Mortgage guide
How the process works, what lenders look at, and what the terms on your Loan Estimate mean.
The process
- 1
Apply online
A secure application takes about 15 minutes. You can save and finish later.
- 2
Review your options
We price your loan across our lenders and walk you through the trade-offs in plain terms.
- 3
Lock and process
Lock your rate when it makes sense, then we gather documents and order the appraisal.
- 4
Close
Sign with a notary or at escrow. We stay on the file until the keys or funds are in hand.
What lenders look at
Every program weighs the same four things. Strength in one can offset weakness in another.
- Credit
- Your score and history set your pricing and which programs are open to you. Recent late payments matter more than old ones.
- Income
- Lenders want stable, documented income — usually two years in the same line of work. Self-employed borrowers have alternatives.
- Assets
- Enough for the down payment, closing costs, and often a few months of payments held in reserve.
- Property
- The appraisal confirms value, and the property type and use (primary, second home, rental) affect terms.
Frequently asked questions
What is the difference between a mortgage broker and a bank?
A bank can only offer its own loans. As a broker we work with more than 100 lenders and banks, so we can compare rates, fees and guidelines across all of them and place your loan where it fits best.
How much do I need for a down payment?
It depends on the program. VA loans can require no down payment, FHA loans allow a low down payment, and conventional loans can start at a few percent down for qualified buyers. Investment and jumbo loans typically require more.
Will applying hurt my credit?
A mortgage credit inquiry may have a small, temporary effect on your score. Credit bureaus generally count multiple mortgage inquiries within a short shopping window as a single inquiry.
How long does it take to close?
Most purchase and refinance loans close in 21 to 30 days from a complete application. Timing depends on the appraisal, the program, and how quickly documents come in.
I’m self-employed. Can I still qualify?
Yes. Besides traditional tax-return loans, we offer bank-statement and asset-based programs designed for business owners and 1099 earners.
What documents will I need?
Typically two years of W-2s or tax returns, recent pay stubs, two months of bank statements, and a photo ID. Self-employed and investor programs have their own lists, and we’ll give you yours after you apply.
When should I lock my rate?
Once you have an accepted offer, or when you’re ready to refinance and the numbers work. We’ll tell you what the market is doing and help you choose a lock period that fits your closing date.
Do you lend outside San Diego?
Yes. We are based in North County San Diego and lend throughout California. Contact us about properties in other states.
Glossary
- APR
- The annual percentage rate — the interest rate plus certain loan costs, expressed as a yearly rate. Useful for comparing offers.
- Adjustable-rate mortgage (ARM)
- A loan with a fixed rate for an initial period (such as 5 years) that then adjusts periodically based on an index.
- Closing costs
- Fees paid at closing for the lender, appraisal, title, escrow and recording, separate from your down payment.
- Debt-to-income ratio (DTI)
- Your monthly debt payments divided by your gross monthly income. Lenders use it to measure what you can afford.
- Escrow
- A neutral third party that holds funds and documents until closing; also an account that pays your taxes and insurance.
- Loan Estimate
- A standard three-page form showing your rate, payment and costs, provided within three business days of applying.
- Loan-to-value (LTV)
- The loan amount divided by the property value. Lower LTV usually means better pricing.
- Mortgage insurance
- Insurance that protects the lender when the down payment is small. Conventional mortgage insurance can be removed later.
- Points
- Optional upfront fees paid to lower your interest rate. One point equals 1% of the loan amount.
- Pre-approval
- A lender’s conditional commitment after reviewing your credit, income and assets — stronger than a pre-qualification.
- Rate lock
- A lender’s guarantee of an interest rate for a set number of days while your loan is processed.
Ready when you are.
The application takes about 15 minutes. A loan advisor will review it and contact you within one business day.