Mortgage lender in california
Buying a house without a mortgage is something that you cannot even think of these days.Taking a decision on whether to take a mortgage is a difficult task and especially in a state like California where housing costs are touching the sky. While deciding on taking a mortgage is difficult deciding on a mortgage lender can also be equally difficult.
There are a number of things that play a role in selecting a mortgage lender.However, most of us do not think about any factors, the first lender that we come across is the one whom we think is the best one for us. Usually we don't even bother taking quotes from different lenders and try and compare them.Most of us are so overwhelmed by the fact that we are getting approved of a mortgage loan that we forget that we can get a better rate for the same deal.
There are many lenders who can help you in getting mortgage finance.These lenders can be credit unions, banks, online lenders or mortgage companies. Here are a few things that you can do and take precautions while selecting a mortgage lender in California.
Selecting the right California mortgage lender
In terms of real estate California is one of the most happening places in the United States. This makes it also a vulnerable place for mortgage lenders especially because of the fact that home prices are so high that a normal house can force a person to take thousands of dollars in mortgage. These things make it very important for the borrower to make the right selection of the mortgage lender.
It is bet that you start by visiting mortgage lenders and the ones that you feel can give you a good deal take mortgage quotes from them. Compare these quotes and decide which one is a better deal. But make sure that before going in to get quotes you have an idea about your credit standing.Besides, this you should also ask lenders about their criteria for approval of a mortgage loan. The approval criteria differ from one lender to another.
When selecting a mortgage lender you can keep the following things in mind:
- What are the eligibility criteria set by the lender
- The interest rate that is being offered
- What are the terms of repayment
- The list of documents that are to be given to the lender
- For how long has the lender been in the mortgage industry
- What is the Better Business Bureau rating of the mortgage lender
- Check the testimonials from previous clients
- What is the lending process followed by the lender
- Does the lender offer good customer services
- Can you check the status of your loan and is the lender ready to solve your queries
The process followed by the mortgage lender
When you take a mortgage loan the lender first assesses your credit report and then makes an offer.Before that the lender also considers your income stability, debt to income ratio, loan to value ratio, the property appraisal and other minor things.
If you and the lender agree to the loan then you can fill out the application form and provide the following documents to the lender.
- Proof of identity
- Proof of income and employment
- Documents verifying your assets
- Tax details from the past two years
- In case of business, documents of profit and loss from the past 3 years.
- Documents of previous debts
- List of bank account numbers etc.
After the lender has verified all the information and the application has passed through the different steps of approval you will be called for the closing. This is when you have to sign the agreement.It is advised that you go through the agreement carefully and then sign after you have verified and understood all the costs. The whole process might take from 1-2 weeks.
Mortgage lenders in California
As mentioned there are a number of mortgage lenders in California and looking for the best one can be difficult. Below I have listed some of the best lenders that function in California and help its residents in getting a mortgage loan.
E-Loan: They offer mortgage loans to both people with good as well as bad credit.You can contact them at 6230 Stoneridge Mall Road, Pleasanton, CA 94588; Main Phone: (925) 847-6200, Main Fax: (925) 847-0831.
RMI Lending Inc.: They offer a number of mortgage loan programs like Conforming, Jumbo, Imperfect credit, No doc loans. You can contact them at 1873 Clifford St, Santa Clara, CA 95050; phone: 888-899-4537 for more details.
Bank of America: They offer mortgage programs like Conforming, Jumbo, Imperfect credit, No doc, FHA, VA loans. You can contact them at 1010 El Camino Real, Menlo Park, CA 94025-4345; phone: 888-638-3817
Light House Home Loans: They offer some of the best rates for mortgages and can get you the best deals. Contact them at 9420 Topanga Canyon Blvd. #205, Chatsworth, CA 91311; (818) 920-1600 Phone, (818) 920-4750 Fax,.
Universal Residential Funding: They offer programs like Conforming, Jumbo, Imperfect credit, No documentation loans. You can contact them at 2522 Chambers Road, Tustin, CA 92780; phone: 866-978-5028
Merit Funding Inc.: They help you in qualifying for the best mortgage loan with the least paperwork involved even when you have bad credit. You can contact them at 2065 Ygnacio Valley Rd, Walnut Creek, CA 94598; 925-939-7283 or Toll Free 1-877-904-0300, Fax: 925-938-7206.
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