Overview of the loan process for both purchasing and refinancing your home
San Vicente Mortgage is a lending source for the Multitude of California Realtors, "For Sale by Owner's" and refinance customer. Whether you are looking to purchase a new home or refinance your existing, we have a loan service right for you. We hope this information helps you better understand the need for experienced and professional loan assistance in evaluating the right loan for your situation.
We have created a step-by-step tutorial for preparing to obtain a loan. You can use the quick links below or view the entire tutorial here.
Purchasing a home – why is being pre-qualified so important?
It is highly recommended that you be pre-qualified before you start looking for a home for multiple reasons.
Being pre-qualified will:
- Inform you on how much you qualify for and save you from previewing properties outside your price range.
- Inform you on current rates, fees and costs associated with purchasing a home so that you are prepared.
- Puts you in a stronger negotiating position with the seller, because the seller will know you are a serious buyer who has taken the important steps to insure you qualify to purchase their home.
Overview of the Loan Process for both Purchasing and Refinancing your home:
- Step 1: Organize your documents
- Step 2: Fill out an application and get qualified
- Step 3: Determine what loan product and rate best fits your needs
- Step 4: Apply for a loan
- Step 5: Obtain loan approval
- Step 6: Close your loan
What's the Difference?
Licensed Mortgage Loan Originator –
- 20 hours of training courses
- Pass National Licensing Test
- Pass State Licensing Test
- Criminal Background check
- Fingerprinted
- Credit report analyzed annually
- Listed on a national website for consumers to check status
Registered Mortgage Loan Originator (retail bank employee)
- Routine background check—but by the bank they work for
- Listed on a national website for consumers to check status
Please check out my credentials at www.nmlsconsumeraccess.org, then enter my license number 266306. If you have talked with other loan officers (which I encourage you to do) please ask for their license number and check them out as well.
And if they are not listed? Well…if I were you, I'd think twice!