(916) 600-3179
marissa@claloans.net
5800 Stanford Ranch Rd. #320, Rocklin, CA 95765

About Us

About Me, Your Rocklin, California, Mortgage Expert

The best way to choose a reliable lender is to learn more "about me." I am here to help guide you through this process to keep things straightforward.

My life passion is helping others achieve their dreams with home ownership. I specialize in working from my heart with clients who are purchasing or looking to refinance their homes. That is why I have partnered with California Loan Associates, Inc. We are a small, family-owned, boutique mortgage company based in Rocklin, California.

Not only do you receive the best rates possible, but I offer many products. With over 100 lenders helping me to personalize your loan, you receive quality borrowing solutions. I am not one of those "high-pressure" types of salespeople. I intend to keep you well-informed of your options and the steps along the way.

I'm here for you whether you wish to buy or refinance a home. Think of me as your teammate and lean on me when you have questions.

Why Choose Rocklin Mortgage Brokers?

An experienced lender knows how to keep the process simple for every transaction. After helping Rocklin residents with their home purchases, I'm ready to assist you with yours.

I work with reliable partners to offer the most competitive rates possible. Even if you need a non-traditional lending option, we provide them all.

Choosing me means keeping your loan simple to complete regardless of your current finances. See the difference I make with Rocklin Mortgage Brokers for any of your mortgage needs.

We service the following areas and all of California

Auburn

Roseville

Rocklin

Lincoln 

Loomis

Foresthill

Granite Bay

Colfax

New Castle 

Penryn

Elk Grove

Citrus Heights

Sacramento

Davis

Natomas

Rio Linda

West Sacramento

Woodland

Meadow Vista

Lake of the Pines

El Dorado Hills

Cameron Park

Rancho Cordova

Lodi

Sacramento County

Placer County

San Joaquin County

Stanislaus County

Yolo County

 

FREQUENTLY ASKED QUESTIONS

FAQ

For more than 19 years, we’ve been passionate about achieving better results for our clients.
Typical Questions and Phrases

When should I refinance?

It's generally a good time to refinance when mortgage rates are 2% lower than the current rate on your loan. It may be a viable option even if the interest rate difference is only 1% or less. Any reduction can trim your monthly mortgage payments. Example: Your payment, excluding taxes and insurance, would be about $770 on a $100,000 loan at 8.5%; if the rate were lowered to 7.5%, your payment would then be $700, and now you're saving $70 per month. Your savings depends on your income, budget, loan amount, and interest rate changes. Your trusted lender can help you calculate your options.

What are points?

A point is a percentage of the loan amount, or 1-point = 1% of the loan, so one point on a $100,000 loan is $1,000. Origination Points are costs that need to be paid to a lender to get mortgage financing under specified terms. Discount points are fees used to lower the interest rate on a mortgage loan by paying some of this interest up-front. Lenders may refer to costs in terms of basic points in hundredths of a percent, 100 basis points = 1 point, or 1% of the loan amount.

Should I pay points to lower my interest rate?

Yes, if you plan to stay in the property for at least a few years. Paying discount points to lower the loan's interest rate is an excellent way to lower your required monthly loan payment and possibly increase the loan amount you can afford. However, if you plan to stay in the property for only a year or two, your monthly savings may not be enough to recoup the cost of the discount points that you paid up-front.

What is an APR?

The annual percentage rate (APR) is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage because it considers points and other credit costs. The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. The APR is designed to measure the "true cost of a loan." It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.

The APR does not affect your monthly payments. Your monthly payments are strictly a function of the interest rate and the length of the loan.

Because APR calculations are affected by the various different fees charged by lenders, a loan with a lower APR is not necessarily a better rate. The best way to compare loans is to ask lenders to provide you with a loan estimate of their costs on the same type of program (e.g., 30-year fixed) at the same interest rate. You can then delete the fees that are independent of the loan such as homeowners’ insurance, title fees, attorney fees, etc. Now add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.

The following fees are generally included in the APR:

  • Points - both discount points and origination points
  • Pre-paid interest. The interest is paid from the date the loan closes to the end of the month.
  • Loan-processing fee
  • Underwriting fee
  • Document-preparation fee
  • Private mortgage-insurance
  • Escrow fee

The following fees are normally not included in the APR:

  • Title or abstract fee
  • Borrower Attorney fee
  • Home-inspection fees
  • Recording fee
  • Transfer taxes
  • Credit report
  • Appraisal fee

What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process, it can increase the borrower's mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock in" the loan's interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

What documents do I need to prepare for my loan application?

Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique, and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.

Your property

  • Copy of signed sales contract including all riders
  • Verification of the deposit you placed on the home.

