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FAQ

How does the loan process work?
How do I choose the right loan program?
I have a small down payment, Should I wait and save more before buying a house?
What are Interest Tax Deductions?
Why should I use a loan broker rather than a direct lender?


How does the loan process work?

  1. Applying for Your Loan Your Loan Broker will help you explore your financing options and work with you to determine which loan program best meets your unique needs.
    If documentation is needed from you to process your loan request, your Loan Broker will work with you to get this documentation.
  2. Underwriting Your Loan Application Once we have all of your documentation, we submit your loan to several lenders who will evaluate your application. The large pool of lenders that we work with ensures that we get you the right loan.
  3. Processing Your Loan Once your loan is approved, your Loan Broker steers your loan through the loan process, which includes:

    • Working with you to meet any outstanding loan conditions
    • Ordering a title report on the property
    • Opening escrow (when applicable)
    • Coordinating with you and a local appraiser to perform a written valuation of the property
    • Preparing your final loan documents for signature
    • Coordinating with a local closing agent to arrange the signing of your loan documents
    • Completing final audit of the loan and coordinating funding
  4. Funding Your Loan On the day your loan is funded, your Loan Broker will contact you with the good news. The funds will be wired directly to your local closing agent. Your Loan Broker will oversee the transfer to ensure that everything goes smoothly.

Congratulations! You've closed your loan!

Please Tell a Friend!

Our goal at Thousand Oaks Financial Inc. is to make the home loan process painless and rewarding. If we achieve our goal in helping you, we hope you'll recommend us to your friends. We promise to give them the same great service.

How do I choose the right loan program?

There isn't a single or simple answer to this question. The right type of mortgage for you depends on many different factors:

  • Your current financial picture
  • How you expect your finances to change
  • How long you intend to keep your house
  • How comfortable you are with your mortgage payment changing

For example, a 15-year fixed rate mortgage can save you many thousands of dollars in interest payments over the life of the loan, but your monthly payments will be higher. An adjustable rate mortgage may get you started with a lower monthly payment than a fixed rate mortgage, but your payments could get higher when the interest rate changes.

The best way to find the "right" answer is to discuss your finances, your plans and financial prospects, and your preferences frankly with a mortgage professional.

I have a small down payment, Should I wait and save more before buying a house?

Many of our clients ask us if now is the right time to buy property. Our answer is simple: rather than trying to time the market, you should buy a home when you are ready and can afford to do so.

People often feel that they need a substantial down payment to buy a house, but meanwhile prices go up faster than their savings. This can be especially true in the Bay Area market. We can introduce you to the solutions aimed at getting buyers into a house with a small down payment that are available now.

Generally speaking, the earlier you start building equity the better. We specialize in working with our clients to find the loan that best matches the your unique needs.

What are Interest Tax Deductions?

Generally, homeowners are allowed to fully deduct the interest on their loan. This means that the amount of interest a homeowner pays in a year can be deducted from their taxable earnings. They will then be taxed on the revised income, namely income less interest payments.

This can amount to a sizable windfall for homeowners.

Why should I use a loan broker rather than a direct lender?

Loan brokers are independent agents who can shop a wide variety of lenders, thereby finding the best-priced, best-suited loan. Also, your loan broker can move a loan from one lender to another if needed, providing flexibility and security.

A direct lender can only offer in-house loan programs and rates. Why limit yourself? A loan broker can access many more financing options.

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