Contact Us
Let’s Talk!
714-594-5590
Office Address
16151 Cache St, Fountain Valley, CA 92708
Contact Us
714-594-5590
Business Hours
M-F: 8am-5pm|Sat: 9am-5pm|Sun:closed
Optimize Your Loan Today
We’re Here To Help!
Frequently Asked Questions
What is the difference between pre-approval and pre-qualification ?
The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.
When does it make sense to refinance ?
Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try give us a call.
What is a rate lock ?
A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.
What is a conforming loan ?
A loan eligible for purchase by the two major Federal agencies that buy mortgages, Fannie Mae and Freddie Mac.
What is a pre-qualification ?
This is the process of determining whether a customer has enough cash and sufficient income to meet the qualification requirements set by the lender on a requested loan. A pre-qualification is subject to verification of the information provided by the applicant. A pre-qualification is short of approval because it does not take account of the credit history of the borrower.
What is a full documented loan ?
Both income and assets are disclosed and verified, and income is used in determining the applicant’s ability to repay the mortgage. Formal verification requires the borrower’s employer to verify employment and the borrower’s bank to verify deposits. Alternative documentation, designed to save time, accepts copies of the borrower’s original bank statements, W-2s and paycheck stubs.
Let’s Work Together
Customer service is our top priority as we go out of our way to ensure our customers have the smoothest transaction.