The Best California Mortgage Rates

Have you heard a radio spot or maybe even talked with a loan officer that claimed something along the lines of “We have the best mortgage rates in California”? It’s something that happens a lot and unfortunately for consumers it’s hard to know which company has the best mortgage rates because it seems like so many of them advertise that slogan or something very similar.

What is a consumer to do to truly find the “best” mortgage rate? First step is this; only work with mortgage companies that have a top rating with the Better Business Bureau (A or A+ rating). Second, make sure the loan officer has at least 4 years of experience and is willing to take the time to answer any questions you have. If the loan officer is slow getting back to you and/or doesn’t answer your questions directly you might want to find a new loan officer to work with. Shopping for the best California mortgage rates is risky when you’re working with company that has a low rating with the Better Business Bureau. In California we also have the Business Consumers Alliance group (BCA) which does a great job monitoring companies and holding them to a higher standard.

Once you’ve located 2-3 companies; then request a rate quote and this part is so important: make sure each company you’re working with has the exact same information so that you can compare apples to apples. For example; if you tell one company that you don’t need any cash out (thus not a cash out mortgage loan) but then tell another company that you wouldn’t mind $10,000 in cash for some upgrades to the home then you are NOT comparing the same loans/rates. That is because one is with no cash out; and one is with a small amount of cash out (and cash out loans usually come with a slightly higher rate and/or fees). So make sure that each mortgageA+ Rating company has the exact same details (loan amount, house value, income, credit etc.). This way when you receive your quote; you’ll be comparing apples to apples and it will give you a greater opportunity to find the best California mortgage rate.

One more thing; when comparing loans compare the rate and TOTAL fees (if any) you’ll be paying. When you get the quote confirm that the fee amount quoted is for everything in total; not a single penny being left out. Reason is that some loan officers just quote lender underwriting fees; and leave out points and or 3rd party fees. To obtain up-to-date information on current market conditions and interest rates be sure to visit our current mortgage rate updates. So make sure you ask; is this the total for all the fees being charged.  And feel free to contact us at 1-800-550-5538 to get our best California mortgage rates! We have a top rating with the BBB and the BCA.