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The Simple Fact:
Have you ever asked a family member, friend or even a realtor this question? I would guess most home buyers or homeowners looking to refinance their mortgage have at one point in time or another asked someone “Who has the lowest mortgage rates in California?”. Here is a simple fact of life in the mortgage industry: no one lender has the lowest mortgage rate day in and day out. Mortgage rates change daily; sometimes more than once a day, and so it’s impossible for a lender to say they always have the lowest mortgage rates in California. Some days, weeks or even months a lender will be really competitive; in fact they are usually the lowest however at some point that will adjust otherwise the lender would have too much business. To slow down business they raise their mortgage rates a bit to slow down the number of applications and when they get caught up they then will look to attract new business.
Getting your Quotes:
The best mortgage rates in California are not always offered by the same lender so it’s important to obtain 2-4 quotes from reputable mortgage companies (this is super important). I’ve never understood someone who thinks a quote from a lender with a C or lower rating from the Better Business Bureau is a legitimate quote. If a lender does not have at least a B (at a bare minimum) I think you’re wasting your time. There’s a reason their rating is so low and it’s best to work with higher rated companies that are making legitimate offers.
Not All Quotes Are The Same:
Keep in mind that not all rate quotes are the same, an important factor is cost. A 4.00% 30 year fixed with $1,000 total costs (for everything) is better than a 3.75% rates with $10,000 in total closing costs. So when you get a quote find out the “total costs for everything”. I am a big fan of no or low cost mortgage rates for borrowers that qualify (when it makes sense). Reason is if you were to refinance again or sell the property before you recoup the costs associated with the transaction then the costs you’ve paid becomes wasted money. However not everyone and not every transaction qualifies for a no cost mortgage rate. Even if you have perfect everything but your loan amount is less than 200k it’s going to be difficult to get a no cost rate that makes sense. If you are paying costs to do a transaction don’t think it’s a total loss because there are many situations in which paying costs make sense.
JB Mortgage Capital, Inc.
If you have any questions or would like a quote please be sure to contact us directly at 1-800-550-5538 for a no cost – no obligation quote. We offer industry low rates and top notch customer service. We have many different types of loan programs including both fixed rate mortgage options as well as adjustable rate mortgage options. We have a top rating with the Better Business Bureau and the Business Consumers Alliance. We utilize the latest technology and have one-on-one personal service. Loan Officer Kevin O’Connor has over 14 years of experience and will be happy to answer your questions and provide solutions for your home mortgage needs.