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We’re in no way discounting the value of Internet technology that brings you state-of-the-art mortgage service. In fact, we couldn’t do what we do without it! However, we would simply like to protect you from the costly mistakes of indiscriminate online mortgage shopping.

Before you proceed any further with an online mortgage application for a purchase, refinance or equity loan, consider this
The Pitfalls of “Random" Online Mortgage Shopping


Contact Information:
1201 W. Huntington Drive #111
Arcadia, CA 91007
Phone: 626-796-7000
Fax: 626-796-7178

Frequently Asked Questions
  1. How should I compare rates offered by different lenders?
  2. Can I obtain a pre-approval before finding a property?
  3. What supporting documentation will I be required to provide?
  4. How quickly will my loan be approved?
  5. How long does it take to close my loan?
  6. How can you close my loan if you are not in my area?
  7. When can I lock my interest rate?
  8. How do I lock my interest rate?
  9. When is the best time to lock a purchase transaction?
  10. When is the best time to lock a refinance transaction?
  11. If rates fall after I've locked, while my loan is still in process, will you lower my rate?
  12. What happens if I switch loan programs or rate and point combinations after I have chosen a program and locked my rate?
  13. What happens if my loan process takes longer than my lock period?
  14. Can I redraw my loan documents if needed?
  15. How soon after I sign loan documents will my loan close?
  16. If my loan is closing around the first of the month, should I still make my payment to my current lender?
  17. If I am receiving cash out at the end of the transaction, how will I receive my proceeds?
  18. Do your loans have prepayment penalties?
  19. Do I have to have an impound account?
  20. What is the minimum down payment required?
  21. What is the maximum debt-to-income ratio?
  22. What is the minimum FICO score?
  23. Can I set up a direct debit to make my monthly payment?
  24. Can I make a bi-weekly payment?
  25. If my loan requires Private Mortgage Insurance, when can I have it removed?
  26. What about easy qualifier loans that don't require as much supporting documentation?
  27. Can I close my loan in the name of a Trust?
  28. Can I subordinate a Third Lien?
  29. What is a Three Day Right to Cancel?
  30. What is a FICO score?
  31. What are loan points?
  32. What are loan fees?
  33. What is a rebate?
  34. What is a "no cost loan"?
  35. What is PMI?
  36. What is the difference between a conforming loan and a jumbo loan?
  37. What is prepaid interest?
  38. What is overlapping interest?
  39. What is a negative amortization (11th District COFI) loan?
    A negative amortization loan has a low monthly payment but accrues interest at a higher rate. Because the borrower is not paying enough to cover the interest accruing on the loan, it is added to the balance of the loan each month. Be cautious of loans advertised with very low rates such as 1.25%. Your initial payment will be calculated using this rate but the loan will generally accrue interest at the rate calculated by adding the current index to the loan margin. Add the index rate to the margin to determine the true cost of the loan. Often times a 3/1 or 5/1 ARM, or even a 30-year fixed, will give you a lower cost of borrowing.

  40. What is a subordination agreement?
  41. What is Title Insurance?
  42. Are purchase loan points tax deductible?
  43. Where can I turn for help cleaning up my credit?
  44. How do I dispute an item on my credit report?
  45. What steps do I take if I become a victim of Identity Theft during the loan process?
  46. What is a Piggy-Back Loan?
  47. How much can I borrow on a second mortgage?
  48. Can I spend the funds received on a second mortgage for any purpose?
  49. Can I subordinate my current second mortgage?
  50. If I am receiving a home equity line of credit, how do I receive my draws on it?
  51. Is the interest on a home equity loan tax deductible?
  52. How will my payment be calculated on an Advantage Line of Credit?
1201 W Huntington Dr. #111, Arcadia, CA 91007

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