Creating a World-Class Home Loan Experience
The Gaylord-Hansen Mortgage Team aims to change the perception that getting home loans in San Diego can be painful, frustrating and difficult. Paired with our genuine care for our clients, our process ensures we provide a world-class experience every time. The home loan process is made up of 4 important parts: Data Collection, Pre-Approval, Processing, and Closing. Our team knows the importance of each part, so we aspire to give a world class experience in each part of your home loan.
- Wants & Needs Analysis
- Document Collection
- Loan Options
- Shop (for purchases)
- Contract Acceptance
- Lock / submission
- Underwriting Approval
- Final Approval
- Loan Docs
- Signing / Wire
- Post Close
We know that you’re a family, not a file, and will treat you with the care you deserve. We’re not just your mortgage originator; we’re your ally as you make one of the most important decisions of your life. We know that your home represents a significant part of your financial portfolio and serves as the canvas for years of memories with your family. That’s why we take your mortgage process so seriously.
We believe that you deserve access to the best home loans in San Diego and the surrounding area. We’ll work hard to give you options that fit your unique situation, and your exact budget.
Through our unique, streamlined mortgage process, we can take the headache and guesswork out of getting the financing you need. We’ll be with you every step of the way – from collecting the first pieces of data to signing the last piece of closing paperwork.
Get the Loan That’s Right for You
loanDepot offers consistent and secure low rate Jumbo mortgage programs with the ability to borrow higher amounts
If you plan on staying in your home short-term or would like lower payments, an ARM loan program might be right for you
A traditional, fixed-rate mortgage is our most popular program for refinancing or a new home purchase
loanDepot offers unsecured personal loans up to $35,000 to consolidate debt or make a major purchase
loanDepot is authorized to offer special loan programs that are guaranteed by the VA for active military and veterans that are not available to the general public
Qualify with ease with as little as 3.5% down; originally for first-time buyers, FHA programs are now open to wider audiences
Home equity loans are fixed-rate second mortgages that give you access to up to 90% loan-to-value of the equity you’ve built in your home
Unsecured Personal Loans are issued by Cross River Bank; a New Jersey State Chartered Commercial Bank, Member FDIC. Individuals must be a U.S. citizen or permanent resident and at least 18 years old to apply for credit from Cross River Bank. Valid bank account and Social Security Number/FEIN are required. All loan applications are subject to credit review and approval. All loans may be subject to an origination fee of 1% to 5% of the loan amount. Origination fees are deducted from loan proceeds. Offered loan terms depend upon credit score, requested amount, requested loan term, and credit usage and history. Loans are not available to residents of West Virginia. Residents of Alabama or Nebraska must be 19 years old to apply for credit. All loans in Massachusetts will be greater than equal to $6,001. All loans to Ohio residents must be greater than $5,001. All loans to Connecticut residents must qualify for an annual percentage rate (APR) of less than 12% to be considered for approval. All loans to New Hampshire residents less than or equal to $10,000 must qualify for an annual percentage rate (APR) of 10% or less to be considered for approval. All loans to New York residents must qualify for an annual percentage rate (APR) of less than 16% to be considered for approval. All loans to Vermont residents must qualify for an annual percentage rate (APR) of less than 12% to be considered for approval.
Frequently Asked Questions
What is a contingency removal date?
Contracts for purchasing a home commonly include a contingency clause. The clause specifies certain requirements and conditions that must be met for the buyer to proceed with the sale. Contingencies allow the buyer to walk away from an agreement without penalty. The standard contingency is one that states the buyer is not bound to the contract if you fail to obtain approval for financing by a certain date. If you cannot gain approval and fail to meet the previously agreed upon timeframes, you will typically forfeit your earnest money deposit. Once all contingencies are removed, you are in effect saying that you understand and accept the property in its current condition and are going to close escrow.
How do mortgage credit inquiries affect your credit?
The notion that an excess of credit inquiries from mortgage lenders will lower your score is a common misconception. FICO, a scoring model required by Fannie Mae and Freddie Mac, there is logic in place that protects consumers’ credit scores from any negative impact caused by multiple inquiries as a result of rate shopping. Inquiries for mortgage loans that are less than 30 days old are ignored and have no impact. Inquiries older than 30 days are looked at, but multiple inquiries from mortgage lenders made within 45 days of one another are treated as one inquiry.
