How To Find The Best California Mortgage

How to​ Find the​ Best California Mortgage
Compared to​ other homeowners,​ Californians pay one of​ the​ highest premiums in​ the​ country for their warm,​ sunny climate .​
According to​ the​ National Association of​ Realtors,​ the​ median price for a​ single-family home in​ California topped out at​ an​ eye-popping $542,​000 in​ fourth-quarter 2018 .​
While finding the​ best possible mortgage loan rate is​ important wherever you​ live,​ prices like these underscore the​ importance of​ doing your mortgage homework if​ you​ live in​ California.
According to​ Looking for the​ Best Mortgage,​ an​ article published by the​ Federal Reserve,​ getting a​ good rate on​ your California mortgage is​ basically a​ three-step process .​
The Fed’s strategy,​ which it​ calls Shop,​ Compare and Negotiate,​ says a​ mortgage is​ essentially a​ product like a​ car .​
Just like the​ price of​ a​ new Caddy,​ the​ price and terms for a​ home loan are often negotiable .​
So,​ says the​ Fed,​ it​ pays to​ shop,​ compare and negotiate.
The first step in​ the​ process — shopping for the​ best home purchase loan,​ home equity loan or​ refinance loan — is​ easier than ever .​
That’s because of​ the​ dramatic increase in​ the​ number and popularity of​ online lenders .​
Nationally recognized lenders like Home 123 or​ Ameriquest now offer a​ wide variety of​ mortgage products in​ many states,​ including California .​
Besides offering mortgage products that combine convenience and flexibility,​ online lenders are also available 24/7 to​ give you​ a​ free mortgage quote — something that can’t be said of​ traditional brick-and-mortar lenders like banks or​ credit unions.
Shopping around for your California mortgage is​ just the​ first step .​
After that,​ you’ll want to​ compare the​ offers you’ve received .​
Make a​ checklist that contains all the​ key information about rates,​ points,​ fees,​ the​ down payment,​ and the​ cost of​ private mortgage insurance .​
Set up the​ worksheet in​ a​ spreadsheet program like Microsoft Excel and give each lender a​ column of​ its own .​
That way it’s easy to​ compare lenders — and the​ bottom line — side-by-side.
Finally,​ says the​ Federal Reserve,​ don’t assume a​ lender’s offer is​ the​ last word in​ your search for the​ best California mortgage .​
That’s because mortgage lenders frequently offer different terms and rates to​ different customers,​ even if​ those customers are equally qualified for a​ mortgage loan .​
It pays to​ negotiate,​ so now is​ the​ time to​ show a​ prospective lender that you’re a​ savvy consumer shopping for the​ best possible deal .​
Don’t be afraid to​ ask for lower fees,​ a​ lower rate or​ fewer points!
In conclusion,​ when buying a​ home or​ negotiating a​ home equity loan or​ refinance loan,​ don’t forget to​ shop around,​ compare offers and flex your negotiating muscles .​
That way you’ll get the​ best possible deal on​ your California mortgage!

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