Home Purchasing

It's never been a better time to purchase a home with rates being at all time lows. Take advantage of a variety of loan products that can put you in the home of your dreams with a very low or even no down payment! Get a free pre-approval!

The process of purchasing a home doesn't have to be a daunting task. OpenGate Lending makes it easy.

Step 1: Get your Pre-Approval

Just like you want to find a home with a good foundation; so does a seller and the seller's agent when it comes to evaluating your offer. A Pre-approval lets all parties involved know what you can afford comfortably to borrow, the price of range of homes that fit your budget and that your ready to move quickly once you found a great deal. Pre-approval helps you get ahead of the process once you found your desired property. If it's free why wouldn't you? Plus, this is a great time experience OpenGate Lending so when it comes times to securing your loan your comfortable with the people you know have your financial goals in mind....not theirs.

Step 2: Find the right loan for you.

Okay now that you found your dream home, the next step involves securing the right loan for your specific financial needs. You might want to go the traditional 30 year fixed rate route or if you plan on moving in less than 5 years you may want to explore a low monthly payment associated with an adjustable rate mortgage. There are a variety of loan options that give you the savings and flexibilty to make home ownership enjoyable and stress free. Visit our Loan Options section to learn more about each financial product. Or better yet, call to speak to an expert at OpenGate Lending to help match you with a loan that helps you achieve your goals.

Step 3: Get in touch with a real estate agent.

It's time to start shopping for a home that matches your dreams and personality - the fun part! When you find a home your agent should work with you to submit an offer to the seller. The seller may accept or counter your offer. Once both parties have agreed on the final price and conditions, escrow will be opened. Escrow periods can be 30, 45 and even as long as 60 days. You can negotiate the escrow period with the seller when you come to terms on the property.

Step 4: Call OpenGate Lending to Lock in your Rate & update your loan documents.

If it's been a while since the time we sent you your initial pre-approval we may need you to update some necessary documentation to ensure your loan funds smoothly and quickly. Now is the time to secure the lowest rate possible and the loan product that gives you the most savings monthly. At this time we will collect a "lock deposit" fee to do just that "lock in your rate". This fee though really isn't a fee because it's credited back to you once your loan funds. A lock deposit can be made using any major credit card to make the transaction easy and simple; use a card that gives you reward points! You will be required to review, sign and date the lock agreement & deposit. You will receive disclosures that again you need to read, review and sign which will outline the terms and conditions regarding the rate and loan you wish to obtain.

Step 5: Get that home inspected and appraised

Definitely get an inspector to review the property you wish to purchase. Remember even the seller may not know the "true" condition of the home. It takes an expert to review the structural integrity of the home, the foundation, heating/ac systems, etc...the list goes on. Usually the cost is minimal and could end up saving you thousands in repairs and a possibly a lifetime of regret. Meanwhile, OpenGate Lending will order an appraiser to visit the property to perform an appraisal/value of the home. Getting a house inspected is voluntary (again you should do!) but an appraisal is mandatory and necessary in order to accurately determine what your home is worth.

Step 6: Time to get the loan approved, sign and closed - so you can pick up the keys!

Once underwriting has determined we have all the proper documentation in order to fund your loan OpenGate Lending will prepare loan documents for you to review and sign. Most people sign their documents at the escrow or title office. Given yourself at least 60 minutes to complete the signing and review of these documents. Once the signed documents are sent back to OpenGate your file is reviewed by underwriting one more time to ensure all the t's are crossed and the i's dotted. Your loan then should fund 2 - 3 days after this review is completed and then it's time to pick up the keys!

*Disclosures (+):