What is an appraisal and why is it needed?
A home appraisal is a monetary valuation of the property. The reason for an appraisal is to ensure that the collateral value (the home) justifies the loan amount the bank is lending to you. The appraiser’s job is to be unbiased and completely independent of the transaction, while at the same time being realistic and practical. The appraiser’s valuation is his or her professional opinion of what the property is worth.
What are supplemental taxes?
Supplemental taxes are reassessments of the secured property as of the first day of the month following an ownership change or the completion of new construction. In most cases, this reassessment results in one or sometimes two supplemental property tax bills in addition to the annual secured property tax bill. This typically is a buyer’s responsibility and is not included in the impound account (if one was chosen upon the set up of the new loan). When you receive a supplemental tax bill, you must contact your lender to determine who will pay the bill since these are not sent to the lender.
Why do I need to provide so much documentation to obtain a home loan?
After the mortgage meltdown, the mortgage industry tightened restrictions in order to minimize the amount of home loan defaults. Being prepared and producing quick documentation up front is the best way to avoid unnecessary stress or financing delays.
What is an impound account?
Also known as an escrow account, the impound account is an account that is set up by your new lender with your home loan that will pay your property taxes and/or homeowners insurance for you by collecting 1/12th of the annual property taxes and/or insurance along with your mortgage payment each month. The amounts collected are not a cost of doing the loan. It is your money that will be used solely to pay your property taxes and/or insurance.
Property taxes and insurance premiums can adjust from year to year. How does the lender determine the correct premiums to pay?
Federal regulation requires lenders to review the account annually to ensure that the correct amount of money is being collected. If too much money is accumulating in the account, the excess funds are legally required to be refunded. If too little is being collected, also known as an escrow shortage, the lender will bill you for the amount needed to satisfy the shortfall.
Impounds are required on FHA loans, VA loans, and USDA loans. For conventional loans, impounds are generally required if less than 20% is put down (10% in CA). If you initially set up an escrow account, you may be able to get it removed later down the line by contacting your service provider.
What are the advantages and disadvantages to establishing an impound account?
Through the collection of these housing expenses gradually throughout the year, this helps avoid the sticker shock when these sometime large and infrequent (typically once or twice a year) bills become due. Assurance money to pay those bills will be there when the bill(s) come due. Your mortgage servicer will manage this account and pay the bills on your behalf.
Unable to collect interest on money held in the impound account. Decrease the amount of money you can put in an emergency fund since the lender keeps a little extra in your impound account, in order to ensure the extra cushion needed in order to keep making the insurance and tax payments if you stop making your monthly mortgage payments. If you have the option of “waiving” impounds, you will typically pay a fee of .125% of the loan amount at closing or opt to take a slightly higher mortgage rate.
What is the difference between APR and interest rate?
The interest rate is the cost you will pay each year to borrower the money, expressed as a percentage rate. The APR (Annual Percentage Rate) is a calculation based on standardized federal regulations. It provides a more complete picture by taking the interest rate as a starting point and accounting for the fees required to finance the mortgage loan. Expresses the actually yearly cost over the term of the loan.
How long does it take to get the unused funds in the impound account once a loan is paid off?
The Department of Housing and Urban Development states that the lender has 30 calendar days to return these unused funds to you.
What does it mean to get pre-approved?
To be pre-approved for a mortgage means that a bank or lender has investigated your credit history based upon information you have provided to render a credit decision. You will typically fill out a loan application, provide income documentation, asset documentation and other documents related to your financial history and then have the bank or lender determine how much money they are willing to loan you.
Being pre-approved is sometimes confused with pre-qualified. Receiving pre-qualified is for informational purposes only. This doesn’t mean that the bank will loan you that amount, but just gives you an idea of how much you can borrower.
What does it mean to get cross qualified?
To be cross qualified means that the listing agent will require the buyer to submit a second mortgage loan application to a lender of the seller’s choosing. Typically the listing agent is trying to protect the seller’s interests by ensuring the buyer has a strong probability of being able to obtain a loan. This allows for a “second set of eyes” to validate the pre-qualification letter submitted to the buyers lender. While a buyer can never be forced to use a particular lender, it is in the seller’s best interest to have offers, with loans, cross qualified.
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