What to Expect - Home Loans in 6 Easy Steps
Step 1: Contact Us
Our highly skilled loan officers will be happy to answer your questions and assist you in finding the program that suits your borrowing goals. You may contact us at anytime by selecting "Contact Us" located at the top of your screen.
Step 2: Inquire about a Loan (15 minutes)
One of the greatest benefits to working with us is that you may choose not to leave home. Nor do you have to spend hours filling out mountains of paperwork. We enable you to inquire about available loan programs and rates online, over the telephone, by fax or by mail. The process takes approximately fifteen minutes.
Step 3: Complete and Sign Application (24 hours)
Upon your request within 24 hours of receiving your loan prequalification, we will send you a loan application form completed with the information you supplied to us. Additionally, a Good Faith Estimate of Settlement Charges, a Federal Truth-in-Lending statement, First California Mortgage Company disclosures, and a list of documentation we require to process your loan will be included. To expedite your loan approval, you will be asked to review, sign and return these documents to us in a timely manner, by mail or fax.
Step 4: Processing the Application (7-10 business)
Upon receipt of your executed application, a loan processor will verify for accuracy, your credit, income, and asset information, then complete a credit and income decision. For approved loans, an appraiser local to your area will be commissioned to review the property. A title company/settlement agent is also selected to handle your closing. If there is a company with whom you prefer to work, you may notify us of your preference. We encourage you to contact your processing agent, at any time, regarding questions or concerns relating to your loan.
Step 5: Underwriting the Loan for Approval (24hours)
The final underwriting process to approve or deny a loan is typically completed within 24 hours of final processing. Each underwriting decision is based upon several basic factors including without limitation, credit, income, debt to income ratios, cash savings, and property appraisal. Your processing agent will contact you with instructions on how to satisfy specific underwriting conditions when any such issues arise.
Step 6: Getting Your Money (5 days)
After your loan has been approved, closing documents will be prepared and then provided to the closing agent for you signature. Signing usualy occurs within three days of loan approval After the closing documents are executed, your loan is recorded. Depending upon the type of transaction, funds will generally be disbursed within 3 to 5 business days upon our receipt of the fully executed documents.