The Four C’s The homebuying process can be an emotional roller coaster. You find your perfect house, contact a broker, then ask the bank for a loan — just to be rejected. That’s why we always suggest knowing exactly what you can borrow and where you’ll be able to borrow it from before starting the homebuying process. Getting pre-qualified for a loan will take you off the emotional roller coaster ride and set you up for greater success. There are four things a bank will look at when determining how much money they can lend you. At Goldpoint Mortgage, we call them the four C’s: Capability, Credit, Collateral, and Character. What Does a Bank Look at to Decide on a Loan? 1. Capability The first thing a bank wants to know before they lend you money is whether or not you can pay them back — it’s as simple as that. Each bank has algorithms they use to determine what monthly payment you could make on a loan considering your income and other expenses. 2. Credit The bank will look at your credit score and credit history to determine whether or not you really are credible for a loan. It’s treated as proof that you are trustworthy enough for them to lend you money. The bank will classify your credit score into tiers and use these tiers to determine the interest rate of your loan. 3. Collateral What happens if the bank gives you a loan, but in five years, for unforeseen reasons, you can’t pay it back? They might collect on it from “collateral,” stock or property you may be obligated to turn over if you can’t keep up with payments. When they’re determining your loan, they’ll take sources of collateral into consideration for this reason. 4. Character This factor isn’t quite as important as the others, but banks will still take your character into consideration based on your tax documents. They’ll look at your tax returns to determine the length of time you’ve been employed at your job, whether or not you’ve just finished school or have been in your career for a while, and other factors related to your source of income. If you have questions about this process, please don’t hesitate to call us. Whether you’re looking to make an investment in real estate, trying to buy a home, or experiencing a tough situation with your buying process, we are here for you. Call Goldpoint Mortgage today. You can also find our free Pre-Qualification Tool at www.getprequalificationletter.com .
SUDOKU
Sweet potatoes are a Thanksgiving staple, but they’re often the blandest thing on the table. Luckily that’s not the case with this recipe, which features Thai spices and coconut milk. INGREDIENTS:
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5 pounds sweet potatoes 1 cup canned coconut milk
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1/2 cup dark brown sugar 4 tablespoons unsalted butter
1 tablespoon Thai red curry paste
1 tablespoon kosher salt
DIRECTIONS:
1. Heat oven to 375 F. On a large sheet pan, bake potatoes until very soft, approximately 75 minutes. 2. Let potatoes cool until they are safe to handle, then peel and mash. 3. In a small saucepan over low heat, combine coconut milk and curry paste. Once mixed, add the mixture, salt, half the sugar, and half the butter to potatoes.
4. 30 minutes before serving, heat oven to 425 F. Spread potatoes in a baking dish, cover with foil, and bake for 20 minutes. 5. Uncover potatoes and dot with remaining butter and sugar. Broil until brown, crusty, and delicious. Serve hot.
Do you enjoy watching football? Wouldn’t it be nice if you had a bigger, clearer screen to watch it on? This month, we are offering
our clients $1,000 to spend on home- theater equipment to make it an even better football season. Whether you’re cheering for USC or the 49ers, just send us the receipt from your home-theater purchase, and we’ll send you a check. Call (833) 846-6348 to learn more.
Inspired by The New York Times
Toll Free: (833) 846-6348 3
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