Life is unpredictable. From illness to divorce to job loss, many factors can take a toll on your income that can leave you struggling to pay your monthly mortgage payments on time. If you have lost your job and are unable to make your monthly mortgage payments, job loss mortgage insurance can help cover those […]
What You Need to Know About Buying and Refinancing a Mortgage in California
Each individual situation is different, so it is crucial for you to educate yourself on everything you need to know about getting a mortgage in California. Whether you are buying a home for the first time or are a long-term resident who is interested in refinancing your current mortgage in California, it is a good idea to get guidance from various professionals before selecting a mortgage company that is right for you. In California, before a buyer can submit an offer it is mandatory for the agent to provide a complete document from the seller which lists what items are included in the purchase such as a refrigerator, alarm system, oven, and so-forth. This document is called Comparable Real Estate Transfer Disclosure. This disclosure also provides the buyer with the knowledge of any potential problems and hazards that may affect the decision for the buyer to submit an offer.
Keep in mind that this state has one of the lowest levels of home affordability, which means that there are many people with low incomes who are not able to buy median-priced homes. When purchasing a mortgage in California you may qualify for a FHA, USDA, or a VA loan. The Civil Code Provision of Real Estate Act guarantees the borrower with large payment amounts to have a fixed rate mortgage. People that are buying for the first time qualify for an FHA loan with below market rates. They may also qualify for loans with no down-payment or closing costs.
Cornerstone has an A+ rating with the Better Business Bureau. Cornerstone professionals average 15+ years of experience. They are licensed in Missouri, Illinois, and California. Contact us today to help find the right loan for you.