How The Loan Process Works


 

Thinking of getting a new loan for purchase or refinance?

Let an NMLS licensed financial professional work on your behalf to ensure a streamlined, cost effective, and timely loan process. From the gathering of all required documents to monitoring the underwriting procedure, we will manage the entire process to ensure a hassle-free experience in acquiring your loan.

When choosing your broker or bank, we recommend that you compare not only the interest rate but also all origination charges (i.e. points, closing costs and etc.).

Another tip in selecting your broker is to verify the financial service provider with the licensing authority. NMLS (Nationwide Multistate Licensing System) is the sole system of licensure for mortgage companies and mortgage loan originators, and regulates mortgage-related financial services to provide consumer protection. California Dream Homes is an authorized financial service provider, licensed and registered through NMLS and California DRE (Department of Real Estate).

Once you complete your research and comparisons, we are confident that California Dream Homes will be your top choice in offering the best option to suit your needs.

  • Why pay a loan fee?
    • While other mortgage brokers/agents/banks typically charge a 1% loan fee to get a loan, California Dream Homes will set the loan fee at 0%.
    • No negotiation is necessary as the loan fee structure will be guaranteed and your savings maximized.
  • These are typical costs involved
    • Fees
      • Processing Fee
      • Underwriting Fee
      • Appraisal Fee
      • Credit Report Fee
      • Escrow
      • Title
      • Termite (for purchase loan)
    • Prepaids
      • Homeowner’s Insurance Premium
      • Mortgage Insurance Premium (if required)
      • Prepaid Interest
      • Property Taxes
    • Other
      • HOA
      • Home Inspection (purchase loan only)
  • Following typical documentations will be needed at a future time (after loan application submission).
    • Employed:
      • Two years of W-2
      • Latest paystubs
      • Bank statements
      • Proof of home insurance
      • Proof of employment
    • Self-Employed:
      • 1040 Tax Return
      • P&L Statement
      • Bank statements
      • Proof of home insurance

 
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