Your Income

  • Copies of your pay stubs for the most recent 30-day period and year-to-date
  • Copies of your W-2 forms for the past two years
  • Names and addresses of all employers for the last two years
  • Letter explaining any gaps in employment in the past two years
  • Work visa or green card (copy front & back)
  • Other legal photo ID (drivers license or passport)

If self-employed or have rental income:

  • Provide full IRS tax returns for the last two years (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
  • K-1s for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1s are not attached to the 1040.)
  • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120), including all schedules, statements, and addenda for the last two years. (Required only if your ownership position is 25% or greater.)
  • A Year-to-Date Profit and Loss statement may be required

If you will use Alimony or Child Support to qualify:

  • Provide divorce decree/court order stating amount, as well as proof of receipt of funds for last year

If you receive Social Security income, Disability, or VA benefits:

  • Provide award letter from agency or organization
  • W2 or 1099 from the last year

Source of Funds and Down Payment

  • Sale of your existing home - provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
  • Savings, checking, or money market funds - provide copies of bank statements for the last two months.
  • Stocks and bonds - provide copies of your statement from your broker or copies of certificates.
  • Gifts - If part of your cash to close, provide the most current gift donor bank statement
  •  
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation.

Debt or Obligations

  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation.

What is an appraisal?

An Appraisal is a professional opinion of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure the property's value. An "Appraiser performs the Appraisal," typically a state-licensed professional trained to render expert opinions concerning property values, location, amenities, and physical conditions.

What is PMI (Private Mortgage Insurance)?

On a conventional mortgage, when your down payment is less than 20% of the home's purchase price, mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage.  The best way to avoid this extra expense is to make a 20% down payment or ask about other loan program options.

What is 80-10-10 financing?

Surprising as it may seem, some folks with hefty incomes find it mighty tough to save enough money to make a 20% cash down payment on their dream homes. Using conventional financing, such buyers must purchase Private Mortgage Insurance (PMI), which increases the cost of home ownership and makes it even more challenging to qualify for the mortgage. However, if you're a dues-paying member of the cash-challenged class, don't despair. Given that your income is sufficiently high, it's eminently possible to avoid getting stuck with PMI. That is why 80-10-10 financing was invented. It is called 80-10-10 because a savings and loan association, bank, or other institutional lender provides a traditional 80% first mortgage; you get a 10% second mortgage and make a cash down payment equal to 10% of the home's purchase price. Using this method, you are no longer obligated to take out PMI on your property.

The same principle applies if you can only afford to make a 5% down, 80-15-5 financing is also available. 

How is my credit judged by lenders?

Credit scoring is a system creditors use to help determine whether to give you credit. Information about you and your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts, is collected from your credit application and your credit report. 

Using a statistical program, creditors compare this information to the credit performance of consumers with similar profiles. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. A total number of points -- a credit score -- helps predict how creditworthy you are, that is, how likely it is that you will repay a loan and make the payments when due.

The most widely used credit scores are FICO scores, which were developed by Fair Isaac Company, Inc. Your score will fall between 350 (high risk) and 850 (low risk).

Because your credit report is an important part of many credit scoring systems, it is very important to make sure it's accurate before you submit a credit application. 

You are entitled to receive one free credit report every 12 months from each nationwide consumer credit reporting company – Equifax, Experian, and TransUnion. This free credit report may not contain your credit score and can be requested through the following website: https://www.annualcreditreport.com

What can I do to improve my credit score?

Credit scoring models are complex and often vary among creditors and for different types of credit. If one-factor changes, your score may change -- but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application.

Nevertheless, scoring models generally evaluate the following types of information in your credit report:

  • Have you paid your bills on time? Payment history is typically a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy if that history is reflected on your credit report.
  • What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.  Try to keep the balances on your credit cards below 30% of your credit limit.
  • How long is your credit history? Generally, models consider the length of your credit track record. An insufficient credit history may affect your score, but that can be offset by other factors, such as timely payments and low balances.
  • Have you applied for new credit recently? Many scoring models consider whether you have applied for credit recently by looking at "inquiries" on your credit report when you apply for credit. If you have recently applied for too many new accounts, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make "prescreened" credit offers are not counted.
  • How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.

Scoring models may be based on more than just information in your credit report. For example, the model may also consider information from your credit application: your job or occupation, length of employment, or whether you own a home.

To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It's likely to take some time to improve your score significantly.

What happens at closing?
At closing, the ownership of the property is officially transferred from the seller to you. This may involve you, the seller, real estate agents, title or escrow firm representatives, clerks, secretaries, and other staff. Closing can take anywhere from 1-hour to several, depending on the time it takes the county to record the deeds.

Before closing, you should have a final inspection or "walk-through" to ensure requested repairs were performed and items agreed to remain with the house, such as drapes, lighting fixtures, etc.

In most states, the settlement is completed by a title or escrow firm in which you forward all materials and information plus the appropriate funds so the firm can make the necessary disbursement. Your representative will deliver the check to the seller and give you the keys.

Amazing service from Marissa, and our realtor said "wow she's is so fast and responsive" and we thought so too! Efficient process and honest feedback with truthful answers to all of our questions, couldn't ask for a better experience!  
Tom and Joan A.

CONTACTS

(916) 600-3179
marissa@claloans.net
5800 Stanford Ranch Rd. #320, Rocklin, CA 95765
Privacy Policy
starstar-emptychevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram