Frequently Asked Questions

Being pre-qualified means you know your credit score, you have an amount in mind for a down payment, and a bank loan officer has told you that you can obtain a loan for a specific amount. Most banks make this verbal commitment casually. But being pre-approved means we have actually collected all relevant documents (such as paystubs, W-2s, tax returns, and assets) and compiled a credit package to be reviewed by a real underwriter. This process takes time. While most loan officers and lenders don’t want to prepare the credit package, we do this at no cost for all of our clients. (For more, please see our insert, Pre-Qualification and Pre-Approval.)

Independent mortgage brokers are professionals who are required to complete extensive training to meet independent licensing requirements. We must also maintain these credentials with ongoing training, which insures that we provide our clients with thorough knowledge of current mortgage industry regulations and requirements. These higher standards are more stringent than those required for bank employees, such as loan officers who routinely handle mortgages for clients. (For more, please see our insert, Bank Employees Compared to Independent Mortgage Brokers.)

Absolutely! Bank employees keep bankers’ hours, so they might not always be immediately available when you have questions or need information. When your loan officer takes time off, you may have to talk with a different bank employee who will quickly need to become familiar with your file. On the other hand, as independent brokers, we are the single point of contact for each of our clients—in close contact when we need to share or discuss information and available whenever you need us. All California Lending is always here to discuss your questions or concerns, including evenings and weekends.

Your mortgage broker will engage you in an important business relationship to protect your investment and guide you through your loan process, so we want you to be confident in our ability and knowledge. Before you choose your mortgage broker, above all, make sure the broker has expertise with the type of loan service you’re looking for. Be sure to check state and federal licensing so you know that your mortgage broker’s licensing is up to date, with no actions against them. You can review the Nationwide Mortgage Licensing System (NMLS) at www.nmlsconsumeraccess.org and California’s licensing system through the Department of Consumer Affairs at www2.dre.ca.gov/publicasp/pplinfo.asp.

Yes! Yes! Yes! Always! We’ll make sure a mortgage model credit report reveals your accurate credit score. Bay Mountain Mortgage will do this with you at no cost to you to help you prepare for the mortgage process before it even begins, because we want you to be successful. (For more, please see our insert, Your Credit Score and Getting Credit Ready.)

We have included a separate comprehensive list of documents that clients are required to provide. Having all the documents ready when your broker needs them is a huge advantage in keeping your loan process on track and moving smoothly. Once all documentation and disclosures are provided to you, your loan application and the appraisal order process officially begins.

After you’ve provided all the required documents, your application will move to an underwriter, who may request more specific documentation to fulfill the requirements of your individual loan. For example, a document you provided may trigger the need for an explanation, which requires another supporting document. As soon as we hear about any other information required, we will instantly let you know.

We know the standard documents that lenders require in the financing process but, when underwriters review those standard documents, situations often arise that lead underwriters to request additional documentation. All loan circumstances are individual and many variables (such as employment background, credit history, and property ownership) come into play.

At Bay Mountain Mortgage, we have a background in handling a considerable range of loan types and we’ve found that most borrowers have unique needs and individual circumstances that can sometimes be quite complex. We make it our business to thoroughly understand each client’s position in the context of their situation.

Understanding the timing expectations is often key to a quick and successfully funded loan. When documentation is requested, your quick response will keep the loan process moving. This can be especially important once a rate is locked in, since a locked-in rate has an expiration date and any delay in providing additional documentation can delay the process and affect the rate.

As your one point of contact, Bay Mountain Mortgage commits to you that you will know exactly where we are in the financing process at any given time. We will have a close and collaborative connection until your loan is successfully funded and escrow closes. Yes, you can reach us nights and weekends.

The advantage of working with an independent broker is that we work closely with multiple lenders who compete with each other to offer the best rates. We also look for the best service. Working with many of the same people for 15 to 20 years means that Bay Mountain Mortgage has built extremely valuable industry relationships that give us an edge in obtaining great financing for our clients.

To ensure that your personal information is kept secure, Bay Mountain Mortgage utilizes the highest level of end-to-end encryption and our systems are updated regularly to maintain programs at peak performance.

Generally, it takes about 21 days. However, with new technology systems, it may be possible to complete the process in 11 business days if certain verification processes are available, such as employment through work numbers and assets from financial institutions.

We’ve all seen TV commercials for credit score websites, but these services typically use their own credit scoring algorithms to determine your FICO score. While these services may be somewhat accurate and give you an idea of your current score, the typical online credit score is not accurate enough because they do not use the same level of scrutiny that mortgage lenders use. Most financial institutions use the gold standard for credit scoring, which is very in-depth and detailed. It is critical that you understand your credit score in terms of the mortgage financing industry, because it will determine your interest rates and show us where you may have credit history issues that need to be resolved before going through the finance-lending process.

To avoid surprises down the road, it’s crucial that you work with an independent mortgage broker like Bay Mountain Mortgage before you start the financing process. We’ll do our best to uncover any issues that an underwriter will uncover, so you can fix those issues before you begin the borrowing process. This will clear any roadblocks, help you make your financing move faster, and ensure that you will qualify for the best possible rates. Banks, on the other hand, are required to accept your loan application without considering your credit scoring. This can result in a lengthy lending process, higher loan rates, and maybe even a rejection of your loan. So, it’s a big benefit to you to work with an independent mortgage broker rather than the representative of a bank or lender. To make sure that everything proceeds smoothly and, most importantly, takes less time, talk to Bay Mountain Mortgage today. We’ll partner with you from the beginning to make sure you are “credit ready.”

Before anything else, Bay Mountain Mortgage will do a complete credit assessment at no cost to you. We want you to be successful in this process so we will take time with you to understand your current financial picture. We’ll guide you through your credit report, show you what causes your score to go up or down, identify any issues that you may need to clean up before we submit your applications, and share ways you can improve your credit score. We know that (unlike us) you might not be a credit history buff, so we’ll share tips to help you better manage your score—now and in the future.