Frequently Asked Questions

As pioneers of the no cost loan, the majority of the loans at Victoria Financial offer lender credit matching ALL closing costs. No point no cost implies just that - you will not have to come in with any out of pocket costs.

Standard closing costs include the following:

Lender fees: Your mortgage company may charge for expenses related to making the loan including an appraisal fee, a credit report fee, origination points, and discount points.

Third party fees: Charges for services not provided by your lender often include the settlement fee, title insurance, and escrow fees.

Prepaid items: Certain mortgage costs must be paid to your lender in advance. The most common of these are pre-paid interest, hazard insurance, and deposits to set up an escrow account.

*Our no point no cost program covers all lender, title, and escrow fees. However, it does not include pre-paid costs the borrower may be short on

**In the case of purchase transactions, Victoria Financial does not represent escrow/title. Therefore, only Lender fees are credited.

We firmly believe the best way of helping our borrowers save money is to keep all their hard earned money in their pocket while still offering the most competitive rates. For more details regarding no point no cost loan please contact us.

Locking in your interest rate means your lender guarantees the rate on your loan even if market rate changes prior to closing. Most lenders will allow you to lock your rate for 30 to 45 days, with the option to extend the rate-lock period for a fee.

How do you know whether to lock your interest rate? No one knows for sure which direction rates will go at any given time making a reliable prediction quite difficult. However, your loan officer will offer their due diligence in monitoring the rates to help you secure the best possible rate at the time.

Many first-time buyers believe they must be able to put down 20% of a home\'s purchase price in cash. This may be the case in order to avoid paying Private Mortgage Insurance, however, there are loan programs that offer down payment as little as 3.5%, such as an FHA program or 5% for a Mortgage Insurance loan.

If you are interested in learning more about the various programs please contact one of our loan officers today at 626-576-0818.

Anytime you are able to save at least 0.25% interest and refinance at no point no cost it is worthwhile for you to do so. Victoria Financial has a fair amount of clients that come to us saying that they have been paying their mortgage for 10 years and do not want to reset their loan to a 30 year mortgage term.

Upon acceptance of an offer, escrows are usually open for 30, 45, or 60 days with most contingencies lasting 17 days.

Victoria Financial takes pride in being able to close loans in a timely manner. Upon receipt of the full loan application our lender is able to issue a loan commitment within 7 days with most loans closing in 3 weeks or less.

Assuming you qualify income-wise, Victoria Financial is able to finance up to 10 properties for borrowers whom are interested. The lending guidelines do change slightly after a borrower owns 4 or more financed properties, as the loan would be a Fannie Mae multiple property program where borrowers need to document 2 year income history in order to qualify.

Additionally, the borrower will not be able to finance for a home with more than 2 units once he has attained 4 or more financed properties.

For primary residence purchases, borrowers are allowed to use up to 100% gift funds. Gift funds are not allowed on investment property financing.

Acceptable donors include any individual who is related to the borrower by blood, marriage, or legal guardianship. Fiance, fiancee, or domestic partners are also acceptable donors.

When it comes to financing homes, lenders are particularly strict about condominiums. The marketability of a condominium will be affected by whether the Homeowners Association is in good standing. Therefore, lenders want to make sure that the Homeowners Association meets the following criteria:

  • Operates at a positive cash-flow
  • Contains more than a 51% Owner Occupancy Ratio
  • At least 10% allocation of annual budget towards reserves
  • Less than 15% Association dues being delinquent at a given time

Depending on your financial situation we generally recommend the 30 year program to the majority of our clientele. Given that all fixed loans originating from Victoria Financial have no early payoff penalty, we feel that it would benefit our clients by keeping their monthly payment low and having them pocket the extra savings. Here are some other benefits of the 30 year program:

  • Additional interest paid acts as a tax shelter as long as the borrowers are working
  • Added flexibility for the borrowers as the extra cash-flow allows borrower to make additional investments, pay for child tuitions, and acts as a safety barrier for any emergencies (I.E. Job loss/Medical Fees)
  • Option to make additional payments at anytime to shorten the length of the loan or pay off the loan completely after the 6 month wait period
  • At Victoria Financial we also understand the best choice is the one the customer is most comfortable with. If the customer is in a healthy financial situation, and has a surplus of reserve assets, it may be advisable to go with a shorter loan program so you can repay your loan quicker.

Victoria Financial offers a wide variety of loan programs ranging from the government VA & FHA loans to the conventional fixed program, ARM program, and Jumbo loans. The primary loan programs which we promote are the following:

  • 10, 15, 20, and 30 Year Fixed Programs (We also exclusively offer 8,12, 22, and 27 Fixed Programs)
  • 5/1 ARM & 7/1 ARM Conventional & Jumbo Programs

A borrower is allowed to cash-out up to 80% of the appraised value of the house for primary residences.

On investment properties you are allowed to cash-out up to 75% of the appraised value of the home.

If you purchased your home with cash you are allowed to refinance up to 75% cash-out immediately as long as you are able to document that 100% of the funds was the borrowers own money.