Home Loans In California:
Over 50 million people live in the state of California and there are over 12 million housing units in the Sunshine state. Hundreds of thousands of people every year refinance their current mortgage or use a mortgage to purchase a new home. Obtaining a home loan in California is no different then any other state; call around for quotes, pick a reputable lender and apply. More on this below; make sure you work with a reputable home loan mortgage company. If not it could end up costing you thousands of dollars and a lot of wasted time.
California Home Loan Interest Rates:
Home loan interest rates can change on a daily basis; sometimes 2-3 times in one day. That's why it's important to stay on top of current home loan rates by staying in contact with your Loan Officer or using a reputable online service. Be careful; there are many mortgage websites that advertise home loan rates that simply don't exist. But there are other mortgage websites that offer California home loan rates that accurately reflect the market.
How To Get The Best Home Loan Interest Rate:
If you are refinancing your current mortgage or in the process of buying a new home you'll want to find the best home loan interest rate possible.
The Important Questions To Ask:
- What is the interest rate?
- How much is the monthly payment?
- What is the loan amount you are using to calculate the payment?
- Please confirm the exact term of the loan (ie 30 year fixed = 30 year/360 months)?
- What are the TOTAL fees for everything (lender, and 3rd party)?
- Is this a Fannie Mae Conforming Loan?
- Is there any discount points being charged to me ?
- What are the origination fees being charged to me (if any)?
- When will you lock in the interest rate?
- Does the quote reflect a lock period of at least 30 days?
The more questions you ask the better off you'll be. The mortgage industry is complicated and even some Loan Officers have trouble understanding everything let alone the average consumer. Be smart and ask questions. If the Loan Officer is trying to avoid answering your questions then find a new Loan Officer to work with. Be patient in looking for the best California home loan rates and be willing to take the time to find a great Loan Officer who'll answer all your questions in a timely manner.
FHA Home Loans In California:
Are you a first time home buyer and/or your refinancing your home you may want to consider a FHA Home Loan. There are lots of California FHA home loan guides out there but not all of them have accurate information and most them are hard to read. We think the best FHA home loan guide is on koloans.com. It's full of information, it's consumer friendly and easy to read. If you currently have a FHA home loan then you should check out the FHA Streamline refinance program. It's super easy to qualify and you can close really fast. No income and no appraisal required. It's one of the best refinance programs in the market today.
How To Find A Reputable Home Loan Lender:
There are far too many mortgage companies that try to take advantage of home owners when they apply for a new home loan. There are a few easy steps you can take to make sure you're working with a reputable mortgage company and an experienced Loan Officer.
- Step 1 - Visit the Better Business Bureau to review the history of the company. Stay away from companies that have a rating below an A. Focus on the Accredited - A+ mortgage companies with mostly positive reviews
- Step 2 - Visit the NMLS Consumer website to verify the Loan Officer you're working with has at least five years of experience as a Loan Officer. And if the Loan Officer has worked for more then 2-3 companies in a five year period that's a red flag you should look further into.
- Step 3 - Use websites like Zillow.com, Mortgage101.com and/or Yelp to read reviews about the Loan Officer
Good luck in your search for a new home loan. It's a great time to refinance and even better time to purchase a home!