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Loan rates are determined by a variety of factors including, but not limited to, the loan product, borrower’s credit history, loan amount, loan-to-value ratio of the property, and borrower’s income (loan type / property type). Every loan is as unique as its borrower. We recommend you take advantage of our free application process to get some individually tailored rate quotes. There is no cost or obligation.

The interest rate of an adjustable rate mortgage (ARM) is linked to a particular index of economic conditions. An index frequently used by mortgage consultants is the six-month London Interbank Offering Rate or LIBOR. This index is the average of interest rates charged by major international banks to borrow U.S. dollars in the London money market. LIBOR is the British equivalent to the U.S. Prime Rate.The LIBOR index is officially fixed once each day, although changes occur throughout the day. Changes in this index correspond to changes in the interest rate of an adjustable rate loan. Because the interest rate of an ARM is calculated by adding the index plus a “margin” (a pre-set, fixed interest rate established by the lender), a change in the index value will cause a change to the interest rate calculation. The number of times an ARM loan will adjust each year, and the maximum amount it can change, varies per loan. Borrowers are encouraged to consult their Mortgage Consultant with any questions regarding the ARM loan adjustment process.

Absolutely! But remember, obtaining a loan program that fits your particular needs is just as important as the loan rate. Just call us at (760)-230-2042 or complete our quick, no obligation loan application form, and we’ll have the necessary information to answer your questions, and even begin the loan application process over the telephone. Who do I contact once my loan is in process? Once your loan is in process, a Ranch & Coast Consultant will be your contact for any questions you have about your loan. Feel free to ask questions at any time. If you have questions at any time regarding Ranch & Coast Mortgage Group loan products or processes, call (760)-230-2042 or e-mail us at loaninfo@rcmloan.com.

After you complete the application process and authorize Ranch & Coast Mortgage Group to request your credit report, we will evaluate your application and credit, present you with a loan proposal containing a variety of loan options. We will suggest which option we feel will best accomplish your objective

At Ranch & Coast Mortgage Group, we understand that every customer is unique. That’s why we evaluate your individual situation and find the right loan for you. Your Mortgage Consultant will be able to discuss with you what factors go into approving your loan. Feel free to contact your Mortgage Consultant directly, or call us at (760)-230-2042

After you have accepted a loan offer, we will begin the loan approval process as quickly as possible. You will need to submit the documentation specified by your Mortgage Consultant. And the sooner we receive the complete documentation required, the sooner your loan will close. After loan approval, typically it takes 3-5 business days after your loan funds to have a check in your possesion

A credit score is one of the pieces of information that we’ll use to evaluate your application. Financial institutions have been using credit scores to evaluate credit card and auto applications for many years, but only recently have mortgage lenders begun to use credit scoring to assist with their loan decisions. Credit scores are based on information collected by credit bureaus and information reported each month by your creditors about the balances you owe and the timing of your payments. A credit score is a compilation of all this information converted into a number that helps a lender to determine the likelihood that you will repay the loan on schedule. The credit score is calculated by the credit bureau, not by the lender. Credit scores are calculated by comparing your credit history with millions of other consumers. They have proven to be a very effective way of determining credit worthiness. Some of the things that affect your credit score include your payment history, your outstanding obligations, the length of time you have had outstanding credit, the types of credit you use, and the number of inquiries that have been made about your credit history in the recent past. Credit scores used for mortgage loan decisions range from approximately 300 to 900. Generally, the higher your credit score, the lower the risk that your payments won’t be paid as agreed. Using credit scores to evaluate your credit history allows us to quickly and objectively evaluate your credit history when reviewing your loan application. However, there are many other factors when making a loan decision and we never evaluate an application without looking at the total financial picture of a customer.

An abundance of credit inquiries can sometimes affect your credit scores since it may indicate that your use of credit is increasing. But don’t overreact! The data used to calculate your credit score doesn’t include any mortgage or auto loan credit inquiries that are made within the 30 days prior to the score being calculated. In addition, all mortgage inquiries made in any 14-day period are always considered one inquiry. Don’t limit your mortgage shopping for fear of the effect on your credit score.

You will only be charged for a credit report fee if your loan closes with our firm.

Whether you’re purchasing or refinancing, we’re certain you’ll find our service amazing! If you’ll be purchasing but haven’t found the perfect home yet, complete our application and we’ll issue an approval for a mortgage loan now with no obligation!

Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it’s a perfectly acceptable source of funds. If you are planning on obtaining a loan, make sure to include the details of this loan in the Expenses section of the application.

We take full advantage of an automated underwriting system that allows us to request as little information as possible to verify the data you provided during your loan application. Gone are the days when it was necessary to verify every piece of data collected during the application. The automated underwriting system compares your financial situation with statistical data from millions of other homeowners and uses that comparison to determine the level of verification needed. In many cases, a single W-2 or pay stub can be used to verify your income or a single bank statement can be used to verify the assets needed to close your loan.

