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Frequently Asked Questions

Do you have questions? We can help! You will find the answers to several frequently asked mortgage questions below.

The pre-approval process is much more complete than pre-qualification. For pre-qualification, the loan officer asks you a few questions and provides you with a pre-qual letter. Pre-approval includes all the steps of a full approval, except for the appraisal and title search. Pre-approval can put you in a better negotiating position, much like a cash buyer.

Usually people refinance to save money, either by obtaining a lower interest rate or by reducing the term of the loan. Refinancing is also a way to convert an adjustable loan to a fixed loan or to consolidate debts. The decision to refinance can be difficult, since there are several reasons to refinance. However, if you are looking to save money, try this calculation:

Calculate the total cost of the refinance
Calculate the monthly savings
Divide the total cost of the refinance (#1) by the monthly savings (#2). This is the “break even” time. If you own the house longer than this, you will save money by refinancing.
Since refinancing is a complex topic, consult a mortgage professional.

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A rate lock is a contractual agreement between the lender and buyer. There are four components to a rate lock: loan program, interest rate, points, and the length of the lock.

A mortgage broker counsels you on the loans available from different wholesalers, takes your application, and usually processes the loan which involves putting together the complete file of information about your transaction including the credit report, appraisal, verification of your employment and assets, and so on. When the file is complete, but sometimes sooner, the lender “underwrites” the loan, which means deciding whether or not you are an acceptable risk.

What is a mortgage rate and how is it determined?
A mortgage rate is the interest rate on a loan to purchase a house. Here are seven factors that affect your interest rate:

  1. Credit score. Your credit score is a number that lenders use to help predict how reliable you’ll be in paying off your loan.
  2. Home location because rates vary from city to city and state to state.
  3. Home price and loan amount. Your home price minus your down payment is the amount you’ll have to borrow for your mortgage loan.
  4. Down payment. In general, a higher down payment means a lower interest rate, because lenders see a lower level of risk when you have more stake in the property. So if you can put 20 percent or more down, do it—you could get a lower interest rate.
  5. Loan term. This is how long you will have to pay off the loan.
  6. Interest rate type. Usually considered a fixed or variable interest rate.
  7. Loan type. Here are the various loans offered by Exceed Lending.

About Exceed Lending

We are conveniently located in the Diamond Bar community, at the crossroads of the San Gabriel, Riverside and Orange Counties.

Our mailing address is:

21660 Copley Dr. , Ste 175
Diamond Bar, CA 91765

We have a variety of strong commercial loan programs that can best serve your business needs. Contact us for more details, so we may tailor the program that will work best for you.

Exceed Lending is committed to making the home-buying process experience simple and enjoyable for our clientele, from start to finish.

We understand how important a home/investment is to you and the impact it will have on your life. Our team of experienced mortgage professionals wil make every effort to find the best loan program and pricing for your situation.

We have a variety of strong refinancing loan programs that can best serve your needs. Contact us for more details, so we may tailor the program that will work best for you.