Crestline Funding – Mortgage Loans in San Diego

Securing a home loan is the most important aspect of the home-buying process. Those who are looking for their first home mortgage should choose a lender they trust and can make the home-buying process as stress-free as possible. Crestline Funding mortgage loans San Diego has a time-tested loan process that can get you funded in as little time possible. We work hand in hand with our clients to find the best mortgage home loans for their financial situation. Even first mortgage home loans applicants with credit problems can benefit from our loan programs that help people with imperfect credit.

Getting Preapproval for Your First Home Mortgage
Get prequalified for your mortgage home loan at www.crestlinefunding.com. It’s no cost, no obligation and someone from Crestline Funding mortgage loans San Diego will contact you shortly after you’ve applied to let you know if you’ve been approved. To be preapproved, a loan officer will evaluate your assets, liabilities, down payment, employment history, and credit score. Your application is then sent to an underwriter and a decision is made regarding the loan. After you’re preapproved, Crestline mortgage home loans San Diego will give you a preapproval letter which proves that you have the funding available so you can make an offer on a house through your Realtor. In many situations, a Realtor will not show any houses or allow any offers until the prospective home buyer has been preapproved.

Mortgages Terms Defined

Points – Points are assessed at closing by the lender of mortgage loans in San Diego. Each point is equal to 1 percent of the loan amount (e.g. two points on a $100,000 mortgage would cost $2,000).

Escrow – Refers to a neutral third party who carries out the instructions of both the buyer and seller to handle all the paperwork of settlement or “closing.” Escrow may also refer to an account held by the lender into which the homebuyer pays money for tax or insurance payments.

Jumbo Loan – A loan which is larger than the limits set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Because jumbo loans cannot be funded by these two agencies, they usually carry a higher interest rate.

Origination Fee – The fee charged by a lender of mortgage loans in San Diego to prepare loan documents, make credit checks, inspect and sometimes appraise a property; usually computed as a percentage of face value of the loan.

Private Mortgage Insurance (PMI) – In the event that you do not have a 20 percent down payment, lenders will allow a smaller down payment – as low as 3.5 percent in some cases. With smaller down payment mortgage loans in San Diego, however, borrowers are usually required to carry private mortgage insurance.

Closing Costs – Usually include an origination fee, discount points, appraisal fee, title search and insurance, survey, taxes, deed recording fee, credit report charge and other costs assessed at settlement. The costs of closing usually are about 3 percent to 6 percent of the mortgage amount.

Are you ready to learn more about how Crestline Funding mortgage loans San Diego can offer you the lowest possible mortgage rate and help you save thousands as a first time home buyer in San Diego?