California Mortgage Refinance Home Loans

My mission is to set a high standard in the mortgage industry. I am committed to quality, personal customer service, we always put the people I serve first. I adhere to the highest degree of integrity in all of our business dealings. I am part of a small, family based company who treats each and every one of our clients like a person, not a number.

At chiukui.com, you can always count on:

Fast Approvals
We use top of the line technology to cut down on processing time and can often give you a pre-approval within hours.

Free Pre-Qualifications and Consultations
Let me help you find the perfect program for you! I have a variety of programs that are designed to help you, no matter what your situation is! Call me at 925-938-5600 or email at info@chiukui.com.
 Home > FAQ

Should I pay off my credit cards first before I apply? I had a bankruptcy 10 years ago, does this affect my credit? Do I have to use my realtors mortgage company? How long does the loan process take? Below are some commonly asked questions. If you don't find the answer you're looking for, just ask me by clicking here.

Or better yet, call me today 925-698-5816, ask for Chiu.

Some Common Questions Are:

Q.  Will refinancing affect my property taxes?
A.  No, refinancing does not change your property taxes.

Q.  Should I pay off my credit cards before I apply?
A.  Everybody's situation is different.  If you have high credit card debt, you can refinance and pay off your debt during the loan process.  Best thing to do is to call me and we can decide which approach to take.

 

Q.  I had a bankruptcy in my past, can I still qualify for a mortgage loan?
A.  Yes.  While a bankruptcy can stay on your credit report for 10 years, many lenders will lend to you during the 1st year out of bankruptcy.  The important thing to remember is to start rebuilding your credit after bankruptcy.  Best thing to do is to call me and I will let you know what we can do to apply

 

Q.  What is the difference between pre-approval and pre-qualification?
A.  The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

 

Q.  When does it make sense to refinance?
A.  Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:

Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance by the monthly savings.

This is the "break even" time. If you planning on owning the house longer than this time, you will save money by refinancing.

 

Q.  How much insurance does a home owner need to have?
A.  Lenders typically require borrowers to carry enough insurance to cover the replacement cost of the dwelling.  This should not be confused with the purchase price of the home.  As a general guideline, use .20% of the purchase price to arrive at an estimated yearly premium for insurance.

 

Q.  What are impounds/escrow accounts?
A.  Impound or Escrow account is a account in which money for property taxes and insurance is held until paid; money is added to the account every time a mortgage payment is made.  When your property taxes or insurance is due, the mortgage lender will pay your property taxes or insurance premiums for you.

 

Q.  What does "full doc", "stated income", or "no doc" mean?
A.  This has to do with how much income documentation you want to provide to the lender with your loan application.  Full documentation (full doc) means that you are disclosing all income information like W2, paycheck stub, etc.  That information will be used to qualify you for the loan.  Stated Income is a reduced paperwork type of loan application.  You would state the income you make.  The lender does not verify your income, but they will verify that you are employed.  This method is good if it is hard to document your income.  The last one is no documentation (no doc).  No Doc means that we do not disclose your employer, income or assets on your loan application.  It is truly a reduced documentation loan.  Please contact us and we will advise you on the best method to use.

 

Q.  What is "interest only"?
A.  An interest only loan is a loan where you pay interest only for a fixed period of time.  It gives the borrower the flexibility of paying the interest only amount as a monthly payment.  For example, for a $400,000 loan amount, the fully amortized payment over 30yr term at 6% is $2398.20 per month.  The same loan with interest only payments are $2000 per month.

Q.  Do I have to use my realtor's mortgage company?
A.  No, you are under no obligation to use your realtor's mortgage company.  You should pick a mortgage company that you can work with, and can deliver the rates promised.

 

Q.  How long does the loan process take?
A.  The loan process takes anywhere from 14 days to 30 days, with the majority of loans taking 30 days.  To speed up the loan process, make sure you sign and provide all documents that your loan officer is asking for in a timely manner.

 

 

 

 
 

 


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Sierra Pacific Mortgage Company, Inc dba CL Funding Group  | 1515 Oakland Blvd, Suite 130 | Walnut Creek, CA 94596
 Tel: 925-938-5600 CA-DOCCRMLA License #8171080 | NMLS #259720