California Bay Area Real Estate Home Loan Choices
First time California Bay Area home buyers are just confused about the many home loan choices? With so many of our lending institutions going out of business because of the rising loan defaults, it;s important to make a list of question for your real estate loan agent. As 30 year veteran Real Estate broker in the California Bay Area specializing in the East Bay and Fremont, below are just a few recommendations
1. Are both fixed-rate and adjustable mortgage loans available?
2. What is the interest rate?
3. How long can I “lock-in” the financing at the current interest rate?
4. Is a float down lock available in case rates drop after I have locked in?
5. What are the other fees a lender may charge me in conjunction with my loan?
6. Are funds for a second mortgage or equity line available?
7. Is there a maximum limit on each rate change?
8. How often will the monthly payment be adjusted?
9. Is there a ceiling on payment adjustments?
10. Can the term of the loan be extended?
11. What is the maximum rate that can be charged over the life of the loan?
12. Is there any potential for negative amortization?
13. Is there a prepayment penalty clause?
Most important make sure that the lender is local. Whether you are purchasing a home in the California Bay Area or Fremont California, it is important to find someone local so that they can give you personal service. If you are shopping for a home in the Bay Area, you can contact me for a list of reputable loan agents. For more questions about Real Estate call Sandi Ohms at 510-793-1700 or email me at info@bayarea-homes.com
