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Mortgage Tips



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Here Is Your Free Guide To Negotiating A Better Mortgage

Included below are 5 simple steps you can utilize to make sure you are getting the optimal mortgage. There is so much more to your mortgage than just your rate and we want you to be prepared to navigate multiple offers to find the ideal mortgage for your individual needs.

Mortgage Tips

Have you received multiple offers from different lenders?

No two loans are the same so you should always be seeking out at least 2 offers from different lenders. Closing costs, discount points, lender fees, etc, will vary from lender to lender. And while many of these costs will be competitive, by looking at multiple offers you will give yourself a chance to see which lender is truly offering you the lowest cost loan for your borrowing scenario.

How much is the rate you were offered costing you?

Believe it or not, you actually have a decent amount of input when it comes to the interest rate on your home loan. While many factors go into the rate that you are offered, such as your credit score, down payment amount, and the like, as the borrower you do have some say in your rate. This can be beneficial to get a lower rate but it comes as a cost to you as the borrower. Knowing how much discount you are paying is quite important in order to gauge which lender really has a lower rate for you.

Are you required to pay upfront out of pocket expenses?

Some lenders may ask you to pay for specific items to start the home loan process. While this is fairly standard throughout the mortgage industry, some lenders, such as the West Coast Mortgage Group, may work with you in good faith to cover some of these expenses up-front, if possible, to help reduce your costs. Additionally, you may see some lenders offering a “no-cost loan” which sounds great, however, once you dive into the fine print, you will likely see that your interest rate is being raised up to afford you a credit to cover your expenses. It is important for you to know the differences between pricing and this is a concept that not all consumers are aware of and it can have a big impact on your home loan.

Are you eligible for any specialty mortgage products?

While most lenders have access to the same mortgage products, some lenders like the West Coast Mortgage Group are highly invested in being knowledgeable about different loan products that may benefit our customers. Some of these products only require the borrower to take a simple online class but in turn can offer lower interest rates and even down-payments all the way to just 3%. The process of these loans is no different but the savings to our customers can be dramatic. If you haven’t asked already then you should definitely inquire about and potential specialty loan products that you may be eligible for.

What is your APR and why does it matter?

Did you know there is an important variable to look at when comparing mortgage offers known as your APR? This item is often overlooked, but the APR is realistically the true cost of your borrowing money to purchase or refinance your house. The APR, which stands for Annual Percentage Rate, is a more broad measure of the total cost of your loan. It reflects not only your interest rate, but also any points, mortgage broker fees, and other charges that you pay to get the loan. Most of the time, your interest rate will be a small amount less than the APR, but if you are seeing a large deviation between the two, somewhere around 1%, then you will want to ask your loan agent why this is the case as well as entertaining other offers.

The West Coast Mortgage Group

We are dedicated to helping our clients obtain the mortgage loan that is right for their current borrowing scenario. This is accomplished by asking each customer five simple questions to ascertain the details of their proposed mortgage and give us a chance to submit to them a better offer.[/vc_column_text][vc_separator color=”custom” accent_color=”#285ab3″][vc_column_text el_id=”calculator”]

Mortgage Calculator

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How do I know how much of a mortgage I can afford?

Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first-time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.

How do I know which type of mortgage is best for me?

There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. West Coast Mortgage Group can help you evaluate your choices and help you make the most appropriate decision.

How is an index and margin used in an ARM?

An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally, the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).

How much cash will I need to purchase a home

The amount of cash that is necessary depends on the loan program and the number of occupancies. Generally speaking, though, you will need to supply: Earnest Money: The deposit that is supplied when you make an offer on the house Down Payment: A percentage of the cost of the home that is due at settlement Closing Costs: Costs associated with processing paperwork to purchase or refinance a house.

What does my mortgage payment include?

For most homeowners, the monthly mortgage payments include three separate parts: Principal: Repayment on the amount borrowed Interest: Payment to the lender for the amount borrowed Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.

What is the difference between a fixed-rate loan and an adjustable-rate loan?

With a Fixed-Rate mortgage, the interest rate stays the same during the life of the loan. With an Adjustable-Rate Mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us[/vc_column_text][vc_separator color=”custom” accent_color=”#285ab3″][vc_column_text el_id=”links”]


Visit California D.R.E.

The mission of the California Bureau of Real Estate is to safeguard and promote the public interests in REAL ESTATE MATTERS through licensure, regulation, education, and enforcement.

Visit Visit California D.R.E.

Homebuyer Education by Freddie Mac

Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.

Visit Freddie Mac

United States Postal Service Official Movers Guide

What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help make the moving process easier.

Find Movers Guide Here![/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]