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California First Mortgage - Educating Yourself

Aug 17, 2007
California First Mortgage becomes easier if you understand the process, review your finances and shop around for the best rates. The decision to buy your first home is always a difficult one. It becomes even harder when you buy your first home in California.

First mortgage shopping is a more daunting task because of the lack of experience and other factors related to making your first real estate investment decision.

Previously searing for a first mortgage meant comparing interest rates from a few lending companies. Today, obtaining any first mortgage, especially one for a Californian property, is not simple.

There are hundreds of opportunities and if you don't know what you're looking for, it is like finding your way through a maze in the dark. So, we've put together this brief article to make your shopping experience easier.

First, you must realize that the process isn't easy.
There are numerous types of loans, loan programs, and available brokers, financers, bankers, credit unions that are available to assist you. You have to be able to weed out the good offers from the good ones.

Second, obtaining a first mortgage does not start with the mortgage application.
It starts with the research phase. You see, you need to do a lot of homework to educate yourself about the process, costs involved, before you apply. In essence, you need to know everything you can about the process so that you can shop for the best mortgage rate. You'll then find that the whole process of buying your first home and arranging your first mortgage isn't intimidating because you're prepared.

Third, you need to look at your finances carefully.
That's right; take stock of your income and expenses, both current and projected. Find out what you can comfortably manage to repay every single month. Your monthly mortgage payment will include interest, insurance, taxes, homeowners' association dues, and others costs.
Never, ever, ever obtain a loan amount that you can't afford.

Fourth, shop for your first mortgage with an open mind.
You see, you can either approach the direct mortgage lender or go through a mortgage broker. While looking for a first mortgage, you will hear of terms, such as broker fees, points (each point is one percent of the borrowed amount), the loan term, prepayment penalties, application fees, credit report fee, appraisal, and many others. If you engage a broker for your California first mortgage, he can guide you through this verbal maze. Alternatively, you can refer to a loan & mortgage glossary and acquaint yourself with this terminology to get a better deal on California First mortgage.

Fifth, obtain information and apply for your California first mortgage.
Before applying, you need to gather many necessary documents. You will need to furnish information in your application regarding your job tenure, employment stability, income, your assets (bank accounts, cars, property, and investments) as well as supply tax returns, paycheck stubs, bank account statements, rental agreements, investment earnings reports, proof of insurance, divorce decrees, etc to your financer.
You'll also need to list your liabilities as well: installment and auto loans, credit-card debt, household expenses, mortgages, etc.

Sixth, seek qualified and professional help.
While applying for your California first mortgage, it would be advisable to go through the whole process with the help of an experienced broker, who knows the ropes and gets you a good deal.
About the Author
Jonathan Sapling writes extensively on California mortgage and related Home Equity subjects.
To read more about California Mortgage go to: California Mortgage Expert Site
Or visit his blog about: Home Equity News
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