of the market, which can be a good thing for certain homebuyers.

Though it may be more difficult to secure a loan in today’s market, lenders are working hard to improve and expand accessibility. Furthermore, while the era of historically low residential interest rates may be over, you can always secure the loan now and refinance later if interest rates go down again.

IS RIGHT NOW THE RIGHT TIME FOR YOU
TO BUY A HOME?

The real estate market has finally cooled down, which means that, for some, it may be the perfect time to buy a new home. Many home prices have dropped since their peak and, depending on the location of your house hunt, much of the competition has waned.

However, the right time for purchasing a home can depend on a number of personal factors including the state of the economy, the state of your current finances, current job situation and current goals. It is possible that you may be financially ready to purchase a home, but cannot find one in your budget.

Unfortunately, buying a home can often come down to timing and luck. But, wherever you find the perfect home, Loan Consulting Pro will be here to aid you with the purchase and help make your dream come true.

BUY A HOME - photo graphics open door to a home

RESIDENTIAL LENDING OPTIONS: WHAT ARE THE TYPES OF RESIDENTIAL LOANS?

In addition to traditional residential loans utilized for purchasing a pre-existing home, there are other kinds of loans available designed for other purposes, namely financing construction projects or purchasing a plot of land.

RESIDENTIAL MORTGAGE LOANS: RESIDENTIAL PROPERTY FINANCE

Purchasing a new home often comes down to securing the right mortgage. A residential mortgage is likely the residential financing option you will need to buy your dream home. In fact, over 42% of Americans currently have a mortgage to help them finance their home.

CAN YOU AFFORD THIS LOAN?

In order to understand the financial viability of a mortgage, use our free online mortgage calculator. You can estimate your down payment, monthly interest payments, repayment terms and APRs.

Understand your DTI (Debt-To-Income Ratio):

A debt to income ratio can help you understand whether you can handle any additional debt.
A DTI ratio is an indicator of how much of your monthly earnings goes to pay off your debts.
You do not want a high DTI (over 43%) because it can mean that you could be on your way to drowning in debt.
Lenders will look to see that your DTI is around 36%.

RESIDENTIAL CONSTRUCTION LOANS

An alternative to purchasing a pre-existing home, is building a new one. A construction loan is designed exclusively to aid in the building costs of a new home or renovation of a pre-existing home. Unlike a typical home mortgage loan, which is issued for a 10-30 year term with reduced interest rates, a construction loan is a short term loan with higher interest rates.

RESIDENTIAL LAND LOAN & LOT LOANS

A residential land loan can help you finance the purchase of a lot of land. When you purchase a plot of land with a land loan, you do not have to build anything on the land. You can either keep the land as an investment, or choose to build on it in the future. Like construction loans, land loans are typically issued for a shorter term and with higher interest rates.

RESIDENTIAL DEVELOPMENT LOANS

Residential Development Loans are a financing option for anyone looking to develop a new residential or commercial project. With any form of residential development plan, a lender can provide you with the funds to build or renovate a single building or a big residential complex.

RESIDENTIAL INVESTMENT LOAN

If you are looking to purchase an investment property, then you can look into an investment property loan. An investment property is a real estate purchase that is made in addition to your primary residence. The investment property is used to generate income. For example you can purchase a condo/vacation home to turn into an Airbnb or to rent out as a landlord.

Residential investment loan rates are typically 0.5-0.75% higher than traditional primary mortgage rates and are typically harder to qualify than a typical mortgage.

HOW DO I SECURE THE BEST INTEREST RATES?

We at Loan Consulting Pro work with a range of lenders and mortgage brokers to find the optimal lending solution for you. Depending on your cash reserves, you can secure a better interest rate. The more money you have in the bank, the larger your down payment, the better your mortgage terms.

There are a number of other ways to lock
in a low interest rate:

One way to improve your chances at a good interest rate is to work on your employment record. You will want to show that you have a stable and steady income. If you are self-employed, you will need to prepare loads of documents to ensure that lenders know you are a reliable loan applicant.

Another way to ensure low interest rates is to take steps to improve your credit score. The better the credit score, the better your rates will be.

Another way to secure lower rates is to secure a longer-term loan. A 30-year-term loan will allow for lower rates than a 10-year-term loan.

Interest rates can fluctuate which means that you may want to lock in a rate if the current rate suits you. While it is possible that you may pay extra for locking in a fee, securing a reduced interest rate will pay off over time.

You may also want to opt for a fixed-rate loan if you get a good rate instead of a variable-rate loan.

Remember, if you do not secure a good interest rate now, you can always refinance your loan later on.

SECURE A RESIDENTIAL LOAN - photo graphics hand shake after loan agreement

SECURE A RESIDENTIAL LOAN
WITH HELP FROM US AT
LOAN CONSULTING PRO

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