Shopping for a Mortgage and San Diego California Real Estate

November 29, 2016

When shopping for a mortgage, we’d encourage you to compare mortgage quotes from different mortgage lenders. You will get real-time, customized mortgage quotes back from many different lenders. You’ll be able to sort and filter your results based upon what matters most to you. Even if you go through a more traditional route such as a local bank or a personal recommendation through your real estate agent or friend, we’d encourage you to compare the quote you receive to the quotes on the internet to ensure you are getting the best deal possible.

Aspects that you should pay attention to while shopping for a mortgage:

Rates

It’s important to pay attention to rate trends in your state. You can see what current rates are at in your state and nationally here. Although you shouldn’t shop on the rate alone, a lower rate can save you a significant amount of money per month and thousands of dollars over the life of a loan.

Points

Do you want to pay points? Borrowers sometimes pay “discount points” to reduce the loan’s interest rate. It may make sense to buy points if you’re planning to stay in the same home and not refinance for a long period of time. You can also talk through your options with your lender. 

Fees

Different lenders will charge different fees. Do you want to pay no fees and minimize your upfront expenses in exchange for a higher APR? Typical fees charged by lenders could include an origination fee, appraisal fee, credit report fee, tax-related service fee, underwriting fee, FHA upfront premiums, etc.

Reviews

It’s very important to pay attention to reviews of the lender you are considering working with and see what kind of service they have delivered to other clients. We’d encourage you to check out a lender’s review on Zillow. Zillow has hundreds of thousands of lender reviews on  site.  lender reviews are based on four categories – responsiveness, knowledge, helpfulness and follow-through – and all include detailed descriptions of their experience. The reviews are left by past and current clients of the lender, so they’re a good indicator of the type of service you can expect from the lender. All reviews are moderated by a specially trained team of moderators who evaluate all reviews before they are published.