Working with a Local Chula Vista Mortgage Lender

Chula Vista is the second largest city in the San Diego metropolitan area, the seventh largest city in Southern California

A Chula Vista mortgage lender is a key partner in your overall financial plan of action. Choosing the right mortgage lender can make all the difference in obtaining a home or advancing your position in real estate by refinancing your home. Banks and financial institutions originate, underwrite, process, and fund residential mortgages. Some institutions portfolio their loans and service them (receive monthly payments directly from the homeowner). Mortgage lenders have specific guidelines and requirements in place to determine your creditworthiness and ability to repay the loan you are applying for. In this article we will briefly explain the 5 steps of working with a local Chula Vista mortgage lender.

Step 1: Applying for your Chula Vista Home Loan.
It is critical that you choose a Chula Vista mortgage lender who has years of documented experience with purchase and refinance transactions. Your Chula Vista Home Loan professional will guide you through the uniform residential loan application process, also known as the “1003”. During this step you will submit documents for review in the subsequent steps described in this article.

Some of these documents needed are:
• Most recent paystubs
• W-2s
• Copy of driver’s license and spouse’s
• Most recent bank statement(s)

If you are doing a Chula Vista VA loan you also need to gather:
• Proof of VA disability compensation award letter (if applicable)
• Proof of retirement income (if applicable)
• DD214 (if separated/retired)
• Quarterly TSP statement
• Certificate of eligibility (COE) which can be obtained by your Chula Vista mortgage lender

If you are doing a Chula Vista refinance you will submit:
• Most recent mortgage statement
• Homeowners association bill
• Property insurance declaration page
• Most recent property tax bill

Step 2: Submitting your loan.
Your Chula Vista mortgage lender will upload your loan application and documents into their underwriting system, or that of the bank, in order to generate a fully underwritten loan approval. It is important to note that submitting the loan does not guarantee it will be approved and the underwriter may request additional documentation specific to your scenario. This is customary especially with a Chula Vista refinance due to the nature of how many variables of the approval process are required for full bank approval. This includes documents provided by and steps taken by third parties your Chula Vista Home Loan team works alongside to complete your transaction.

Step 3: Opening Title & Escrow for your Chula Vista Home Loan.
Title & escrow companies are neutral third parties in the residential mortgage finance transaction. They perform separate functions as part of the closing process but often rely on one other to provide pertinent information regarding your property status with the county, addressing any liens attached to your property, requesting payoffs, securing documents from local agencies and other relative tasks in order to close in a timely manner.

When you are purchasing a home, it is customary for the seller’s real estate agent to select a title and escrow team they are familiar with. If your real estate agent representing you as a buyer can negotiate who the title and escrow teams are, it can sometimes create greater synchronicity for closing with ease.

For a Chula Vista refinance, your Chula Vista mortgage lender will already have a preferred team in place and ready to smoothly execute their responsibilities during all phases of the transaction.

Step 4: Processing your Chula Vista Home Loan.
Your Chula Vista mortgage lender has a processing department experienced in moving mortgage loan files through the multiple stages of a purchase or refinance. This is typically the stage where you will lock your loan rate, plus order and conduct inspections such as appraisal, home inspections, and other necessary subject matter inspections where applicable. If you are doing a Chula Vista VA loan there are specific steps and verifications your processing team will assist you as required by VA guidelines.

Oftentimes it is necessary, or required by underwriting, to update statements and/or documents that are more current in their billing cycle than the documents originally submitted at the time of application. If you are completing a Chula Vista refinance this is particularly important so that your mortgage payoff amount, prorated taxes, and prorated insurance are all calculated correctly prior to funding.

Step 5: Signing Docs, Funding & Recording your Chula Vista Home Loan.
When your Chula Vista mortgage lender and all third parties have satisfied the conditions required by underwriting, the bank will issue loan docs for your purchase loan or Chula Vista refinance. You will meet with a notary public to sign your loan documents in person so they can be returned to the funding desk for review.

Upon funding desk review, the loan will be prepared for funding and recording. When your Chula Vista Home Loan is funded, the funds are sent to the escrow company for reconciliation and disbursement. If you are buying a home, the sellers will receive their proceeds, etc. If you are refinancing, your current mortgage will be paid off along with any other items which are schedule to be paid off at closing. Concurrent with these steps, the title company will record the new deed at the county office. The county office will “Confirm Recording” which acts as the last step of the process for a Chula Vista refinance.

As always, each Chula Vista Home Loan can be unique so it is vital that you work closely with your Chula Vista mortgage lender to understand all facets of your financial scenario in order to successfully close.

**NOTE: If you are in need of a Chula Vista VA loan there are some streamlined refinance options which require less steps and, in some cases, DO NOT REQUIRE an appraisal. Be sure to ask about this before you start your Chula Vista refinance.

If you would like to speak with our team about your home loan questions, please complete the form below. You can also start your loan application online by APPLYING NOW.

Rates & Fees Disclosure:
^‡ The payment on a $300,000 30-year fixed-rate VA loan at 3.000% with a 80% loan-to-value ratio is $1,292.01 with 0 (zero) origination points due at closing. The annual percentage rate (APR) is 3.235%. Payment does not include tax and insurance premium impounds. The actual payment amount will be greater. By refinancing your existing loan, the total finance charges may be higher over the life of the loan. Some state and county maximum loan amount restrictions may apply. Appraisal fee of $600, Processing Fee of $895, Underwriting Fee of $795 included in APR calculations with borrower paying 0 (zero) loan origination points.

^‡ Based on Mortgage Heroes internal data.