Frequently Asked Questions

What’s the difference between wholesale and retail mortgage lenders in Victorville?

Wholesale mortgage brokers in Victorville, like Mojave River Mortgage, work with a network of lenders to shop the best rate and loan terms for your needs—giving you more options and often better pricing than traditional banks.

Can I qualify for a home equity loan in Victorville using bank statements instead of tax returns?

Yes! If you’re self-employed or have non-traditional income, we offer bank statement home equity loans in Victorville. We calculate your income based on 12 to 24 months of bank deposits instead of tax returns

How do bank statement loans work for income properties in Victorville?

Our bank statement investment property loans in Victorville are ideal for self-employed investors. You can qualify based on rental income (DSCR) or personal/business bank statements—no W-2s or tax returns required.

What is an APR?

The annual percentage rate (APR) is an interest rate reflecting the cost of a mortgage as a yearly rate. This rate is likely to be higher than the stated note rate or advertised rate on the mortgage, because it takes into account points and other credit costs. The APR allows homebuyers to compare different types of mortgages based on the annual cost for each loan. The APR is designed to measure the "true cost of a loan." It creates a level playing field for lenders. It prevents lenders from advertising a low rate and hiding fees.

The APR does not affect your monthly payments. Your monthly payments are strictly a function of the interest rate and the length of the loan.

Because APR calculations are effected by the various different fees charged by lenders, a loan with a lower APR is not necessarily a better rate. The best way to compare loans is to ask lenders to provide you with a good-faith estimate of their costs on the same type of program (e.g. 30-year fixed) at the same interest rate. You can then delete the fees that are independent of the loan such as homeowners insurance, title fees, escrow fees, attorney fees, etc. Now add up all the loan fees. The lender that has lower loan fees has a cheaper loan than the lender with higher loan fees.

The following fees are generally included in the APR:

  • Points - both discount points and origination points
  • Pre-paid interest. The interest paid from the date the loan closes to the end of the month.
  • Loan-processing fee
  • Underwriting fee
  • Document-preparation fee
  • Private mortgage-insurance
  • Escrow fee

The following fees are normally not included in the APR:

  • Title or abstract fee
  • Borrower Attorney fee
  • Home-inspection fees
  • Recording fee
  • Transfer taxes
  • Credit report
  • Appraisal fee

What does it mean to lock the interest rate?

Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower's mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan's interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.

What documents do I need to prepare for my loan application?

Below is a list of documents that are required when you apply for a mortgage. However, every situation is unique and you may be required to provide additional documentation. So, if you are asked for more information, be cooperative and provide the information requested as soon as possible. It will help speed up the application process.

Your Property

  • Copy of signed sales contract including all riders
  • Verification of the deposit you placed on the home
  • Names, addresses and telephone numbers of all realtors, builders, insurance agents and attorneys involved
  • Copy of Listing Sheet and legal description if available (if the property is a condominium please provide condominium declaration, by-laws and most recent budget)

Your Income

  • Copies of your pay-stubs for the most recent 30-day period and year-to-date
  • Copies of your W-2 forms for the past two years
  • Names and addresses of all employers for the last two years
  • Letter explaining any gaps in employment in the past 2 years
  • Work visa or green card (copy front & back)

If self-employed or receive commission or bonus, interest/dividends, or rental income:

  • Provide full tax returns for the last two years PLUS year-to-date Profit and Loss statement (please provide complete tax return including attached schedules and statements. If you have filed an extension, please supply a copy of the extension.)
  • K-1's for all partnerships and S-Corporations for the last two years (please double-check your return. Most K-1's are not attached to the 1040.)
  • Completed and signed Federal Partnership (1065) and/or Corporate Income Tax Returns (1120) including all schedules, statements and addenda for the last two years. (Required only if your ownership position is 25% or greater.)

