| Deciding on what kind of loan to get is | | | | the usual 30 years over the rest of the |
| confusing enough - Unfortunately, getting a | | | | country. |
| mortgage loan in California adds its own | | | | |
| spin. There are several important differences | | | | When you're getting a loan in California, |
| between getting a loan in California versus | | | | it's important to both educate yourself and |
| anywhere else in the country. This article | | | | to shop around for the best terms and rates. |
| will explore some of those differences, as | | | | Whatever your financial situation, whether |
| well as give you a few valuable tips for | | | | you're looking to put zero down or 30% down, |
| choosing the right mortgage loans. | | | | finding the right lender will make a huge |
| | | | difference. |
| One big difference between California | | | | |
| mortgage loans and other loans is that they | | | | Working with a mortgage broker can be another |
| must be insured against flood and earthquake. | | | | great way to help find the perfect loan. |
| Lenders that will originate a loan without | | | | Mortgage brokers have dozens, if not hundreds |
| insurance in California are few and far | | | | of lenders they work with to provide you with |
| between. Because insurance is generally based | | | | the perfect loan. Better yet, working with a |
| on the price of the property, which tends to | | | | mortgage broker doesn't cost you an extra |
| be high in California, insurance prices are a | | | | dime: They usually split the closing costs |
| real concern lenders and borrowers alike. | | | | that the banks would have charged you anyway. |
| | | | |
| Another difference between California | | | | Once you find a loan you're interested in, be |
| mortgage loans and loans from other areas is | | | | sure you know what all the costs involved |
| the terms of loans. Because of differences in | | | | are, including mortgage insurance, property |
| interest rates and home prices, home loans | | | | taxes, legal, and closing costs. |
| can stretch up to 50 years - As opposed to | | | | |