Bank of Hope Mortgage

Whether you're looking to purchase a new home or refinance your existing one, Bank of Hope's Mortgage Banking Division has the right loan for your needs. Our friendly and experienced staff will answer all your questions and help you find a loan that fits you best.

  • Purchasing

    Now that you found the perfect home, it’s time to find the perfect mortgage. Explore our Fixed and Adjustable Rate programs.

  • Refinancing

    Ready to refinance your existing mortgage? We have the answer. Explore our Fixed and Adjustable Rate programs. 

  • Portfolio Products

    Portfolio Products are programs designed for those that can’t meet the criteria of a traditional mortgage. Our Portfolio Products includes P&L program, WVOE only, Asset Qualifier (Foreign National eligible) and DSCR Loans.

Purchasing

Now that you found the perfect home, it’s time to find the perfect mortgage. Explore our Fixed and Adjustable Rate programs.

Refinancing

Ready to refinance your existing mortgage? We have the answer. Explore our Fixed and Adjustable Rate programs. 

Portfolio Products

Portfolio Products are programs designed for those that can’t meet the criteria of a traditional mortgage. Our Portfolio Products includes P&L program, WVOE only, Asset Qualifier (Foreign National eligible) and DSCR Loans.

Ready to Get Started?

Current Mortgage Rates

© Bank of Hope, NMLS #794513. Rates and APR is based on loan amount and points paid by the borrower. Mortgage rates are subject to change daily. Actual payments will vary based on your individual situation and current rates. Some products may not be available in all states. Based on the purchase and refinance of a primary residence. Credit and collateral subject to approval. Cannot combine with any other specials. Payment example does not include taxes and insurance payments. Rates and APR = Annual Percentage Rate example assumes – Conforming $800,000 Purchase Price and 35% debt to income (DTI) with a 780 FICO. Jumbo $1,500,000 Purchase Price and 35% debt to income (DTI) with a 780 FICO.
 
ARM interest rates and payments are subject to increase after the initial fixed-rate period (7 years for a 7/6m ARM, and 10 years for a 10/6m ARM; the 6m shows that the interest rate is subject to adjustment once every six months thereafter).
 
Points are defined as upfront costs paid by the borrower at time of closing in order to receive a lower interest rate. Points are calculated in relation to the loan amount. Each point equals one percent of the loan amount.
 
The Fees are a total of points charged for the rate based on loan amount on disclosure along with the following estimated fees: Application Fee, Credit Report Fee, Flood Certificate, & Tax Service Fee.
 
Application Fees are as follows: $1,495.00 for all products. Rates and Annual Percentage Rates (APR) stated above are as of the rate sheet posted date. Terms may vary, conditions and restrictions apply. Actual rate for the loan is determined at the time of rate lock based upon program and terms requested. Rates and terms are subject to change without notice.

 


 

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Mortgage tools and calculators are provided as a courtesy to help you estimate your mortgage needs. Results shown are estimates only.

FAQ About Mortgages

 

To help advance the process of being pre-approved for a mortgage, we suggest having the following on hand:

  • Government-issued ID
  • Bank statements
  • Paperwork related to any existing debt, such as other loans or credit cards
  • Proof of income, such as pay stubs and the last two years’ W2 forms and tax returns.

For most lenders, your credit score will directly influence the offered mortgage rate. We recommend having a minimum of 620. For more insights and tips on how to strengthen your rating, check out Get to Know Your Credit Score.

The term mortgage rate refers to the interest you will pay on top of the principal amount over the full length of the loan.

Comparatively, APR is shorthand for annual percentage rate. This number summarizes the total sum of acquiring the mortgage, summarized as the yearly interest rate. Unlike mortgage rates, the loan’s APR accounts for origination fees, insurance premiums, discount points, closing costs, and other financial factors.

A Bank of Hope specialist can walk you through the pros and cons of both options, as well as how current mortgage rates and your personal goals could shape your decision.

However, broadly speaking, adjustable-rate mortgages may be a sound solution for individuals who foresee themselves staying in the home for only a few years (perhaps as a “starter” home). In this scenario, they secure the lower rate of the ARM and sell before the fixed-rate terms expire.

A common recommendation is that your mortgage should not exceed 28% of your income, and that your total debts should be greater than 36% of your income. Yet keep in mind that this general advice may not apply to everyone.

The maximum mortgage payment you can afford depends on a lot of factors that we suggest you review with a Bank of Hope specialist. Not only should you consider your salary, expenses, and outstanding debts, but also long-term objectives like saving for retirement or building a college fund.

Yes! However, self-employed individuals will need to provide additional materials in order to be pre-approved for a mortgage. The specifics will vary based on your specific circumstances, but requested documents may include profit-and-loss statements and business licenses.

In the best interest of our customers, we aim to provide mortgages to individuals who are financially prepared. After all, failing to maintain monthly payments results in additional debt and significantly impacts credit scores.

With this in mind, any reputable bank or mortgage company will seek additional proof of financial stability if you are with a new employer or currently unemployed. At Bank of Hope, we account for consistency within your employment and financial histories, your current savings, access to retirement or alternative income, and your credit score.

In conclusion, we may consider pre-approving mortgage applicants who have not been with an employer for at least 2 years, but will require additional information.

Ready to get started?

Contact Us

New Mortgage Loan/Refinance Inquiry:
1-855-448-8989
Mon-Fri: 9:00 am - 6:00 pm (PST)

Mortgage Customer Service:
1-855-816-1347
(Existing Customers Only)
Mon-Fri: 8:00 am - 5:00 pm (PST)

 

© Bank of Hope, NMLS #794513

For New Home Mortgage Inquiry:

Send us a message and one of our representatives will get back to you soon.