Compared to other homeowners, Californians pay one of the highest premiums in the country for their warm, sunny climate. According to the National Association of Realtors, the median price for a single-family home in California topped out at an eye-popping $542,000 in fourth-quarter 2005. While finding the best possible mortgage loan rate is important wherever you live, prices like these underscore the importance of doing your mortgage homework if you live in California.
According to Looking for the Best Mortgage, an article published by the Federal Reserve, getting a good rate on your California mortgage is basically a three-step process. The Feds strategy, which it calls Shop, Compare and Negotiate, says a mortgage is essentially a product like a car. Just like the price of a new Caddy, the price and terms for a home loan are often negotiable. So, says the Fed, it pays to shop, compare and negotiate.
The first step in the process shopping for the best home purchase loan, home equity loan or refinance loan is easier than ever. Thats because of the dramatic increase in the number and popularity of online lenders. Nationally recognized lenders like Home 123 or...
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