Hundreds of loan programs to choose from... all at the lowest possible rates!! Refinance, Purchase, Debt Consolidation, Construction, we have them all.

The Santa Barbara Capital Loan Approval and Loan Funding Process
After you apply online or via fax, our mortgage experts analyze your situation and then call or email you back with what we think would be the best mortgage program for you.  Some of you may already be aware of the different types of programs and at that time we will discuss the current rates.  We have hundreds of loan programs to choose from all at the lowest possible rates.  We are a wholesale mortgage brokerage.

Most mortgage websites on the internet collect your data and then resell this information to up to 10 loan companies.  You then have people calling and emailing you at all hours of the day, some offering you rates that don't exist just to get you to commit.  Weeks down the road when you think that you're almost done, some brokers will then tell you that the rate you chose for that program is not available.  You see, in the mortgage industry, the mortgage brokers are given incentives and better rates if they can close the loan in as little as 15 days.  The problem here is that unless you have all your conditions ready, (appraisal, signed disclosures, escrow and title conditions, etc.) then it's impossible to close your loan in that time frame.  This is where you get caught in a pickle with the broker and are sometimes forced to take a loan at an undesirable rate.

Santa Barbara Capital is different, we do the opposite.
We take your data and shop your loan with as many lenders as we need too in order to get you the lowest possible rate in the industry.  We broker loans on a wholesale basis for all the Major Lenders across the United States and then some. (Bank of America, Countrywide, Wells Fargo, Washington Mutual, Chase Manhattan, Wachovia, HSBC, Downey Saving, etc.).  We do such a huge volume with these lenders that our rates are lower than the retail rates they offer to their walk-in customers at the bank.

It's that simple...

Volume + Wholesale = Saves You Lots of Money!!!

Think of us as a Wholesale Outlet Mall for loans.

The Actual Loan Process below may vary slightly depending on whether you are documenting or stating your income and assets.

• Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
  • Credit history .
  • Employment history.
  • Assets including your bank accounts, stocks, mutual fund and retirement accounts, 401k if any.
  • Property value.
  • Based on your specific situation, additional documents or verifications may be required.
• To improve your chances of getting a fast loan approval:
  • Fill out the loan application completely.
  • Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.
  • Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.  Call and we can explain why in more detail.
  • Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us first.
  • Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf, although this is not recommended unless serving in the military.  Even though we give you a projected close date, there are sometimes circumstances beyond everyone's control that can change that date.

Close the Loan

• After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public at your home or at a local title company.
• Be prepared to:
  • Bring a cashiers check for your down payment or closing costs if required. Personal checks are normally not accepted, please do not bring cash.
  • Bring a photo I.D. such as a drivers license or passport.
  • Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan documents are accurate.
  • Sign the loan documents.
• Your loan will normally close shortly after you have signed the loan documents.
• The title company or notary public then returns the loan documents to the lender for their files.
• Most of the time once the lender receives the documents, they then authorize for the escrow company to release the funds, then your loan is recorded with the local county recorders office the following day.
• Once escrow gets confirmation that the loan is recorded they either release funds to you if a refinance or release (wire) funds to the people you purchased your home from.
• On refinance and home equity loan transactions federal law requires that you have three days to review the documents before your loan transaction can close.

This may sound a little complicated if you've never done this before... or maybe you had a horrible experience with another lender, but rest assured, our finely tuned automated system assures that everything on our end gets done in a timely manner and with a minimal amount of paperwork.