What is the best way to get a good mortgage rate in California?

I like that your asking about a good mortgage… not the BEST. There is no BEST out there. If your friend likes the rate (more importantly the payment) then he should be ok.

Find a loan officer you like and can trust. When you get the good faith estimate keep in mind that the items from the loan officer are going to be:

Origination, Mortgage Broker Fee, Processing, Credit Report and if they are sneaky an application fee.

Most of the items the loan officer discloses to you are in fact 3rd party fee’s and in reality we have little control of this… Especially with a purchase since many of the service providers are picked by the agents.

Appraisal, tax service, underwriting, title/escrow, notary, doc prep etc… Also taxes and insurance.

Expect title and escrow to cost a pretty penny. Keep in mind that the companies that are used are typically picked by the agents but it is a negotiable item in the contract. If you shop around you maybe able to find better pricing. Make sure it is better for both you and the seller or the seller most likely will not be willing to change companies.

Regarding the rates… depending on the loan amount, credit, documentation etc… they may be great or they maybe on the high side. Without knowing the scenario it is hard to tell if the pricing is right in line; however 6.25% is not a bad rate.

Good Luck

Kevin 866-562-6838 x 106
kruorock@firstratelending.com