Are you contemplating buying real estate in California's 'discount' market? If so, there's a good chance you'll need a Mortgage Lender familiar with the states current real estate market to help you with financing your new property. Fortunately, there are more options available to buyers than ever before thanks to the growth in real estate services offered via the Internet. Most lenders and loan officers maintain a very strong online presence for their local market and it is easy to locate a knowledgeable professional very easily. Here are 3 things you should consider as you search for a reputable mortgage lender:
Talk to your friends and family:
If you are already a California resident, it is likely that you know someone in the business, or have a relationship with someone who has used a mortgage professional when they financed or refinanced their home. Talk to family, friends, coworkers, and other acquaintances to see if anyone can refer you to someone whose knowledge and quality of work impressed them. Personal referrals are often a great way to learn about the good and not-so-good experiences people have had with various mortgage professionals.
Keep your eyes open for 'predators'
"Predatory lending" is a general term used to describe lenders who try to take advantage of a borrower. Examples of predatory lending practices can include charging excessively high, or even unnecessary, fees, convincing borrowers to take a loan they can't afford, or even using lies and deceptive practices to 'help' someone get a loan. By carefully reviewing all of the fees and charges contained in your lenders "good faith estimate," plus the fine print found on the documents you sign, you will dramatically reduce the chances of falling victim to a 'bad' loan. And, I cannot stress this enough, if the fees seem high or there seem to be too many of them, look for a second opinion.
Check for complaints
Every California Mortgage Lender and Broker should be licensed with either the California Department of Real Estate or the California Department of Corporations. To help ensure you are working with a legitimate lender with a solid track record, check with either those agencies through their websites to make sure your lender is licensed. Also, if their license is set to expire shortly, ask to see proof that they have completed their continuing education. If they won't, find another lender.
Talk to your friends and family:
If you are already a California resident, it is likely that you know someone in the business, or have a relationship with someone who has used a mortgage professional when they financed or refinanced their home. Talk to family, friends, coworkers, and other acquaintances to see if anyone can refer you to someone whose knowledge and quality of work impressed them. Personal referrals are often a great way to learn about the good and not-so-good experiences people have had with various mortgage professionals.
Keep your eyes open for 'predators'
"Predatory lending" is a general term used to describe lenders who try to take advantage of a borrower. Examples of predatory lending practices can include charging excessively high, or even unnecessary, fees, convincing borrowers to take a loan they can't afford, or even using lies and deceptive practices to 'help' someone get a loan. By carefully reviewing all of the fees and charges contained in your lenders "good faith estimate," plus the fine print found on the documents you sign, you will dramatically reduce the chances of falling victim to a 'bad' loan. And, I cannot stress this enough, if the fees seem high or there seem to be too many of them, look for a second opinion.
Check for complaints
Every California Mortgage Lender and Broker should be licensed with either the California Department of Real Estate or the California Department of Corporations. To help ensure you are working with a legitimate lender with a solid track record, check with either those agencies through their websites to make sure your lender is licensed. Also, if their license is set to expire shortly, ask to see proof that they have completed their continuing education. If they won't, find another lender.
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