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Home » Help Center » FAQ's
Frequently Asked Questions (FAQs)
What You Should Know
Loan Costs
Home Purchase
Mortgage Refinance
Home Equity Loan
Loan Application
What You Should Know
What's the best way to shop mortgage rates?
- Compare total costs for the same interest rate, loan amount, and loan program. Ask if the total costs include discount points, origination fee, title company fees, escrow company fees, and county recording fees.
- The lowest APR may not be the lowest total cost loan for your financial plans. Usually the lowest APR comes with higher discount points and/or higher fees.
- Since mortgage rates change daily, based on mortgage backed securities, only compare rates on the same business day.
- Ask if the rate will require you to have an impound account for property taxes and insurance.
- Ask if the loan has a pre-payment penalty fee or an early closure fee.
- Get a written Good Faith Estimate that itemizes all possible fees.
What mortgage terms should I be familiar with?
Teaser Rate, Start Rate, or Introductory Rate: A low initial rate on an adjustable rate mortgage, or home equity line of credit. It may be in effect for only one month or have other conditions.
No Cost Loan: Understand that when you get a no cost mortgage loan, you will be given a higher interest rate with higher monthly payments.
APR: APR stands for annual percentage rate. The APR is not the interest rate your monthly payments will be based on. The APR is the cost of the credit at a yearly rate. Included in the calculations of APR, are the loan amount, interest rate, and certain fees categorized as finance charges based on standardized federal government regulations. Certain fees are not included when calculating the APR, such as recording fees, notary fees, appraisal fees, credit report fees, and title insurance. A higher loan amount will actually lower APR calculations, so when you compare different loan offers, the same loan amount must be used.
ARM: ARM stands for adjustable rate mortgage.
Points: Points are paid to reduce the interest rate you would pay on your loan. One point is equal to 1% of your loan amount.
How can I benefit by using your mortgage company?
We offer many loan options for all credit types and financial situations. Save time and money with our access to the lowest available rates and fees direct from the nation's largest mortgage wholesale lenders. We offer no closing costs, no lender fees, and no-points loan options. Personal loan consultant to help you from start to finish. You will receive unbiased expert mortgage advice to help you choose the right loan option.
What guarantees do you offer?
We offer you a 100% Customer Satisfaction Guarantee, a Loan Application Response Time Guarantee, an Up-Front Closing Costs Guarantee, and an On Time Closing Guarantee. To learn more, read our guarantees.
Do I have to make an office visit?
No, the entire mortgage process can now be completed from your home or work by using the Internet, Phone, Fax, and e-mail.
How do I receive my initial loan disclosures?
Once your loan application is completed, your personal Loan consultant will send you a secure e-mail with all your initial loan disclosures including a Good Faith Estimate and a Truth-In-Lending Disclosure Statement.
How will the closing process work?
We order the appraisal (if required) using a local approved appraiser. If your loan is a home purchase transaction, we work closely with the local escrow and title company you and the seller have agreed upon. Once your loan documents are ready, we will schedule a loan signing at the local escrow company, your home, or work.
How often am I updated on the status of my loan?
We provide you real-time loan status updates online 24/7. You may also contact your personal home loan consultant by phone and e-mail.
Loan Costs
Are there up-front fees just to apply for a home loan?
No, we do not charge any up-front fees. We provide you a free loan pre-approval, with no obligation. We never charge you an application fee or a credit report fee. Some banks and lenders do charge up-front fees, so find out if they are refundable, in case you want to cancel the loan or you do not get approved for the loan you initially applied for.
Is there a loan cancellation fee?
No, we never charge a loan cancellation fee.
Do you offer a no points and no lender fees option?
Yes, we always have these loan options available.
Home Purchase
Do you offer 100% financing or no down payment?
Yes. We also have many first-time home buyer programs.
Do you offer both VA and CalVet home loans?
Yes. Both the VA and CalVet home loan offer no down payment options. For more information about a Cal Vet home loan, please visit the Cal Vet home loan section of our web site.
Can I avoid paying monthly mortgage insurance payments?
