At Ocean Mortgage Company, our mortgage brokers secure the best home
loans and rates for clients in San Diego and throughout the United States. However, we know that the home loan process can seem long and arduous.
That is why our mortgage brokers have answered some frequently asked questions about acquiring home loans to purchase real estate. Through a clear understanding of the loan process, we can help ensure you get the deal you want.
How do I apply for a loan?
Filling out a loan application is one of the most crucial steps in the loan process. Our loan officers can assist you in thoroughly completing the loan application and in gathering the appropriate documentation. Our lenders can then present you with several financing options for your purchase. Contact our mortgage company today about the different options available for home loans. Our mortgage brokers in San Diego have a network of lenders that assist clients across the United States. Apply for a loan today!
How does the loan submission process work?
Your loan application is submitted to an underwriter who determines your ability to repay the loan. Loan approval generally takes one to three days.
What factors does the underwriter look at when my loan is submitted?
The underwriter looks at several things when deciding to approve applications for home loans. Some of the most important include:
* Employment History - A consistent employment history in the same field is considered ideal.
* Income - To ensure that you can repay the loan, income and expense levels are taken into consideration. Steady income for at least two years is preferable.
* Credit History - This is considered an indication of your likelihood of loan repayment. The underwriter will look at your credit history to see if past payments are late or outstanding.
* Assets - This allows the underwriter to see how you are paying for the purchase. It also gives the underwriter the ability to assess how well you save and manage your finances.
* Debt - The amount of debt you have may affect your ability to qualify or pay for a home loan.
* Property - Because the property serves as security, the underwriter will look at the appraisal to determine the home's value, marketability, and condition.
To speak with one of our mortgage brokers about the different home loans available, contact Ocean Mortgage Company. Serving San Diego and clients throughout the United States, our network of lenders can assist you in getting the home loan you need.
What happens after my loan is approved?
After you receive formal approval for your home loan, our lenders will forward all the necessary documents to the appropriate parties for signing. At this time the title contract will be generated and we will close escrow. The title contract is designed to reduce the buyers' risk of damage resulting from past owners. Escrow ensures the terms required by the lender and purchase agreement are fulfilled. After the appropriate documents are returned to us for review, the home will be yours!
At Ocean Mortgage Company, we are dedicated to assisting clients in reaching their financial goals. Our mortgage brokers have extensive experience helping clients of all types acquire home loans. Contact our mortgage company in San Diego to learn more. Our network of lenders offer comprehensive assistance to clients throughout the United States.
Why do you need my Social Security Number?
Our mortgage brokers need your social security number to obtain your credit report.
What should I do if there is an error on my credit report?
You can report errors to the credit bureaus:
Trans Union: 800-916-8800
Contact the mortgage brokers at Ocean Mortgage Company about the different types of home loans available. Clients in San Diego and throughout the United States have acquired the home loan they need at Ocean Mortgage Company.