Call Now!
    310-478-5005

    Top Bar Nav

    • ABOUT
      • Why Choose Us
    • LOS ANGELES
      • Mortgage Broker
      • Mortgage Rates
      • First Time Home Buyer
      • Mortgage Company
    • CONTACT
      • Apply Now
    • BLOG
    • (310) 478-5005
    • Chat

    Hard Money Lender 310-478-5005 | Mortgage Broker Los Angeles CA

    Phone

    (310) 478-5005

    Menu

    • Borrowers
      • Prime
        • Conventional
        • VA
        • FHA
        • Reverse Mortgage
        • Jumbo
      • Non-Prime
        • Hard Money Loans
        • Stated Income Loans
        • Bridge Loans
        • Bad Credit Loans
      • Commercial
      • Resources
        • Monthly Mortgage Payment Calculator
        • Required Documents
        • Credit Scores
    • Brokers
    • Investors
      • Trust Deeds
    • Realtors
    Hard money lender los angeles
    • Home
    • Borrowers
      • Prime
        • Conventional
        • VA
        • FHA
        • Reverse Mortgage
        • Jumbo
      • Non Prime
        • Hard Money Loans
        • Stated Income Loans
        • Bridge Loans
        • Bad Credit Loans
      • Commercial
      • Resources
        • Month Mortage Payment Calculator
        • Required Documents
        • Credit Scores
    • Brokers
    • Investors
    • Realtors
    • About
      • Why Choose Us
    • Los Angeles
      • Mortgage Broker
      • Mortgage Rates
      • First Time Home Buyer
      • Mortgage Company
    • Contact Us
      • Apply Now
    • Blog

    (310) 478-5005

    Loan Process for Home Owners

    July 24, 2017 By ajwpaccess

    1.Dream of a new home:
    Every couple or a working individual has dreams of owing their own home. Owning a home is indeed a key to long term financial security and independence. Buying a home is the single most important economic decision in one’s life and one must be prudent and careful in selecting the appropriate mortgage lender. We offer unique and exceptional customer service with free loan analysis and recommendation of appropriate loan programs best suited to your needs.

    Select a new home to buy:
    However, selecting a new home is another vital decision and it must be done with proper consultation and through a reputable real estate agency. Your home is your investment and your dwelling as well, and it must be selected with care. If you have not selected a home thus far and would like to buy one or refinance your existing home, we have the expertise to meet your home loan needs. Meet or call your mortgage analyst to find out how much you qualify for. Find out if you can lower your existing monthly payments on your current mortgage or get the cash you need. You can begin the loan application process by getting your loan pre-approved.

    2. Apply to Purchase a home or to Refinance
    The key to start the loan process is to apply for a loan. Applying for a mortgage loan is merely a process to collect appropriate information regarding your income and credit history, however, it is the most essential step towards owing or refinancing a home. Don’t hesitate in applying for a loan, there is no obligation. Starting with the information you provide us, we will work to obtain approval for a loan that meets your purchase or refinance needs.

    3. Get pre-qualified and then get pre-approved:
    Get pre-qualified. First and foremost it puts you in a position as a homebuyer to know exactly how much you can afford. In addition, as a pre-qualified buyer you have a stronger standing than a buyer who is not pre-qualified. It is an important advantage in today’s fast paced real estate market. Next, get pre-approved. A pre-approval shows that you have provided the complete paper work (listed below) and your loan has been underwritten and approved. A pre-approval is strongly suggested as it will show the seller of a home that you are serious and qualified. It will also help to close the loan quickly and get you into your new home.

    4. Shopping for the Right Loan
    Looking for the right loan program can be difficult with so many types of loans to choose from. We recommend that a buyer consider some questions before buying a new home. Is this a starter home? Will I be moving in five years? How much can I afford per month? How much cash do I have available for down payment and closing costs? What will the payment be? Is this the right house for me? Is this the right loan program for me? Different loan programs work to your advantage in different situations. If you’re planning on staying in your home for several years a fixed loan may be best. On the other hand, if your goal is to sell in just a few years an adjustable rate with a lower initial interest rate or an interest only option may work more to your advantage.

    Another key factor in understanding different loan programs is to be aware of the relationship between points and interest rates. The more points you pay the lower the interest rate may be. A point is considered prepaid interest and is tax deductible. Each point is one percent of the loan amount. Paying points on your loan can lower your interest rate but increase your upfront costs.

    Shopping for and comparing loans can be tricky. There are many programs, each with different rates and different points. What loan is right for you? We take pride in our seasoned loan analysts and their ability to help you choose which loan is appropriate for your goals and needs.

    5. Organize essential documents and get credit report

    Purchase a Home

    1. Last two years W-2s and current pay stubs covering one month for salaried employees.
    2. Self-Employed persons please provide the last two years of tax returns and an YTD profit and loss statement.
    3. For rental properties please provide rental agreements and the last two years of tax returns.
    4. The last three months of current bank statements for each account.
    5. Copies of 401K, IRA, Pension or other retirement savings.
    6. Divorce Decree, if applicable.
    7. Bankruptcy papers (all schedules) and Discharge if applicable.
    8. Name and address of your landlord, if applicable
    9. Letter to explain any derogatory credit.

    Refinance a Home

    1. Last two years W-2 and one month of current pay stubs for salaried employees.
    2. Self-Employed persons please provide the last two years of tax returns and an YTD profit and loss statement.
    3. For rental properties please provide rental agreements and the last two years of tax returns.
    4. Most recent mortgage statements on all owned properties.
    5. The last three months of current bank statements for each account.
    6. Copies of 401K, IRA, Pension or other retirement savings.
    7. Divorce Decree, if applicable.
    8. Copy of Homeowners/Hazard Insurance Policy
    9. Names, address, phone numbers and account numbers of creditors to be paid at closing.