Average consumer, second quarter 2013, saved $601 a month on their mortgage by refinancing with OpenGate Lending ($7,218 annually).
30-Year Fixed-Rate Mortgage & 20-Year Fixed Rate Mortgage: Loan amount $300,000 30-year Fixed-Rate Loan at 3.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 4.031%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
15-Year Fixed-Rate Mortgage & 10-Year Fixed Rate Mortgage: Loan amount $300,000 15-year Fixed-Rate Loan at 2.75% and 70% loan-to-value (LTV) with up to 3 points due at closing. The Annual Percentage Rate (APR) is 3.191%*. Payment does not include taxes and insurance premiums. Processing & underwriting fees up to $1,645.00. The actual payment amount will be greater. Some state and county maximum loan amount restrictions may apply.
Please keep in mind mortgage rates can change daily.
Actual payments shown vary based on individuals financial situation, credit score, current rate, etc., to name a few.
Some mortgage products provided by OpenGate Lending may not be available in all states.
Some jumbo mortgage products may not be available to all buyers including first time home buyers.
OpenGate Lending services not available in all states/areas.
Some restrictions may apply.
Rates assume the purchase or refinance of a primary residence only with no cash out at closing of the loan.
Rates assume loan to value rate (LTV) is 70%, If LTV is greater than 80%, PMI (private mortgage insurance) will be added to your monthly mortgage payment, unless with the exception of a Military/VA loan product. Military/VA loans do not require PMI.
Rates assume a credit rating/score of 740 and above, that closing costs are paid out of pocket (unless noted otherwise), this loan would be for your primary residence, a single family residence, DTI (debt-to-income) ratio less than 30% and that an escrow account is used for payment of taxes and insurance. Jumbo loan products assume a credit rating/score over 740.
OpenGate Lending does not have all your information necessary such as payment history, credit rating/score, home appraisal, etc. to give you the most accurate mortgage payment; so rates and payment results may vary from the actual calculation shown.
Once your personal information has been collected, credit report processed, documentation received as necessary and required by lender for the specific loan, and a rate can be quoted - it may be locked for a period of 45 days.
TV and Radio Disclaimer: To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Testimonials advertised & recorded are from paid actors, the testimonials where taken from the written testimonials our customers posted on trustlink.org based on the service they received from OpenGate Lending. The quoted offer will be defined as the total estimated settlement costs on the Good Faith Estimate. Subordinating and existing lien may result in fees charged the applicant, and will not be refunded by the lender. Home Owners Association certification fees may be charged when the subject property is a Condominium or PUD, and will not be refunded by the lender. Vesting changes may result in additional fees, and will not be refunded by the lender. Fees charged by applicant’s current lien holder will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Non-locked rate is subject to change. Rates advertised do not include amounts for taxes and insurance premiums, which will result in a higher actual monthly payment. Consolidating or refinancing debts may increase the time and/or the finance charges /total loan amount needed to repay your debt. Rate listed assumes a loan amount between $300,000 and $417,000, conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 740 FICO credit score for all borrowers, no mortgage lates and 70% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. If the application is approved for the "No Closing Cost" loan program, the appraisal fee will be refunded within 14 days after the loan funds are disbursed. If the appraisal fee increases due to a lender required re-inspection, the application is responsible for paying the additional cost. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved. Loans made pursuant to the Department of Corporations California Finance Lenders Law license #603J903, Oregon Division of Finance and Corporate Securities ML-5174, Colorado Mortgage Company Registration. NMLS Unique Identifier # 954578, Equal Housing Lender. OpenGate Loans Inc., dba OpenGate Lending, 18008 Sky Park Circle, Suite 200, Irvine, California, 92614. OpenGate Lending is not licensed in all 50 states. Products and services offered are not available to residents of states in which OpenGate Lending is not licensed. For a complete list of state licenses, please go to www.opengatelending.com or www.nmlsconsumeraccess.org.

NO CLOSING COST LOAN STANDARD AJUSTMENTS - APPLIES TO 10, 15, & 30 Year Fixed

Loan Feature	Criteria	Add to Rate
Non-Escrowed Loans	No change for non-escrowed loans	0
Loan Amount	$250,000-$299,999	0.125
Loan Amount	$200,000-$249,999	0.25
Loan Amount	$150,000-$199,999	0.375
Loan Amount	$100,000-$149,999	0.5
Loan Amount	$99,999 or less NOT OFFERED	NOT OFFERED
2 -4 Unit Properties		0.375
Condo	LTV > 75% Term > 15 Years	0.25
High LTV	(95.01 - 97%)	0.25
Properties on Schedule of R.E. >1		0.125
(owning multiple properties)
Self Employed Borrower(s)		0.125
Subordinate Financing	LTV <= 75.00%	0.125
Subordinate Financing	LTV >= 75.01%	0.25
Investment Property	LTV <= 75.00%	0.75
Investment Property	LTV >= 75.01%	1
Fico < 740	Term <= 15 Years	0.125
LTV > 70%	Term <= 15 Years	0.125

This is OpenGate Loans "No Closing Cost" Loan. It is available to refinance transactions only.
OpenGate Loans will pay all of the Borrower's closing costs except: Prepaid interest, property taxes, state mortgage taxes, lender payoff fees and any type of insurance. Rate advertised assumes loan amount between $300,00 and $417,000.
No Closing Cost Loans not available for loan amount below $100,000.
Advertised Rate and APR does not apply to borrowers who have refinanced within the last 6 months.

Do It Right Refinance loan "Cash Refund for overpaid interest" is delivered by mail, paid via check and will be sent to borrower within 30 days from the borrower's loan closing date.
"Cash Refund for overpaid interest" is limited to a flat fee of $250 for loan amounts $100,000 - $250,000.
"Cash Refund for overpaid interest" is limited to a flat fee of $500 for loan amounts $250,001 - $499,999.
"Cash Refund for overpaid interest" is limited to a flat fee of $800 for loan amounts $500,000 and above.
Do It Right Refinance loan not available for loan amounts under $100,000.
Do It Right Refinance loan only available for conventional loans; does not apply to FHA or VA loan products. Must mention to loan officer the Promo Code &/or Advertisement when calling in for the first time, in order to be eligible for "Cash Refund for overpaid interest." To be eligible for this promotion a bonafide Good Faith Estimate (GFE) and Rate Lock confirmation dated the same day must be received within 24 hours after OpenGate Lendings’ tentative approval of initial application. Conforming loans only, establishing an impound/escrow account, owner occupied, single family residence, minimum 760 FICO credit score for all borrowers, no mortgage lates and 60% loan-to-value or less, debt-to-income ratios of 30% or lower, assets and reserve requirements are met. Taxes & insurance charges are not included. Loan fees are typically financed through the loan. Your APR may be higher if Mortgage Insurance is required or if an affiliated service provider is used. Applicant must meet credit and income requirements. Rates subject to change without notice. Limited Time Offer. No portion of the appraisal fee or re-inspection fee will be refunded if the service has been rendered and the loan is cancelled or declined. A survey fee may be charged to the applicant if required by the lender, and will not be refunded by the lender. Consult your tax advisor for deductibility of interest and loan fees. Limited time offer. See website or call for terms and restrictions. Not all applicants will be approved.