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Mortgages through Calbestrates.com: California Department of Real Estate License # 01353065, NMLS # 285419

 

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Are there any other fees or back end points I am not seeing on your quote?


No, our quote is our quote and most of our clients think our quotes are
too good to be true at first but that is our model to price aggressively.

 

Am I able to negotiate a better deal with you?

There is no negotiation as we are bound to provide set pricing based on credit.  We believe our rates are the best in the market at that point in time and base our model on working highly efficiently.  Our niche market is the experienced home owner who has been through the mortgage process a few times in the past, has great credit and income.

 

If you claim you have the best rates can you guarantee it?


The only thing guaranteed in life are death and taxes.  We encourage you to shop us and you will see how much money we save you.

Do you charge an application fee?

 

We charge for the credit report up front; it costs $16.50 for individuals and $18.00 for joint accounts.  We do not charge an application fee like some banks which can range up to $500.

Who pays for the appraisal?

 

Our client pays for the appraisal which is typically around $500 for owner occupied properties.  We typically do not order the appraisal until your file has been underwritten and approved.  The appraisal report is your property and you will receive a copy of it.  We are not able to provide refunds for appraisals but have never been in a situation where an appraisal was completed and loan did not fund.

 

Can I keep my second loan in place?

Yes, we subordinate the second loan to the first.  We need a check from you for the subordination fee that is sent directly to your second loan provider so that they may approve the new refinance transaction of the 1st.  This fee can range depending on the bank between approximately $200 and $500.

 

What happens if I lock my rate and rates go down?

 

Once we lock the rate; our capital markets keep us bound to that rate even if they went down.  If the rate lock expires then it is never a better rate.  Upon rate expiration it is a worst case situation of locked rate plus a zero extension charge or locked rate plus extension fees or if rates went up then the higher rate.  This is why it is imperative we receive documents from our client in a timely manner so that we can process to complete in the transaction within the rate lock time period.

 

What is my APR?

 

Annual percentage rate is a combination of the following:

The issue we have with an APR calculation is that it does not include appraisal , credit report, title, notary or recording fees which are items our client would not have paid had they not refinanced.  Furthermore includes prepaid interest which is interest a client would typically pay regardless of the refinance.  Either way, with a no points no fees loan; APR should technically equal the note rate.


 

 

 

 

 

 

 

 

 

 

 

 

 

Can I get a copy of my credit report?

 

The credit bureaus do not allow us to give consumers their credit reports but a consumer version may be requested by calling 800-637-2422 between 6 AM and 5 PM CST.

How can I dispute items on my credit report?

Contact the three main credit bureaus as follows:
 

 

 

 

 

 

 

 


What is the closing process like?

 

Unlike a lot of other large firms; we will provide your settlement statement to you prior to signing so that there are no surprises at the closing table.

Where do I sign my loan at?

We send a notary to you or can accommodate at the title company.

Who do I make my check payable to at closing?

This is very important! Checks must be in the form of a Cashiers Check and payable to the title company that was selected.  The funds must be from a financial institution that was used on the loan application and the account number must be on the Cashiers Check along with a receipt showing the account number.  No exceptions or the loan will not fund!

 

How long will it take to close my loan?

This is mainly dependent on how responsive and cooperative our client is but in our experience we have been able to close in between 15 and 45 days and on average around 28 days from application to funding.

Frequently Asked Questions

APR Items

Not APR Items

Tax Service Fee

Appraisal Fee

Flood Determination Certificate

Appraisal Review Fee (possible)

HOA Certification

Credit Report

Processing Fee

Title Abstract or Title Search

Lender's Underwriting Fee

Notary Fee

Closing/Escrow Fee

Recording Fees

Document Preparation Fee

 

Prepaid Interest

 

Discount Points

 

EQUIFAX INFORMATION SVCS

EXPERIAN

TRANS UNION

P.O. BOX 740241

P.O. BOX 2002

P.O. BOX 1000

ATLANTA, GA 30374

ALLEN, TX 75013

CHESTER, PA 19022

Phone - (800) 685-1111

Phone - (888) 397-3742

Phone - (800) 888-4213

http://www.equifax.com

http://www.experian.com

http://www.transunion.com