The city of Oakland has been a refuge for tens of thousands of people who have sought affordable housing in the San Francisco Bay area. Without a doubt, the best housing bargains left anywhere near San Francisco are located in Oakland, which makes it a fantastic destination for those looking to make their mark in Silicon Valley or in the magnificent California wine region.
With this helpful guide to getting a mortgage, refinance, or a home equity loan in Oakland, CA, we hope to shed some light on some of the more complicated and confusing topics when it comes to entering into a contract with a lender.
One of the nicest things about shopping for a refinance, mortgage, or a home equity loan is that banks and lenders must compete for your business. A few generations ago, most people felt that they only had one choice when it came to getting a mortgage, and it was you that had to impress your bank to get a mortgage. Today, you have literally a hundred different lenders who would love to have your business. They must compete against each other for your business just like if they were a car dealership or an appliance store.
This competition can work in your favor, and so can the law. Most states have a statute on the books that says when you turn an application into a lender for a mortgage or a refinance the lender is required by law to submit a Good Faith Estimate of all the costs that you will incur until you close on your home.
By requiring that your lender guarantee their good faith estimate, they are making a promise to you that their fees will not change. Even if closing is drawn out, you are protected and safe. What makes this so helpful is that it allows you to go ahead and plan out the rest of your home purchase or refinance. You can go ahead and start budgeting money for other parts of your life instead of worrying about your lender. Almost all lenders will guarantee their good faith estimate. Make sure you ask them when you get yours.
If you would like more information on getting a refinance, mortgage, or a home equity loan, click here now.
