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Q: Why use a Mortgage Broker?
A: In the past 20 years, independent mortgage brokers
have had a significant positive impact on the lending
industry. Today, the use of a professional mortgage broker
is one of the key strategies used by sophisticated borrowers. It is estimated that close to 50% of all mortgage transactions are conducted through a mortgage broker!
Q: What is a Mortgage Broker?
A: A mortgage broker is an independent real estate
financing professional who specializes in the
origination of residential/commercial mortgage loans.
Mortgage Brokers normally pass the actual funding and
servicing of loans on to "Wholesale Lending Sources"
A Mortgage Broker is also an independent contractor
working with (on average) as many as 40 lenders at any
one time. By combining professional expertise with direct
access to hundreds of loan products, your broker provides
the most efficient way to obtain financing tailored to your
specific financial goals.
Q: What do Mortgage Brokers do?
A: In the volatile home-lending market, Mortgage Brokers
can serve as "police", offering their clients security,
safety, and peace of mind. One of the Broker's most
important functions is escorting your loan application through
the entire process, constantly patrolling the component
transactions for possible breakdowns. A professional
Mortgage Broker can wade through the mountains of rate data
and program options, researching current market conditions to
find the most accurate and up-to-date information about
cost-effective loan options.Brokers handle all of the details!
There are literally thousands of variables that can affect the
outcome of your mortgage transaction. That's why you need a
Mortgage Broker to act as a liaison between the title and
escrow company, real estate agent, lender, appraiser, and any
other services which may effect your transaction.
A Mortgage Broker also:
- Discusses and explains financing program options
- Informs you, in writing, of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the disbursement of all loan applications
- Explains the loan process, from application to closing
- Provides you with a good faith estimate of costs and fees
- Communicates with you throughout the loan process in a timely manner
- Coordinates the final closing of your transaction
- Answers questions and concerns after your transaction closes
Q: Getting Started...What do I do?
A: You can complete your application by
clicking "Apply Now" below on our secured site
or we can take your application over the phone
to expedite the process for you! Simply call
530.592.8362
Q: What credit situations can you help me
with ?
A: In today's mortgage environment, Oak Valley
Mortgage has a program to fit most every
situation to include:
- Collections 100% Financing Charge-Offs
- Late Payments High Credit Card Debt No Credit
- Foreclosure Bank Turndowns Stated Income
- Unemployed Or Laid Off High Debt Ratios Stated
Income / Stated Assets
- Judgments Repossessions Divorce
- Low Credit Scores Medical Bills
- Tax Liens Consumer Credit Counseling
Eliminating PMI (Private Mortgage Insurance)
If you are currently experiencing or have
experienced any of the areas outlined. you are
not alone and we are here to assist you to get
you back on your feet and to regain a solid
credit standing.
Q: After I apply for my loan...what can I
expect?
A: Once your loan application is received,
whether you apply online, by phone, or in
person, you will get notification that your loan
process has begun. Within a few days, you will
receive a loan package with a set of loan
application documents (including your Good Faith
Estimate). We will need this information back to
our office with required signatures to complete
the loan approval. Typically, it will take
approximately 2-3 weeks from start to finish to
fund your loan. Although...we can always
accommodate "RUSH" situations!
Q: Which loan is best for me?
A: Once you complete a loan application and
submit all required information, we will then
provide you with loan options to meet your
specific situation. 30 year fixed rates are not
for everyone! If you plan on remaining in your
home for only 3-5 or 7 years, we will target a
program that will provide you not only a lower
interest rate, but more importantly...Save you a
great deal of money each month as well!
Q: Is it safe to transmit my mortgage
application to you over the internet?
A: Security of your information is very
important to you and us. We have taken added
measures in providing added protection to ensure
security is maintained at all times. Your
details are transmitted using 128-bit
encryption, which eliminates the possibility of
anyone viewing your personal details.
Q: Can I apply for a purchase loan before I
have found a property?
A: Absolutely! When you apply for a purchase
pre-approval, you simply assume a maximum
purchase price, loan amount and loan program.
Once your loan has been approved at Oak Valley
Mortgage, you can change any of these variables
to match the specifics of your purchase
transaction. Typically, you cannot lock in your
interest rate until which time you have made an
offer on a specific property and the offer has
been accepted.
Q: When will I have to pay for anything?
A: Once we have a completed loan application
from you, along with any required documentation
we have requested, we will then order the credit
report. Once a determination has been made by
our office that your package is complete, we
will then request an appraisal on your property.
The fee to the appraiser is due to her/him at
the time of service (COD), and you will make a
check payable directly to her/him. If you are
doing a purchase, any remaining related closing
costs will be due at the close of escrow. If you
are doing a refinance and the appraisal comes in
at projected value, then all remaining closing
costs on the transaction can be included in your
new loan.
Q: How quickly will my loan be approved?
A: Typically, from the time we receive the
appraisal, we can expect formal loan approval
within 2-3 business days.
Q: What if my credit history is poor or if I
have had a previous bankruptcy or foreclosure?
A: In today's world..we generally have a program
to meet even the worst of situations~Best you
call us directly to discuss all related details
pertaining to your situation and we can make
recommendations at that time.
Q: How much can I qualify for?
A: We have loans available up to $5,000,000 and
many programs which allow for extended debt
ratios to 50% or higher! Our extended ratios
allow our clients to qualify for higher loan
amounts due to aggressive underwriting
guidelines available to Oak Valley Mortgage.
This means you can borrow more money and buy
more house!
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