The Karlin Law Firm LLP - Business Law Attorney

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

Providing quality legal services to statewide and national clients in ADA defense, Personal Injury, business and real estate for more than 35 years

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Finding the best mortgage

For many people living in California, buying a home is the most significant purchase they will ever make. For that reason, finding the right mortgage is extremely important. Residential real estate mortgage terms vary widely, making it important for consumers to read the fine print before applying for a loan.

Just as most people understand the importance of looking at several houses before deciding to make an offer on one of them, it’s also important to speak with multiple lenders. This gives potential home buyers the opportunity to review different mortgage products and evaluate their true costs.

When taking out a mortgage on a residential property, most consumers should pay a great deal of attention to the interest rate. The interest rate greatly impacts how much a person will pay for his or her home over the life of the mortgage.

There are multiple other considerations that need to be asked about and potentially negotiated when shopping for a mortgage. There are a variety of fees, for example, that lenders will sometimes tack on to mortgages. These charges can become very expensive and make closing costs prohibitive.

Other factors that should be considered when applying for a mortgage include whether the home buyer needs to pay points or take out private mortgage insurance. Down payments are also a concern, although the amount can vary widely depending on the type of mortgage that a person takes out.

Individuals who do not have a lot of available cash to pay fees, points or down payments may wish to look into government mortgages, such as those offered by the Veterans Administration, Federal Housing Administration or U.S. Department of Agriculture, as these loan products often require low or no down payments.

Prospective home buyers may benefit from speaking with an experienced real estate attorney. A lawyer may be able to review a potential buyer’s loan options and make recommendations on choosing the best offer based on the client’s finances and family situation.

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