If you will use Alimony or Child Support to qualify:

  • Provide divorce decree/court order stating amount, as well as, proof of receipt of funds for last year

If you receive Social Security income, Disability or VA benefits:

  • Provide award letter from agency or organization

Source of Funds and Down Payment

  • Sale of your existing home - provide a copy of the signed sales contract on your current residence and statement or listing agreement if unsold (at closing, you must also provide a settlement/Closing Statement)
  • Savings, checking or money market funds - provide copies of bank statements for the last 3 months
  • Stocks and bonds - provide copies of your statement from your broker or copies of certificates
  • Gifts - If part of your cash to close, provide Gift Affidavit and proof of receipt of funds
  • Based on information appearing on your application and/or your credit report, you may be required to submit additional documentation

Debt or Obligations

  • Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
  • Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years
  • If you are paying alimony or child support, include marital settlement/court order stating the terms of the obligation
  • Check to cover Application Fee(s)

What down payment assistance programs are available in Victorville, California?

 We offer access to several down payment assistance programs for Victorville homebuyers, including CalHFA’s MyHome Assistance, Golden State Finance Authority (GSFA), and EPM’s Flex DPA. These programs can help cover down payments and even closing costs—especially helpful for first-time buyers

What can I do to improve my credit score?

Credit scoring models are complex and often vary among creditors and for different types of credit. If one factor changes, your score may change -- but improvement generally depends on how that factor relates to other factors considered by the model. Only the creditor can explain what might improve your score under the particular model used to evaluate your credit application.

Nevertheless, scoring models generally evaluate the following types of information in your credit report:

  • Have you paid your bills on time? Payment history typically is a significant factor. It is likely that your score will be affected negatively if you have paid bills late, had an account referred to collections, or declared bankruptcy, if that history is reflected on your credit report.
  • What is your outstanding debt? Many scoring models evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, that is likely to have a negative effect on your score.
  • How long is your credit history? Generally, models consider the length of your credit track record. An insufficient credit history may have an effect on your score, but that can be offset by other factors, such as timely payments and low balances.
  • Have you applied for new credit recently? Many scoring models consider whether you have applied for credit recently by looking at "inquiries" on your credit report when you apply for credit. If you have applied for too many new accounts recently, that may negatively affect your score. However, not all inquiries are counted. Inquiries by creditors who are monitoring your account or looking at credit reports to make "prescreened" credit offers are not counted.
  • How many and what types of credit accounts do you have? Although it is generally good to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many models consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may negatively affect your credit score.

Scoring models may be based on more than just information in your credit report. For example, the model may consider information from your credit application as well: your job or occupation, length of employment, or whether you own a home.

To improve your credit score under most models, concentrate on paying your bills on time, paying down outstanding balances, and not taking on new debt. It's likely to take some time to improve your score significantly.

What is an appraisal?

An Appraisal is an estimate of a property's fair market value. It's a document generally required (depending on the loan program) by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. The Appraisal is performed by an "Appraiser" typically a state-licensed professional who is trained to render expert opinions concerning property values, its location, amenities, and physical conditions.

What is PMI (Private Mortgage Insurance)?

On a conventional mortgage, when your down payment is less than 20% of the purchase price of the home mortgage lenders usually require you get Private Mortgage Insurance (PMI) to protect them in case you default on your mortgage. Sometimes you may need to pay up to 1-year's worth of PMI premiums at closing which can cost several hundred dollars. The best way to avoid this extra expense is to make a 20% down payment, or ask about other loan program options.

How fast can I close on a VA loan in Victorville with Mojave River Mortgage?

 We’ve helped Victorville veterans close in as little as 17 days. Our wholesale lending partners prioritize VA loans, which means faster approvals and no lender fees in many cases.

What happens at closing ?

The property is officially transferred from the seller to you at "Closing" or "Funding".

At closing, the ownership of the property is officially transferred from the seller to you. This may involve you, the seller, real estate agents, your attorney, the lender's attorney, title or escrow firm representatives, clerks, secretaries, and other staff. You can have an attorney represent you if you can't attend the closing meeting, i.e., if you're out-of-state. Closing can take anywhere from 1-hour to several depending on contingency clauses in the purchase offer, or any escrow accounts needing to be set up.

Most paperwork in closing or settlement is done by attorneys and real estate professionals. You may or may not be involved in some of the closing activities; it depends on who you are working with.

