If you live in California, applying for a mortgage loan online will save you both time and money. When mortgage lenders compete for your business, you are more likely to find good rates. Lenders who are approved by the California Housing Finance Agency can also help you get into government programmes that will help you buy a home.
You can find a local lender online.
When you look for a mortgage online, you have a lot more lenders to choose from, which is one of the many benefits. You can feel safe working with a mortgage company from across the country because they are mostly governed by Federal law.
Online lenders give you loan estimates almost right away to help you choose a good way to get money. You can look at interest rates, closing costs, and other fees to see how they compare. All without a lot of credit checks hurting your credit report.
Finding Government Help With Online Lenders
Most national financing companies are qualified to help people with the many government programmes that are available. HUD can help people with low to moderate incomes get lower interest rates, less private mortgage insurance, or help with a down payment.
There are also a number of unique state programmes in California that help people buy their first home. CalHFA lets lenders, many of which are national companies, know ahead of time that they can offer these programmes.
You can also say that you want government help with your mortgage when you ask for a loan quote. Then, either in your loan quote or in a follow-up phone call, lenders will give you more information.
Applying online is the next step.
When you apply online, you often get better rates than if you went to an office in your area. With a simpler way to apply for a loan, lenders can save time and money. So you get better service and lower rates.
After you send your information over a secure connection, your lender will get in touch with you to give you a full schedule. Your loan agreement will soon come in the mail for you to look over. From there, all you have to do is work with your escrow company and real estate agent to set up the sale. It takes about two weeks to fill out an application.
