Loan Flow Chart / How to Start

1. Organize your documents. Please use our Required Initial Documentation list located on the bottom of our Policy page to prepare your documents.

2. Shop around for the best rate and term to fit your needs.

3. Fill up our on-line secure application or call us to fill up the application over the phone.

4. If you submit an on-line application, one of our loan coordinators will call you before we pull your credit report. There is a $19.00 (single) ~ $21.00 (husband & Wife) charge for us to pull your credit report, please fill up and submit Credit Card Authorization Form. This charge will be applied toward your total closing costs and charges incurred during the processing of your loan, but will not be refunded if you cancel your loan or your loan is declined in final underwriting

5. Credit will be pulled; we will submit your data to an Automate Underwriting Engine (AUS) from Fannie Mae or Freddie Mac to get loan initial approval. There is no charge for AUS fee.

6. We will process your loan and then send the full package via e-mail or mail it to you within 24hours after we pull your credit report. In most circumstances; as long as you fill up the application completely, the full application will only need you to fill up very few spots and your signatures.

7. We will order appraisal and charge to your credit card. Also, if the property is Condo, we will need order “Condo Certification”; the fee is vary by different Home Owner Associations; we will give you a price quote before we charge your credit card.

8. You will able to lock your rate at this time. However; please refer to our Rate Lock Policy Page to make sure you did fulfill all requirements to lock.

9. In the full loan application package will contain: a check list to show you the necessary documentation we need to complete your loan, Good Faith Estimate, all government required disclosure forms. If by mail; a reply envelope for you to sent back documents. Please note: You need send back this package within 3 calendar days to enable us to promptly process and close your loan file within the lock in period!

10. In the mean time; we will order title for you (re-finance transaction). Of course; you can choose your own title company. If you do so; please have your title company contacts us As Soon As Possible!

11. The full package is sent back to us, the appraisal report and title report are also sent in. (Normally it should be within 7 ~ 9 days after your initial application with us)

12. We will inspect all documents and application you submit to us, appraisal report and title report will also be carefully analyzed. The documents will be stacked into order and your loan file will be submit to our underwriter for final approval within 24 hours after we receive your complete documents, application, appraisal report and title report.

13. Final approval granted; loan document will be sent to title company for you to sign; or you may choose signing service to sign at your home or office or at after hours (for about $150.00 to $250.00 extra fee)

14. Title company will contact you for necessary documents. i.e.: Driver’s License (I. D. Card), fire insurance declaration page or any necessary pre-pay interest payment.

15. Loan documents had been signed; title company will send back the documents to us for funding. In about 2 to 5 days the loan will funded deed or mortgage will recorded. Congratulations! You have just finished your home finance!!!


PLEASE NOTE:

You Agree: If other documentation is required for loan approval or funding, it will be sent to us within 3 calendar days.

You Understand: The mortgage industry is very time sensitive; in order to guarantee your locked in rate we need to have the above items fulfilled. We thank you in advance and look forward to our cooperation together.

California Mortgage Rates


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