Welcome to Cal Vet Lending

cal vet lending

Cal Vet Lending is your premiere mortgage lender servicing the state of California. We pride ourselves on offering competitive rates and outstanding service. We make the loan process simple, straightforward, and fast for all types of borrowers. Whether you are purchasing your dream home or looking to refinance an existing loan our highly experienced team of mortgage experts are here to help you find the ideal financing solution.

The Cal Vet Lending team has over 20 years of lending experience. We consistently rank among the highest in overall customer satisfaction among California mortgage companies. Give us a call today to find out how we can help you with your home financing needs.

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Why choose Cal Vet Lending?

Our Experience

Cal Vet Lending has over 20 years of experience in residential lending. That means we can find a solution to any situation.

We're Local

Cal Vet Lending is proud to serve the Carlsbad area. Whether you're looking to move here or move up, we're here to help.

Our Values

Every member of the Cal Vet Lending team prides themselves on their honesty, integrity, and lasting relationships with clients.

See what our clients are saying about us

Experienced and truly professional Noreen walked us through the process of home buying with ease and like a supportive friend. She returned our calls and there were many, right away and confidently made it all happen.She extended herself in every way going beyond her "job description". We were so thankful to have her work with us to get our first home.

Cindy W.

carlsbad

Oceanside, CA
3/1/18

carlsbad ca

Don't take our word for it, take theirs...

CAL BRE 00965665
NMLS 325050
Company NMLS 348821

CAL VET LENDING

800-757-1076
noreensmith.loanexpert@gmail.com
7137 Linden Terrace
Carlsbad, CA 92011

FAQ

Why should I choose Cal Vet Lending for my Mortgage Loan?

Cal Vet Lending has over 20 years of lending experience and is your best choice when it comes to finding a mortgage loan. Our straight-forward, fast and simple lending process continually has a high satisfaction rate from our clients. Our wonderful team of mortgage experts can help you with all of your home financing needs.

What is the next step?

If you are interested in Cal Vet Lending for your mortgage loan needs, contact us and we will be able to schedule a time to go over more in-depth information. If you choose to take out a loan with our company, we will begin the underwriting process to check loan eligibility and then proceed from there.

What is a mortgage?

A mortgage is a form of loan for large property purchases where the physical property is used as repayment security. The borrower pays back a principal payment with interest until the entirety of the loan is payed off. The most popular mortgage types are 15-year fixed loans and 30-year fixed loans.

What is Underwriting?

When it comes to mortgage loans, underwriting is the process where a financial expert examines your income, assets, debt, and other financial variables in order to determine loan eligibility.

Can you get a loan without a credit score?

Depending on the lending company, it is possible to receive a loan without a credit score but it is more of a challenge. The process sends the application into "manual underwriting" which involves more time and additional paperwork. In the rare situation that the borrower does not have a credit score, it is important to verify that the lender will still process the application. The borrower must also be prepared for the longer processing time.

What is the meaning of prequalified versus preapproved?

Prequalified is the term used to describe the initial steps of loan approval. This means that the potential borrower has sat down to talk with the lender and is thinking about possibly applying for the loan. Preapproved means that the borrower is a more serious buyer and has been approved by the lender for a loan. Preapproved is the financial green light that allows the borrower to start looking at the market.

Can I afford this home?

The initial loan offer can sometimes be larger than expected. Borrowers should be cautious because sometimes the maximum loan they're approved for is outside of what they can realistically afford based on monthly income. A good piece of advice is to ensure that your monthly mortgage payment is 25% or less of what you typically take home per month. So if the borrower takes home $5,500 per month, they should aim for a mortgage payment of $1,375 per month or less. Anything above that and the borrower risks higher levels of financial stress. When making these decisions, it is important to discuss this in further depth with your financial advisor.

What is included in a typical mortgage payment?

The typical mortgage payment is made up of several different parts. A typical borrower can expect their loan payments to include the Principal, Interest, Homeowner's Insurance, Property Taxes and sometimes the Private Mortgage Insurance.

The Principal is the actual payment that is going to the property cost. If the property costs $780,000, the principal payment goes specifically to that cost.

The Interest is a conditional rate given by the mortgage lender. This is the cost that the borrower pays on the condition that the lender provides the money for the property. This rate is usually represented by an Annual Percentage Rate or APR— depending on the loan, this rate can either be fixed and remain the same throughout the length of the repayment, or adjustable and fluctuate with the rate of the market.

Homeowner's Insurance is used to protect you in case something happens to your physical property, your possessions or guests on the premises.

Property Taxes is money that is charged by the government based on the ownership of your property. In San Diego county, property owners will pay county taxes, state taxes and national taxes.

In the case that the borrower pays a down payment of less than 20%, the borrower will have to pay for Private Mortgage Insurance or PMI. This protects the lender should the borrower default on the loan.

What is the difference between Fixed Rate and Adjustable Rate mortgages?

A Fixed Rate mortgage is where the insurance rate is locked into a fixed rate for the lifespan of the mortgage. The borrower will know for certain what interest rate they will be paying. The most popular fixed rate mortgages typically last for 15 to 20 years.

An Adjustable Rate mortgage will have an interest rate that fluctuates with the market.

What is Escrow?

Escrow is an account to hold money that is typically set aside until the final closing or is used to pay taxes/insurance for the property throughout the year. For this a neutral third party is used and executes certain procedures once the buyer and the seller have both met specific requirements. Typically, the third party gives the ownership to the buyer and pays the seller.

Can I pay off my mortgage early?

If this is an option you would like to look at, we recommend talking to your financial advisor to weigh the pros and cons. Depending on the mortgage you accept, there may be penalties for paying early. Depending on the company, you may end up losing money by paying your mortgage early.

Can I sell my home before paying off my mortgage?

Yes, this is possible. If you are looking to sell your home, contact your lender to see how much you still owe. When deciding on a selling point for the home, you'll want to make sure it covers what you owe, the closing fees and any additional costs accrued during the selling process.

What is positive home equity?

Positive home equity is when the property is worth more than what you owe.

What is negative home equity?

If a property's worth flips and you owe more than a property is worth, the property has negative home equity.

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