Yes. When buying a home with less than a 20% down payment, we can offer you a 2nd mortgage or just a single loan without the monthly mortgage insurance payment.
Do you offer no income verification programs?
Yes. We offer true no income check home loans. Many of these programs do not require any IRS forms to be signed at closing. If you are self-employed, earn commission income, or retired, we may have your best mortgage option.
Do you offer interest only loans?
Yes. These loans may help you afford more home.
Can I buy a home with less than perfect credit?
Yes. We offer hundreds of loan options if you have low credit scores, bad credit, a bankruptcy, or recently been turned down for a mortgage.
Should I be pre-approved before I start looking for a property?
Yes. Getting pre-approved will let you know the amount of financing you qualify for and the amount of cash required to close the transaction. See our 5-step loan process for documents needed.
How quickly will my loan application be pre-approved?
Your loan application is usually pre-approved within 24-hours from the time your application is completed and we receive the documents needed. Final loan approval is subject to a review of the appraisal and title report.
Mortgage Refinance
When I refinance, can I consolidate debt and take cash-out?
Yes. Many of our customers pay off high interest rate credit cards and take cash-out to make needed home improvements.
Do you offer a savings vs. total cost break-even analysis?
Yes. Once your loan application is pre-approved, we will provide you a savings vs. total cost break-even analysis to see if you should refinance.
Do you offer no income verification programs?
Yes. We offer true no income check home loans. Many of these programs do not require any IRS forms to be signed at closing. If you are self-employed, earn commission income, or retired, we may have your best refinance option.
Do you offer interest only loans?
Yes.
What if I have less than perfect credit?
We offer hundreds of refinance options if you have low credit scores, bad credit, a bankruptcy, or have recently been turned down for a new mortgage.
Should I refinance with my current lender without shopping around?
You should shop around. Your current lender may not be able to offer you the lowest available rates and fees or have the best loan programs. In most cases, it won't be any easier getting a new loan through your current lender. This is because all mortgage loans must be approved independently. Any bank or lender will once again have to process all or most of the same verifications in order to approve the new loan.
Can I eliminate my current monthly mortgage insurance payment?
Yes, it is possible to eliminate your monthly payment for mortgage insurance by refinancing. Usually, the new loan amount should not exceed 80% of your home's appraised value.
Home Equity Loan
What will my interest rate be?
The interest rate for a home equity loan, 2nd mortgage, or line of credit is based on a number of factors, including credit history, credit scores, income, available equity in the home, and the loan amount.
How much equity do I need in my home to qualify?
We offer home equity loans and a home equity line of credit up to 100% of the available equity in your home. If you have little or no equity with good to excellent credit, you may be able to qualify for a 125% value loan fixed-rate second mortgage.
How long does it take to get a home equity loan or a line of credit?
We can close your loan in as little as 10 business days from the time your loan application is completed.
What's the difference between a home equity loan and a line of credit?
A home equity loan offers a fixed-rate for the life of the loan. A home equity line of credit offers an adjustable-rate and your monthly payment will change as your loan balance and interest rate change.
What is your minimum loan amount?
Our minimum loan amount is $25,000. If the loan is part of a purchase transaction with us, the minimum loan amount is $10,000.
Loan Application
How do I apply for a home loan?
Three ways to apply:
- Start Online 24/7. It's easy.
- Request a call back and apply by phone.
- Call us toll-free at 1-800-553-7885 Mon - Fri 8:00am to 6:00pm (Pacific).
How do I request a rate lock and receive my written confirmation?
Speak to your personal Loan Consultant to request a rate lock and receive your written confirmation. Talk to your personal Loan Consultant to discuss the rate lock period that will work best for you.
You can only lock in a rate once your loan application has been pre-approved. Please note that for a home purchase loan you must be in escrow on a property before locking in your interest rate. Until you request a rate lock, the rate and point are considered to be "floating", in other words are subject to change without notice due to market conditions. Please remember that since interest rates change based on market conditions, you can only lock in at a rate that is available at the time you speak to your personal home loan consultant.
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