California Mortgage Quote

With access to some of the Nations top Lenders and 100’s of Loan Programs to choose from, I have a loan for just about every financial situation. Whether you are looking to Refinance, Purchase a new home, take Cash-Out, or are looking to build your own Dream Home with a Construction Loan, No Problem! Let me do the Shopping for you on your next Mortgage Loan.

Together, you and I can review your present situation, discuss the advantages of your loan, and find the option that works best for you and your family.

Below, you will find some useful information that was put together by a group of Mortgage Professionals from www.brokeroutpost.com . Enjoy, and I look forward to speaking with you soon!

How to compare mortgage quotes - When you are quoted a mortgage rate by a mortgage broker you may or may not want to get a competitive quote. Not all mortgage quotes are created equally so it is critical you understand what to look for on your quote if you decide to shop around. The first thing a reputable mortgage broker should supply you with is a good faith estimate. This will break down all the applicable fees and it will also show things such as interest rate, loan ammortization.

The best quote you can get is usually the one that was provided by the broker who took ALL your information and prequalified you for a loan. Be careful of quotes that are given by brokers who ask few or no questions about your specific situation as they may well be quoting an attractive rate for which you may not actually qualify.

When comparing mortgage quotes, get quotes on the same day. Interest rates frequently fluctuate by 1/4%, and sometimes more, from one day to the next.
Make sure that all quotes assume the same points and origination fee.

Closing costs can vary greatly between different loan programs. Some loan programs, especially fixed interest rate loan programs, can offer lower closing costs than other home loan programs. One of the main reasons are pricing differences. It is usually easier to absorb some of the closing costs into a fixed rate loan for a much smaller difference in rate than it is with an adjustable rate loan. Therefore, make sure you are comparing the same exact loan programs to each other and don't be misled by a company quoting low costs on one loan program and think you will be able to get the same exact deal on all loan programs. Ask questions about each program if you are deciding between 2 different programs to see which one will give you the most "bang for your buck".

When comparing two or more mortgage quotes, be sure to examine the Annual Percentage Rate (APR). The APR takes into account the bank charges, and add them to the interest rate. For example, a borrower may be offered a 30-year fixed rate mortgage at 6.5% with 1 point (1% of the loan amount) to the bank and another offer at 6.75% with 0.5 point to the lender. Which is a better loan offer? Without considering the home buyer's ability to pay the points, the offer with a lower APR is the better deal, assuming the borrower keeps the mortgage for the entire loan term. Because there are always bank charges, the APR is usually higher than the quoted interest rate.

Payment usually ends up being the bottom line for most people. While it is important to get the best rate, it is more important to get the best payment. If you are comparing the exact same type of mortgage, a 30 year fixed rate for example, the points, fees APR, and rate may all be different. If you want to know if the additional fees and points are really helping look at the difference in payment. Ask your mortgage broker to calculate a break even point for you.

When you compare mortgage quotes, be sure that you are comparing the exact same loan programs. Things like interest only and shorter amortization periods will affect the interest rate you are being quoted.