Frequently Asked Questions
How do I apply?
You can get prequalified or apply for a loan any of the following ways:
- Call (707) 449-4777
- Email us (for your security, please do not include sensitive information in emails)
- Use our secure online application
- Visit our office at 866 Alamo Drive, Vacaville CA 95688
- Visit our office at 520 Main Street, Vacaville, CA 95688
Can I apply before I find the home I want to purchase?
Yes! When you apply in advance, we can issue you a pre-qualification letter that will affirm to the seller of the home that you are a qualified buyer. We can also help you determine a comfortable price range to look in and keep your payment within your budget.
What is a rate lock?
A rate lock is an agreement between the borrower and lender that allows the borrower to secure an interest rate range for a specified period of time. This can offer you protection from fluctuations in the market. It is your choice whether or not to lock your interest rate, your loan officer will be able to advise you on whether and when to lock.
Who do I contact if I have a question about the servicing of my loan?
If you need additional information regarding the servicing of your mortgage loan, please submit the following information in writing: your name, your loan number and the additional information you are requesting.
If you believe an error has occurred regarding the servicing of your mortgage loan, please submit the following information in writing: your name, your loan number, and the error you believe has occurred.
What are title and escrow?
Title companies act as a neutral third party during a real estate transaction by handling the transfer of funds and documents between the parties involved. As a neutral party, the title company protects both the buyer and seller by ensuring that all conditions are met for the sale prior to the exchange of funds. Title companies also offer title insurance for property owners, this provides insurance against loss due to title defects, liens and other issues.
Can I still qualify for a loan after short sale, foreclosure or bankruptcy?
This will depend on a number of factors: whether your waiting period has expired, whether you have been able to do any credit repair needed and your current income and employment situation. Contact us anytime for a no obligation, free evaluation to see what we can do for you.
How do points work?
Points can be paid upfront at closing in exchange for a lower interest rate throughout the life of the loan. One point is equal to 1% of the loan amount. Although this means you will be required to pay at closing, you will lower your payments by doing so.
By comparing the costs of the points at origination to the savings you would gain from your lowered monthly payments, you can judge how many payments it would take to recoup the money spent on the points. If, for example, you plan to move or refinance in 3 years, but it would take 4 years of payments to gain a savings from the points, then paying points would not be a good investment
How will my credit score affect my mortgage?
Your credit score is determined by a credit bureau and used to determine the likelihood that you will repay the loan, the number can range from 300-850. The amount and type of credit available to you, the balance owed, your consistency in making payments, credit inquiries and any defaults or late payments all factor into your score. You can view a copy of your credit report from the 3 major bureaus once every 12 months for free by visiting www.annualcreditreport.com
Your credit score can play a big part in qualifying for a mortgage. Depending on the type of loan you are interested in, there may be a minimum score required and your credit score will also be reflected in the price of the loan. If you are in need of credit repair we would be happy to advise you on ways to improve your score.
What are closing costs?
Closing costs are the costs incurred during the loan process. These costs can include origination fees (the charge for processing the loan paperwork), credit report fees, appraisal and inspection fees, title insurance, recording fees and underwriting fees. Depending on your loan, closing costs may also include fees for escrow deposit or discount points as well.
Typically, closing costs will be between 2 and 5% of the cost of the home. Your loan officer will provide you with a Good Faith Estimate (GFE) after you submit your loan application, which will outline the expected closing costs. The GFE is only an estimate, though, and closing costs can change during the transaction.
You may choose to pay your closing costs at the time that the loan closes, or finance them into the loan. You can also consult your realtor about the possibility of asking the sellers of the home to pay some or all of your closing costs.