    Get a Credit Report

    Obtaining a credit report is essential and it has to be done in the early phase of the loan application and loan process. A lender is not in a position to offer or quote an interest rate or a loan program without knowing your FICO score or without examining your credit report. Perfect credit, not so perfect credit, or even bad credit doesn’t imply that you are automatically approved or can not be approved for a loan, and it also doesn’t imply that you have less chances with bad and more chances with good credit. It is merely a device to determine a loan program and interest rate, but an essential and necessary step that every loan applicant must take.

    6. Select loan program and lowest rate

    Choose a loan program

    30 year fixed
    15 year fixed
    1 Year Adjustable Interest Rate (ARM)
    2 year ARM
    5 year ARM

    Choose a loan type

    Jumbo loan
    Conforming Loan
    Refinance with cash out
    Refinance with no cash out
    No Closing Cost Loan
    FHA Loan
    VA Loan
    Cal Vet Loan
    Imperfect Credit Loan
    No income verification loan
    Commercial Real Estate
    Equity Loan

    7. Loan approval and sign the documents

    Once we have received your completed loan application, our approval process begins. This involves verifying the following information:

    • Credit report
    • Employment and income history
    • Personal Assets; bank accounts, stocks, pension, mutual funds, 401K, and IRA.
    • Property value and title report

    Additional documents or verifications may be requested depending on your individual situation.

    Helpful hints to improve your chances of a loan approval:

    1. Fill out the loan application completely and clearly.
    2. Provide requested documents requested in a prompt manner, this can be especially crucial if you have planned to close your loan on a certain date or have a rate locked in.
    3. Do NOT make any large purchases. Increasing your debt can have a negative affect on your current application. Large purchases include, but are not limited to: automobiles, furniture, appliances, another house or time-share.
    4. Bank account balances may be verified shortly before the close of a loan, be sure not to move money out of your account. If you move money into your account you will need to show where it came from. If you are receiving a “gift of money” from a friend or relative be sure contact your loan officer to get a form to use as a “gift letter”.

    After your complete loan application is approved and any additional items have been turned in your final closing papers will be drawn. You will be contacted for an appointment to sign them in front of a notary. After you sign, they will be returned to the lender for final review and funding. After the loan is funded and the money is disbursed, title to the home will record in your name.

    8. You now own your new home.

    Filed Under: Home Owners, Loan Process, Loan Programs

    Do you have questions?

    Call us today (310) 478-5005 or fill in form below and we will get back to you as soon as possible.

    When you click “Submit” you give your consent to our privacy policy and acknowledge that we may contact you via sms to discuss loan options. However, your consent is not a requirement for receiving our services, and you may withdraw it at any time.

    Client Testimonials

    Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

    Tony – Orange, California

     

    I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

    Tracy – Los Angeles, California

     

    Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

    Javier – West Covina

     

    Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

    Susan – Fresno, California

     

    My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

    Cindy – San Diego, California

     

    Get the latest updates

    Sign up for FREE Newsletters and get more of
    Pachsores Mortgage delivered to your inbox.

      Latest from the blog

      • Tips for Finding the Best Los Angeles Mortgage Rates

        Tips for Finding the Best Los Angeles Mortgage Rates

      • What to Look for in a Hard Money Lender

        What to Look for in a Hard Money Lender

      • What Are the Pros and Cons of Bridge Loans in Los Angeles?

        What Are the Pros and Cons of Bridge Loans in Los Angeles?

      • What First-Time Home Buyers Should Know in Los Angeles

        What First-Time Home Buyers Should Know in Los Angeles

      • What is a Mortgage Loan?

        What is a Mortgage Loan?

      Like Us On Facebook

      Facebook Pagelike Widget

      Like Us On Facebook

      Facebook Pagelike Widget

      What Kind of Loans
      Do We Offer?

      Conventional Loans
      Conventional Loans

      These are loans which conform to the guidelines set by Fannie Mae and Freddie Mac.

      VA Loans
      VA Loans

      These federally backed loans are available to veterans and spouses, and allow you to qualify for a loan with zero down payment.

      FHA
      FHA

      If you are a first time homebuyer in Los Angeles, you may be able to qualify for a down payment as low as 3.5% with a government-backed FHA loan.

      Reverse Mortgage
      Reverse Mortgage

      If you need to pull equity out of your home to convert to cash, a reverse mortgage makes it possible.

      Jumbo
      Jumbo

      A jumbo loan is any home loan which does not fit within the conforming loan limits. In a high-cost city like Los Angeles, jumbo loans are common.

      pacshores mortgage
      • About
      • Borrowers
      • Brokers
      • Investors
      • Realtors
      • Los Angeles
      • Contact
      • Blog

      Prime

      • Conventional
      • VA
      • FHA
      • Reverse
      • Jumbo

      Non-Prime

      • Hard Money Loans
      • Stated Income Loans
      • Bridge Loans
      • Damaged Credit Loans

      Commercial

      • Resources
      • Monthly Mortgage Payment Calculator
      • Required Documents
      • Credit Scores

      Los Angeles

      • Mortgage Broker
      • Mortgage Rates
      • First Time Homebuyer
      • Mortgage Company
      • Careers

      11400 W Olympic Blvd #830

      Los Angeles, CA 90064

      (310) 478-5005

      info@pacshoresmortgage.com

      NMLS: 366402
      BRE: 00956342

      Find Us On Google Maps

          
      © Copyright 2025. PacShores Mortgage Inc. Website Ranked & Powered by Elementrix Tech. Privacy policy | Terms & Conditions
      Website powered by: Mortgage Broker Marketing