Generally, the income of self-employed borrowers is verified by obtaining copies of personal (and business, if applicable) federal tax returns for the most recent two-year period. However, based on your entire financial situation, we may not need full copies of your tax returns. We’ll review and average the net income from self-employment that’s reported on your tax returns to determine the income that can be used to qualify. We won’t be able to consider any income that hasn’t been reported as such on your tax returns. Typically, we’ll need at least one, and sometimes a full two-year history of self-employment to verify that your self-employment income is stable.

In order for bonus, overtime, or commission income to be considered, you must have a history of receiving it and it must be likely to continue. We’ll usually need to obtain copies of W-2 statements for the previous two years and a recent pay stub to verify this type of income. If a major part of your income is commission earnings, we may need to obtain copies of recent tax returns to verify the amount of business-related expenses, if any. We’ll average the amounts you have received over the past two years to calculate the amount that can be considered as a regular part of your income. If you haven’t been receiving bonus, overtime, or commission income for at least one year, it probably can’t be given full value when your loan is reviewed for approval.

We will ask for copies of your recent pension check stubs, or bank statement if your pension or retirement income is deposited directly in your bank account. Sometimes it will also be necessary to verify that this income will continue for at least three years since some pension or retirement plans do not provide income for life. This can usually be verified with a copy of your award letter. If you don’t have an award letter, we can contact the source of this income directly for verification. If you’re receiving tax-free income, such as social security earnings in some cases, we’ll consider the fact that taxes will not be deducted from this income when reviewing your request.

Generally, only income that is reported on your tax return can be considered when applying for a mortgage. Unless, of course, the income is legally tax-free and isn’t required to be reported. Some lenders may offer a stated income program, which means that you can be qualified for a loan based on the income you state rather than that which can be verified. Usually these programs require larger down payments and offer interest rates that are substantially higher than regular mortgage rates. We do not offer stated income programs at this time.

If you own rental properties, we’ll generally ask for the most recent year’s federal tax return to verify your rental income. We’ll review the Schedule E of the tax return to verify your rental income, after all expenses except depreciation. Since depreciation is only a paper loss, it won’t be counted against your rental income. If you haven’t owned the rental property for a complete tax year, we’ll ask for a copy of any leases you’ve executed and we’ll estimate the expenses of ownership.

Generally, two years personal tax returns are required to verify the amount of your dividend and/or interest income so that an average of the amounts you receive can be calculated. In addition, we will need to verify your ownership of the assets that generate the income using copies of statements from your financial institution, brokerage statements, stock certificates or Promissory Notes. Typically, income from dividends and/or interest must be expected to continue for at least three years to be considered for repayment.

Information about child support, alimony, or separate maintenance income does not need to be provided unless you wish to have it considered for repaying this mortgage loan.

Typically, income from a second job will be considered if a one-year history of secondary employment can be verified.

Having changed employers frequently is typically not a hindrance to obtaining a new mortgage loan. This is particularly true if you made employment changes without having periods of time in between without employment. We’ll also look at your income advancements as you have changed employment. If you’re paid on a commission basis, a recent job change may be an issue since we’ll have a difficult time of predicting your earnings without a history with your new employer.

If you were in school before your current job, enter the name of the school you attended and the length of time you were in school in the “length of employment” fields. You can enter a position of “student” and income of “0.

Gifts are an acceptable source of down payment, if the gift giver is related to you or your co-borrower. We’ll ask you for the name, address, and phone number of the gift giver, as well as the donor’s relationship to you. If your loan request is for more than 80% of the purchase price, we’ll need to verify that you have at least 5% of the property’s value in your own assets. Prior to closing, we’ll verify that the gift funds have been transferred to you by obtaining a copy of your bank receipt or deposit slip to verify that you have deposited the gift funds into your account.

If you’re selling your current home to purchase your new home, we’ll ask you to provide a copy of the settlement or closing statement you’ll receive at the closing to verify that your current mortgage has been paid in full and that you’ll have sufficient funds for our closing. Often the closing of your current home is scheduled for the same day as the closing of your new home. If that’s the case, we’ll just ask you to bring your settlement statement with you to your new mortgage closing.

Congratulations on your new job! If you will be working for the same employer, complete the application as such but enter the income you anticipate you’ll be receiving at your new location. If your employment is with a new employer, complete the application as if this were your current employer and indicate that you have been there for one month. The information about the employment you’ll be leaving should be entered as a previous employer. We’ll sort out the details after you submit your loan for approval.

Any student loan that will go into repayment within the next year should be included in the application. If you are not sure exactly what the monthly payment will be at this time, enter an estimated amount. If other student loans are reflected on your final credit report, which will not go into repayment in the next year, we may need to ask you for verification that repayment will not be required during this time period.

If you’ve had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you have re-established an acceptable credit history with new loans or credit cards.

An installment debt is a loan that you make payments on, such as an auto loan, a student loan or a debt consolidation loan. Do not include payments on other living expenses, such as insurance costs or medical bill payments. We’ll include any installment debts that have more than 10 months remaining when determining your qualifications for this mortgage.