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Home > Financial Services > Mortgage Brokers > Baycal Financial Fremont Corporation
Baycal Financial Fremont Corporation
A Mortgage is a document that contains the details of an agreement between two parties. One of which is a borrower and the other party is a lender. The Agreement will include information like, Loan amount, Time period of the loan, Interest and the collateral on the loan, which is normally, the property being bought. A mortgage broker is generally a person or company whose expertise lies in the field of mortgage laws, properties available for sale, and loan procedures. They provide these services to clients for a fee, which is usually a percentage of the loan or property amount.
BayCal Financial Corporation was founded in 1991, in need to provide homeowners with a very competitive interest rate without them having to sacrifice service. Their goal is to simply provide a very competitive loan program to their clientele with impeccable service from their experienced mortgage professionals. They have mapped out three important points that will help them better achieve their goal. Pre qualification starts the loan process. Once a lender has gathered information about a borrower’s income and debts, a determination can be made as to how much the borrower can pay for a house.
To properly analyze a Mortgage Program, the borrower needs to think about how long they plan to keep the loan. If you plan to sell the house in a few years, an adjustable or balloon loan may make more sense. If you plan to keep the house for a longer period, a fixed loan may be more suitable.
Once the application has been completed, the processing of the mortgage begins. The Processor orders the Credit Report, Appraisal and Title Report. The information on the application, such as bank deposits and payment histories, are then verified. Any credit derogatoriness, such as late payments, collections and judgments requires a written explanation.
Once the processor has put together a complete package with all verifications and documentation, the file is sent to the lender. The underwriter is responsible for determining whether the package is deemed an acceptable loan. If more information is needed the loan is put into suspense and the borrower is contacted to supply more information and documentation. If the loan is acceptable as submitted, the loan is put into an approved status. The Company seeks to achieve superior customer satisfaction through innovative products, effective service and easy to understand information.
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