Pacific Sky MortgageFrequently Asked Questions
You asked, we answered.
How long does the loan process take?
How does the loan process work?
How can Pacific Sky Mortgage give me a better deal than a big bank?
How long does it take to get prequalified?
How much does it cost to get a loan?
How long does the loan process take?
The processing period is typically 30-45 days, although with the new government regulations set to take effect at the end of 2015 the current thought is that processing periods will lengthen.
How does the loan process work?
Read our step-by-step guide.
How can Pacific Sky Mortgage give me a better deal than a big bank?
Big Banks have had to staff up their risk compliance departments to ensure proper regualtory complaince. The added costs are built into their rates. Big Banks have captured the majority of the mortgage loan business in the U.S., and as such they feel that they do not need to compete as strongly.
As long as Borrowers are streaming through their doors why lower rates? Pacific Sky Mortgage is a small, competitive Mortgage Broker, and we do business correctly. We have much lower overhead than a big bank.
How long does it take to get prequalified?
A prequalification can be as short as a 10 minute telephone conversation or as long as a week to 10 days, all depending on a Borrower's unique circumstances. Typically, we ask about your credit history, and income and assets, and then we are able to give you an answer in short order.
How much does it cost to get a loan?
There are three main categories of loan costs. There are lender fees, third party fees, and prepaid items. The main lender fees include points, loan processing, and administrations costs. Pacific Sky Mortgage does not charge any processing fees. Third party fees include escrow and title costs, and the appraisal fee. Prepaid items include property taxes, home owner's insurance, and prepaid interest.
The total cost of getting a loan is about 2% of the loan amount. However, we can work with you on getting a rebate to cover all of your closing costs.
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