3 Things To Look For In A California Mortgage Lender Online
Want to buy a home in California? If so, chances are you'll
need a California Mortgage Lender to help finance your new house. Fortunately,
the Internet has made the mortgage process easy. You can even find a lender
online with very little hassle! Here's how to find a reputable California
Mortgage Lender online:
Ask friends, family and neighbors
If you already live in California, some of the people you
know in the state may have used a California Mortgage Lender online.
Want to buy a home in California? If so, chances are you'll
need a California Mortgage Lender to help finance your new house. Fortunately,
the Internet has made the mortgage process easy. You can even find a lender
online with very little hassle! Here's how to find a reputable California
Mortgage Lender online:
Ask friends, family and neighbors
If you already live in California, some of the people you
know in the state may have used a California Mortgage Lender online when they
financed their home. Ask around among close friends and acquaintances to see if
anyone can make a personal recommendation. Check with co-workers, family
members and neighbors, too. A referral like this is often a good way to hear
about the good--and bad--experiences people have had with various online
mortgage lenders.
Watch out for predators
"Predatory lending" is a term generally used to describe any lender that is trying to take advantage of the borrower. Examples include charging high, unnecessary fees, pushing borrowers into a loan they can't afford, or using lies and deception to obtain clients.
Carefully review
all fees and charges--your lender is required to give you a "good faith
estimate"--plus the fine print, like loan terms and prepayment penalties.
Be on the lookout for any false or misleading information, or any terms that
are vague and unspecific. If the fees seem too high or too numerous, look for a
different lender.
Check with officials
All California Mortgage Lenders and Brokers should be
licensed with either The California Department of Real Estate or The California
Department of Corporations. To help ensure your California Mortgage Lender is
legitimate and reputable, check with these agencies to see if your lender is
licensed. Avoid any lending company that is not licensed or has allowed its
license to expire.
Be sure to check with your city's Better Business Bureau
office, as well. They'll have a record of any complaints that may have been
filed against your California Mortgage Lender.
3 Things To Look For In A Home Purchase Lender Online
If you're ready to buy a new house, you're going to need a
Home Purchase lender. And finding one online is convenient and simple! However,
there are a few things you should look out for to ensure that your lender has
your interests--and not his--as his top priority.
Make sure your lender offers options
There are a lot of options other than the traditional
30-year fixed rate mortgage. Depending on your needs and personal situation, an
Adjustable Rate Mortgage (ARM) or In
If you're ready to buy a new house, you're going to need a
Home Purchase lender. And finding one online is convenient and simple! However,
there are a few things you should look out for to ensure that your lender has
your interests--and not his--as his top priority.
Make sure your lender offers options
There are a lot of options other than the traditional 30-year fixed rate mortgage. Depending on your needs and personal situation, an Adjustable Rate Mortgage (ARM) or Interest-Only mortgage might be a better fit for you.
Or, possibly, you may prefer a loan with a longer or shorter term. A
good lender should be able to offer you a variety of options so you can find
the one that best suits your needs. Be wary of any lender that tries to push
one particular type of loan.
Get your "pre-approval" in writing
Some Home Purchase lenders will "pre-qualify" you--but that doesn't mean you're guaranteed to get the loan! In fact, in most cases, "pre-qualification" means almost nothing at all. Choose a lender who will "pre-approve" your application instead, which is a more involved process.
When you've been "pre-approved," the loan
officer has contacted your employer, bank, credit card companies, etc. Once
you're "pre-approved," you're a lot more likely to get the final approval
on your loan.
"Lock in" the rate you're quoted
Interest rates change almost daily--they can be down on Monday, and sky-high by Friday! And some lenders will quote you a super low rate to get your business, even though they know the rate may change by the time your loan is finalized.
If a lender quotes you an interest rate, ask
him/her to "lock it in" for 30, 60 or 90 days. Reputable online Home
Purchase lenders will guarantee you your promised rate even if it takes another
month or two until you close the loan.
Once you know your online Home Purchase lender is willing to
offer you options, pre-approve your loan, and lock-in your rate, it's time to
compare rates, fees and other charges to make sure you're getting the best
deal.
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