Prior to closing you should have a final inspection, or "walk-through" to insure requested repairs were performed, and items agreed to remain with the house are there such as drapes, lighting fixtures, etc.

In most states the settlement is completed by a title or escrow firm in which you forward all materials and information plus the appropriate cashier's checks so the firm can make the necessary disbursement. Your representative will deliver the check to the seller, and then give the keys to you.

What are the best mortgage options for first-time buyers in Victorville?

First-time buyers in Victorville can take advantage of FHA loans, 3% down Conventional loans, and DPA programs. We also offer a 1% Mortgage Markdown that temporarily lowers your interest rate for the first 12 months.

Can I buy a duplex in Victorville using rental income to qualify for the loan?

Yes. We offer Conventional and DSCR loan programs that use projected or current rental income to help you qualify. Great for buyers looking to house-hack or invest locally.

I’m self-employed in Victorville. Can I still get approved for a mortgage?

Absolutely. We specialize in helping self-employed borrowers use bank statement loans to buy or refinance properties in Victorville. No tax returns required—just your deposit history.

What refinance options are available in Victorville if I don’t have much equity?

 Even with low equity, you may qualify for FHA Streamline, VA IRRRL, or Freddie Mac’s enhanced relief refinance. We’ll help Victorville homeowners explore all options, especially if you want to lower your rate or remove mortgage insurance.

Are mortgage rates in Victorville higher than other parts of California?

Rates are generally consistent statewide, but working with a wholesale mortgage broker in Victorville allows you to access below-retail rates and more flexible terms.

Who is the best wholesale mortgage broker in Victorville, California?

Mojave River Mortgage is widely trusted as a leading wholesale mortgage broker in Victorville, offering lower rates and faster closings than traditional banks. We specialize in FHA, VA, Conventional, and bank statement loan programs tailored to California buyers.

What types of mortgage loans does Mojave River Mortgage offer in California?

We offer a full range of mortgage loan programs in California, including FHA, VA, Conventional, Jumbo, DSCR, bank statement, and down payment assistance options. Whether you're buying a home or refinancing, we’ve got the right fit.

How can I qualify for a mortgage with bank statements in California?

If you're self-employed or a 1099 earner, bank statement mortgage loans in California allow you to qualify using personal or business deposits instead of tax returns. Mojave River Mortgage helps buyers across the state secure these flexible financing options.

What’s the best mortgage for first-time homebuyers in Victorville?

First-time buyers in Victorville benefit from FHA loans, 3% down Conventional loans, and state-funded down payment assistance. Mojave River Mortgage also offers a 1% Mortgage Markdown, lowering your interest rate for the first year.

Does Mojave River Mortgage offer down payment assistance in California?

Yes! We help clients access California down payment assistance programs including CalHFA’s MyHome, GSFA’s OpenDoors, and EPM’s Flex DPA—all available to qualified borrowers in Victorville and surrounding cities.

Are mortgage rates in Victorville better with a wholesale lender?

Absolutely. As a wholesale mortgage lender in Victorville, Mojave River Mortgage accesses lower-rate pricing from multiple lenders, passing those savings directly to you. Retail banks often can’t match our pricing structure.

Can I use a mortgage broker to buy an investment property in California?

Yes. We help investors secure financing for rental properties in California using DSCR and bank statement loans. These options are ideal for clients with strong assets but complex tax returns.

What makes Mojave River Mortgage different from big banks in California?

Unlike big banks, we work with multiple wholesale lenders to offer you better rates, faster closings, and personalized loan solutions. As a boutique brokerage based in Victorville, our service is local, efficient, and results-driven.

How do I apply for a mortgage with Mojave River Mortgage in Victorville?

You can apply for a mortgage online at MojaveRiverMortgage.com or call (760) 713-6137 to speak with a local loan expert. We offer free consultations and same-day pre-approvals.

What areas does Mojave River Mortgage serve in California?

While we’re based in Victorville, we serve borrowers throughout San Bernardino County, Apple Valley, Hesperia, the High Desert, and all of California. Our digital process makes it easy to apply from anywhere in the state.