Action Steps
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Get loan offers through mortgage brokers in California

Talk with several of the broker's recent clients before getting a loan through that broker. Find out if the broker was able to meet all of their expectations.

I recommend: NorCal Mortgage of Marin is based in San Rafael and offers a variety of loan programs for customers in northern California. Steinbeck Advantage Mortgage in Salinas specializes in refinancing and has a loan application form available for download.

Obtain a referral for California lenders from a real estate agent

Real estate agents usually send a substantial amount of business to their preferred lenders. A smart mortgage lender will take good care of these referrals.

I recommend: Apex Properties is located in San Luis Obispo and also provides mortgage tools. Tinetti Realty Group in Merced offers a full range of residential and commercial real estate services.

Solicit quotes directly from mortgage companies in California

You may want to contact mortgage lenders in CA directly if you are already comfortable with one. Local lenders should be familiar with specific factors that affect the housing market in your area.

I recommend: Mid Valley Financial in Fresno offers loans for both commercial and residential real estate. Eagle Financials and Properties Group in San Jose is a mortgage lender and broker that handles all real estate needs.

Helpful advice for making the most of this Guide

• •  California mortgage lenders may sell your loan to another company. Don't be surprised if you receive a notice from both the old and new lending company advising you of the change and providing instructions for making your payments to the new lending company. The right to service your loan also includes managing your escrows for insurance and property taxes.

1. Check records with government and better-business groups to ensure you're working with reputable mortgage companies in California.
2. Begin your search on the Internet and check the rates and terms at a variety of websites for California lenders and mortgage brokers in California.
3. For mortgages, California lenders and brokers aren’t the only option. National loan originators and brokers may offer the best terms on California mortgage loans.

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Search local associations for lenders and mortgage brokers in California

California mortgage lenders associations and local mortgage brokers associations can help you locate professionals who understand the California housing market.

I recommend: At the California Association of Mortgage Brokers, you can search for a licensed real estate broker by zip code. The California Mortgage Bankers Association provides a list of its members.

Consider California mortgage lenders like local and regional banks

Check with local and regional banks; they are some of the most common California lenders.

I recommend: Check the California Bankers Association to find local California lenders at Calbankers or LocalLender.info or USCITY.net.

Use online sources for California mortgage companies

A number of online sources can help you shop for the best California mortgage lenders.

I recommend: MortgageLoan.com lets you search their list of California lenders and mortgage brokers by city, as does Mortgage-X.

Work with national mortgage lenders for mortgages in California

Many national mortgage lenders offer mortgages in California that may be right for you.

I recommend: Consider national lenders, such as GMAC Mortgage or Wachovia, or check out Equifax, which offers a nationwide mortgage referral service. Veterans may qualify for a loan through the VA Mortgage Center.com or USAA.com, where you can get pre-approved for mortgages in California.

Check with legal authorities about mortgage companies in California

Be sure to vet California lenders before signing any documents to be sure they are trustworthy.

I recommend: I recommend: Enter your ZIP code at the Better Business Bureau website to get contact info for you local chapter, where you can check on California mortgage lenders. Or go to the California Department of Corporations where you can check the license status for mortgage lenders.

Find out what local experts are saying about mortgage companies in California

Real estate experts on California mortgages, including your own real estate agent, can provide information on California mortgage lenders and brokers as well as advice on the market for those looking to buy a house.

I recommend: Check out long-time Los Angeles Times correspondent Peter Viles’ blog covering the southern California real estate market and California lenders. Or, take a look at Curbed SF, a blog covering real estate sales, prices and neighborhoods in the San Francisco area. Locate real estate agents at the California Association of Realtors.

Helpful advice for making the most of this Guide

• •  California mortgage companies should be familiar with California fees and should have a network of local appraisers and title companies to make the process go more smoothly.
• •  Mortgages in California from your bank are negotiable. Shop around for rates from mortgage brokers and mortgage companies before approaching your local bank.
• •  Rate quotes on mortgages in California should all be from the same time period due to market fluctuations.
• •  Tied mortgage brokers don't charge an upfront fee, but work with a limited number of mortgage companies in California who pay them a commission should you choose their mortgage.

Action Steps
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Search for reputable mortgage brokers in California

California mortgage brokers are closely regulated and there are a variety of online resources you can use to investigate a mortgage broker's credentials.

I recommend: The California Association of Mortgage Brokers can help you search for brokers by name, company and city. The California Department of Real Estate allows you to order a list of mortgage brokers on a CD.

Find a directory of mortgage lenders in CA

There are a variety of websites that allow you to select a list of mortgage lenders by state. These sites typically provide other criteria as well.

I recommend: The Reverse Mortgage Page list lenders in California that provide reverse mortgages. RateMarketPlace provides a complete list of lenders in California and also allows searches by city.

Research mortgage companies in California

There are many research sites in California that provide information independent of any one mortgage lender. They may be able to offer specific advice on the housing market in your area and frequently have other resources to help you in your search for a mortgage loan.

I recommend: PersonalHomeLoanMortgages.com provides a complete list of mortgage brokers in California and other resources for prospective homeowners. mortgage101.com offers a list of mortgage brokers in California and also allows you to search by type of loan.

Helpful advice for making the most of this Guide

• •  An independent broker will charge you a fee upfront but will contact a larger number of California mortgage lenders. Tied mortgage brokers don't charge an upfront fee but only work with a limited number of lenders. These brokers usually get a commission from the lender upon approval of the loan.

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Commercial lines

Commercial lines refer to a type of liability and property coverage written specifically for businesses, rather than for personal lines.

I recommend: Axia Real Estate Group offers eligibility requirements and a summary of program parameters for those interested in learning more about commercial lines for business.

Commercial lenders

A commercial lender is a United States mortgage broker that offers loans which have hard collateral backing. Business people use this type of loan for apartments, hotels and retail venues.

I recommend: C-Loans offers a website where business owners in California can find a commercial lender.

The Federal National Mortgage Association

The Federal National Mortgage Association (FNMA), also called Fannie Mae, purchases conventional mortgages, VA mortgages and FHA mortgages from primary lenders. It's the largest United States single home mortgage holder.

I recommend: The Los Angeles Times offers information related to businesses and the Federal National Mortgage Association in California.

FHA mortgage

A lender has insurance against any loss through the Federal Housing Administration with an FHA mortgage, if the borrower pays a premium for his or her mortgage insurance. A benefit of an FHA mortgage is a low down payment.

I recommend: The Mortgage Loan Place defines why a business might want to obtain an FHA mortgage.

Wholesale lender

A wholesale lender is one that provides loans using correspondence or mortgage brokers which initiate the loan transaction, take the application from the borrower then process the borrower's loan.

I recommend: ProGroup Management offers a list of mortgage brokers in the state of California, including wholesale lenders.

California Mortgage Bankers Association

The California Mortgage Bankers Association (CMBA) is an association that dedicates itself to promoting ethical practices in business and growth in the real estate industry, particularly in regards to finance.

I recommend: The California Mortgage Bankers Association offers membership for California business professionals looking for networking opportunities and resources.