The Loan Process:
Make no mistake, there's a lot involved in getting a mortgage loan. You wouldn't be here on our web site if you could fill out a one-page application and get the best loan for you funded the same day. What we do is most of the heavy lifting for you, so you can concentrate on what's important -- preparing to move into your new home, saving money, or making plans for your home equity line of credit.
By utilizing today's technology, we are able to streamline the loan process to make it fast and easy. In fact, you will never have to leave the comfort of your own home to complete the loan process.
 Loan Application and Required Documentation |
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Applying for a new loan or getting Pre-approval is easy. We offer several convenient and secure options to get started.
- Apply Online or Download and fill out the application material and mail or fax it to us.
- We will also need documention on your income and assets including your bank accounts, stocks, retirement accounts, etc.
If you are Refinancing we will also need.
- Copy of your recent mortgage statement.
- Homeowner's insurance policy.
See Required Documentation List for more information.
- Call us personally to make an appointment anytime, at your connivance.
If you do not have Adobe Acrobat Reader, click here to download it.
| Loan Program and Rates: |
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We are able to offer a variety of Mortgage Programs to suit the needs of our customers.
To compare loans you will need to:
- Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand if you plan to keep the house for a longer time you may want to look at fixed loans.
- Understand the relationship between rates and points. Points are consider to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $200,000 loan is $2,000. The more points you pay, the lower the rate you will get.
- Compare different programs. Comparing for a loan can be difficult. With so many programs to chose from, each of which have different rates, points and fees, its hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.
Here are a few questions to ask yourself when deciding what type of mortgage product to obtain:
- How long do you plan to stay in your new home?
- Are you interested in stable, predictable payments for the life of the loan or a low initial rate and low monthly payments for the first few years of the loan?
- Do you want a loan that allows you to make a low down payment?
- Do you need a loan with flexible qualifying guidelines because of past credit problems?
- Are you interested in a loan that can help you build equity quickly?
- Do you want to pay your loan off faster (and save significant interest costs) or stretch your payments over a longer term with a lower monthly payment?
It is important to think clearly about your needs and goals, and discuss them with us so that you can obtain the type of mortgage product that is right for you.
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| Appraisal and Home Inspection. |
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Appraisal is ordered by the lender to determine the market value of the subject property. In most cases, there is an upfront charge for it to borrower. Appraisal fee can be paid by credit card or by check to Appraisal Company.
| Loan Approval and Underwritting: |
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Once we received the necessary documentation, we will start the loan approval process immediately. This involves verifying your documentation to ensure that you have supplied all the necessary information for a approval. At this point we will order an appraisal of the property.
After choosing your program and rate we will sub mite your loan to several lenders for an approval. If your lender has questions about information provided in your loan application or needs to obtain verification for some items, we will contact you. You also may need to provide proof of a satisfactory The Home Inspection and a satisfactory termite inspection, depending on where the home is located and your lender's requirements.
It is important to respond to these requests in a timely fashion in order to ensure that the processing of your loan progresses on schedule.
| Signing Final Doc. and Closing Escrow. |
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After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted. You will have to show a valid driver's license with your picture and probably one more I.D.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
Sign the loan documents:
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.
You may request a preliminary copy of the HUD-1 Settlement Statement from your lender or closing agent on the business day before the closing. You should review your HUD-1 Settlement Statement before the closing and compare it with your original Good Faith Estimate to understand what charges may have changed between application and closing.
The Settlement Statement will list the actual amount of money you will need to bring to the closing. You will need to pay your closing costs in the form of a certified or cashier's check. Your lender also may ask you to bring certain documents to the closing such as proof that you have acquired a homeowner's hazard insurance policy for the property.
At the conclusion of the closing, you will receive copies of all signed documents related to your mortgage loan and the sale of the property.
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CA. Dept. of Real Estate, License No. 01358720, NMLS No. 503753.