All you have to do is log on to the Internet to see how fierce competition can be when it comes to California home loans. And of course, this makes choosing the ideal loan for you all the more difficult.
When comparing rates of California home loans, make sure that you consider the following factors:
Loan Type
There are several kinds of California home loans. Most first-time borrowers no doubt feel confused. Loans can be classified according to term, rates and use. Make sure that you research this before closing any deal with a homeowner or mortgage lender.
Trusting Your Mortgage Company
Always be on guard against con artists masquerading as mortgage lenders; they're a dime a dozen in California. You need to be extra cautious when you go loan-shopping. While it's infinitely better to patronize products and services from well-known companies, their fees can go beyond your budget. If you can't afford the interest rates charged by these companies, just make sure that the company you deal with is accredited by the Better Business Bureau.
Pre-Qualified Loan Approval
A pre-qualified loan approval will only be possible if you submit all the documents required by the mortgage company, have a reliable and stable source of income as well as an excellent credit rating. Otherwise, you need to go about things the old-fashioned way: apply, then wait for the company to contact you about your loan status.
Approval Time
Be sure you know the maximum length of time a mortgage company requires to process your loan application. The sooner they process them, the better.
Closing Costs
When consulting with your mortgage lender, make sure that they provide details regarding any other fees and commissions associated with your home loan and purchase.
