California Real Estate Loan

Loan Intermediaries For Obtaining A California Real Estate Loan

Using a mortgage broker can often save you time and aggravation because they know how to prepare your California real estate loan request and what local institutions require. Their “insider” knowledge can help you more readily qualify.

Mortgage brokers make their money from fees on loans. Some brokers are more interested in their fees than in your business concerns. If you have any questions about a broker’s recommen¬≠dations, check them out with your CPA or an appropriate attorney before acting.

There are other “loan merchants” who will help you put together a loan proposal and help find a lender.

I can tell you that the lender is checking more than just your finances, and that the whole exercise is likely to cost you a good bit more than it would if you knew a few simple facts. To make matters worse, many loan officers are not as knowledgeable or experienced as they want you to believe, and chances are good that you will have to deal with one of these rookies. In any case, there are seemingly constant changes in the mortgage lending industry’s guidelines. Because of all these factors, obtaining a california real estate loan mortgage can be a very unsatisfactory and expensive experience. Keep the following in mind:

1. Banks are interested in loaning you money for your California real estate loan to make a profit.

2. There are many different types of lenders available.

3. Be sure you are talking to the right institution for the loan you need.

4. Experienced loan brokers can save you time, trouble, and even money by matching your specific needs with the right lender.

The Key Is Preparation If You Want To Find The Best California Real Estate Loan

The costs of dealing with hard money lenders are usually steep. Following this route, you wind up paying three mortgages (the new house, your current house, and the hard money lender’s loan) until the sale of your first home!

In the case of California real estate loan mortgage lending I completely agree with the ‘popular “Question Authority” bumper sticker. It is all too easy for the lender to intimidate the borrower because the lender has the power of knowledge. The borrower often meekly follows along, even while wondering, “Why is that? I don’t understand. Boy, I sure hope that when I get through all this, they approve my loan.” By knowing what the lender is doing, and why, you will find the process made immeasurably smoother. This knowledge can, in many cases, also save you hundreds or even thousands of dollars.