CORE HOME LOANS NMLS# 271603  - 

A DIVISION OF ALAMEDA MORTGAGE CORP

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REFINANCE

Nancy home loans process

Our Mortgage Loan Process

Pre-Qualification

Pre-qualification starts the loan process. Once a lender has gathered information about a borrower's income and debts, a determination can be made as to how much the borrower can pay for a house. Since different loan programs can cause different valuations a borrower should get pre-qualified for each loan type the borrower may qualify for.

House Shopping

The process of searching for the right home that meets your needs, within the range you are pre­qualified for. 

Mortgage Loan Application

The application is the next step of the loan process. With the assistance of your loan officer, the borrower completes the application and provides all Requested Documentation.


A loan application is triggered for loan disclosures when you provide the following information: 

1) Your name

2) Your income

3) Your Social Security Number, and authorization for a credit check

4) The address of the home your plan to purchase or refinance

5) Estimated value of said home

6) The loan amount you want to borrow

 Loan Processing

Once the loan application has been submitted, the mortgage loan process begins. The Processor orders the Credit Report, Appraisal and Title Report. The information on the application, such as employment and job history, bank deposits and payment histories are then verified. Any derogatory credit such as late payments, collections and/or judgements require a written explanation. The Processors examines the Appraisal and Title Report for any property issues that may require further investigation. The entire mortgage package is then put together for submission to the Underwriter. 

Underwriting

Once the processor has put together a complete package with all verifications and documentation, the file is sent to underwriting. The Underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information is needed, the loan is put into "suspense" and the borrower is contacted to provide more information and/or documentation. If the loan is acceptable as submitted, the loan is put into an "approved" status. 

Closing

Once the loan is approved, the file is transferred to the closing and funding department for the preparation of final loan documents. The closing attorney then schedules a time for the borrower to sign the loan documentation. 


• Bring a cashier's check for your down payment and closing costs if required. Personal checks are normally not accepted and if they are they will delay the closing until the check clears your bank. An electronic wire may also be sent from your bank institution.

• Review the final loan documents. Make sure that the interest rate and loan terms are what you agreed upon. Also, verify that the names and address on the loan documents are accurate.

• Sign the loan documents.


After the documents are signed, the closing attorney returns the documents to the lender who examines them and, if everything is in order, arranges for the funding of the loan. Once the loan has funded, the closing attorney arranges for the mortgage note and deed of trust to be recorded at the county recorder's office. Once the mortgage has been recorded, the closing attorney then prints the final settlement costs on the Final Master Closing Statement. Final disbursements are then made. 

We offer a variety of loan 
Programs To Our Clients

Buying a home is still within your 
Reach and More Affordable!

We offer a variety of loan 
Programs To Our Clients

Conventional  

Traditional programs that usually require a minimum of 5% down with 620 credit score -offers competitive interest rates.

Jumbo Loans

For home loan amounts higher than $766,550. Jumbo loans feature similar loan programs to fixed rate and adjustable rate programs. There are even FHA jumbo loans. The main difference between jumbo loans and conforming loans is the interest rate. Because jumbo loans are riskier for lenders they usually have higher rates.

FHA Mortgage Loans  

Issued by the U.S. Dept. of Housing & Urban Development, this mortgage loan offers the borrower the ability to put as little as 3.5% down along with more flexible credit, income and asset requirements. Loan Amounts vary by County.

 VA Mortgage Loans  

Guaranteed by the U.S. Dept. of Veterans Affairs, these loans require no down payment for loans. Minimum military service requirements are necessary to be eligible for a VA loan.

Refinance Mortgage Loans

Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn’t your mortgage? Now might be the right time for you to refinance into a lower rate mortgage. 

Adjustable Rate Mortgages 

Adjustable rate mortgages are loans where the interest rate and the payments can vary. While the interest rate and payment on an ARM loan is generally lower than fixed rate loans for a limited period of time, they can adjust higher for the remaining term of the loan.

USDA Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in a rural area.

Non-QM Loans

Bank statement program, DCSR, ITIN, No Ratio, Foreign National and more.

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