How do loan officers get paid?
Our loan agent compensation is a fixed percentage of the loan amount paid directly either by the lender or the borrower. Our clients almost always select the lender-paid option, to minimize closing costs and leave open the option to refinance in the future.
Am I paying a higher rate working with you?
All our lenders offer wholesale rates, which are consistently the most competitive in the industry. They do not have consumer-based marketing or advertising budgets and as a result, are able to pass the savings on to the brokers and their clients.
Is my personal and financial information safe?
While no security can guarantee 100% safety, we use industry grade 128-bit encryption technology to upload and secure files containing sensitive data.
Who can work with you?
We originate loans for homes located all throughout California, whether borrowers are purchasing, refinancing, or taking equity out of their homes.
How can you offer mortgage options that other can’t?
As an independent broker, we do not have money to lend, nor do we have any obligations to conduct business with any particular bank or lender. Instead, we are the client’s advocate first and foremost and deal with dozens of different lenders over hundreds of products to select and match with a client’s particular scenario.
What is the loan process?
Once a borrower decides to proceed, we will gather the required income/asset documentation for initial review, before drafting a pre-approval letter. For refinances, we can lock the rate and submit the file as soon as the paperwork is collected. Watch our video.
What’s the difference between working with you and a bank directly?
Because of the breadth of programs available, mortgage brokers tend to have a broader knowledge of different loan products and more extensive experience to tackle more complex loan scenarios. Brokers also zealously represent the client borrowers since they have no duty to conduct any business as a correspondent lender or bank.
|Ability to rate shop||Y||N|
|Specialty Financing solutions||Y||Maybe|
|Ability to close within 15 days||Y||Maybe|
|Commission based compensation||Y||N|
|Agents required to be state-licensed||Y||N|
|Family style service from start to finish||Y||Maybe|
When should I get pre-approved?
If the borrowers plan on moving into a new home within six months, they should send in documents very soon for an initial review and preapproval letter. They can also opt for a higher standard of review called a “TBD” approval where an official approval is issued after a full-underwrite. This allows the borrower to present a stronger purchase offer, having already removed any question about financing.
When is a good time to refinance?
If you can save money on your monthly mortgage payment with zero closing costs, then the time to act is as soon as possible! Otherwise, in a time of rising interest rates, other reasons may apply, such as moving to a more conservative, fixed loan program or needing cash-out from existing equity.