By Carrie Reeder
Want to buy a home in California? If so, chances are you'll
need a California Mortgage Lender to help finance your new
house. Fortunately, the Internet has made the mortgage process
easy. You can even find a lender online with very little
hassle! Here's how to find a reputable California Mortgage
Ask friends, family and neighbors
If you already live in California, some of the people you know
in the state may have used a California Mortgage Lender online
when they financed their home. Ask around among close friends
and acquaintances to see if anyone can make a personal
recommendation. Check with co-workers, family members and
neighbors, too. A referral like this is often a good way to
hear about the good--and bad--experiences people have had with
various online mortgage lenders.
Watch out for predators
"Predatory lending" is a term generally used to describe any
lender that is trying to take advantage of the borrower.
Examples include charging high, unnecessary fees, pushing
borrowers into a loan they can't afford, or using lies and
deception to obtain clients. Carefully review all fees and
charges--your lender is required to give you a "good faith
estimate"--plus the fine print, like loan terms and prepayment
penalties. Be on the lookout for any false or misleading
information, or any terms that are vague and unspecific. If
fees seem too high or too numerous, look for a different
Check with officials
All California Mortgage Lenders and Brokers should be licensed
with either The California Department of Real Estate or The
California Department of Corporations. To help ensure your
California Mortgage Lender is legitimate and reputable, check
with these agencies to see if your lender is licensed. Avoid
any lending company that is not licensed or has allowed its
license to expire.
Be sure to check with your city's Better Business Bureau
office, as well. They'll have a record of any complaints that
may have been filed against your California Mortgage Lender.
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