How Santa Monica Mortgage Lender Works

No, we do not impose prepayment penalties. You’re free to make additional payments or pay off your loan early without any extra charges.

Your first payment instructions will be included in your final loan documents. After the first month, you’ll receive details about the servicing company managing your loan, including setup instructions for online payments.

Once approved, we’ll order an independent, third-party appraisal to assess your property’s value. The appraisal process adheres to legal requirements and involves comparing your home to similar properties in the area.

Submitting a mortgage application may slightly lower your credit score by a few points. However, you have a 45-day window during which multiple mortgage inquiries count as a single check, minimizing the impact.

For home purchases, plan for at least 3% of the purchase price for a down payment and 3–6% for closing costs. If refinancing, closing costs may be rolled into your loan to reduce upfront expenses.

Applying is free, but if you decide to move forward, there will be typical loan costs. Factors such as loan size, type, credit score, and interest rates will influence your expenses. It’s best to compare lenders based on a variety…

Do I Need to Pay Any Money Out of Pocket to Start the Loan Process? No, there are no upfront costs to get a quote, submit an application, consult with our Home Loan Experts, or get pre-approved. Everything is designed…

When evaluating your credit, we review: Your FICO® Score Your credit history, including age and payment patterns Debt-to-credit ratios Derogatory accounts, collections, foreclosures, and bankruptcies Your residence and employment history

We accept credit scores as low as 580, provided you meet other eligibility criteria. Keep in mind the credit score we use might differ from scores provided by credit card companies or other sources.If your score is below 580, our…

We provide a Prequalified Approval Letter based on your basic financial information. This offers an estimate of how much home you can afford but does not verify your financial details. To enhance your buying power, you can get a Verified…