Congratulations, you have bought a new home! Or, to be more precise, you are the winning bidder on the home of your dreams. Now for the hard part: obtaining a California mortgage loan. If you thought the home shopping process was a trip, you haven’t seen anything until you start to shop for a California mortgage loan. Offerings and rates are all over the place; let’s take a look at a California mortgage loan deal that just may be right for you.

Ugh! Housing prices across California remain sky high. Still, you have managed to find a home that you have been pre-qualified for and all that remains for you to do is to secure a California mortgage loan. This is an easy task, right? Don’t bet on it! Yet, there are options for you that don’t have to cause you pain or an excess amount of money. Let’s take a look at what these options are and how you can benefit:

VA/FHA – Depending on your qualifications, a little government assistance can go a long way into helping you finance your deal. The Veterans Administration {VA} serves those who served our country via the military while the FHA is open to most borrowers. Either way, these two separate government agencies have been helping consumers obtain California Mortgage Loan for generations now.

Flex Rate Mortgage – Still popular, an adjustable rate California Mortgage Loan can get you into your home at a rate lower than a fixed rate loan. Just remember that after a certain period of time, the APR will increase. Plan on refinancing your home later once you have built up some equity and are in a better position to shop around.

Fixed Rate Mortgage – Always popular, a 30 year fixed rate mortgage holds your monthly California Mortgage Loan rate static for the life of the loan. For some people one of the 40 year California Mortgage Loans makes more sense, while even a 50 year loan could be an option when offered. Always remember that the longer you take to pay back the loan, the more you will dish out in interest payments over the life of the loan.

Friends and Family – Never discount the willingness of close friends and family members to lend you money for your California Mortgage Loan. Sure, not many will be able to hold the complete note on your home, instead a friend or family member may be able to offer to you down payment assistance or enough funds to help your avoid private mortgage insurance.

Special Government Programs – If you are purchasing in a distressed area, a HUD loan may get you into your new home. Or, perhaps, a locally backed city program will offer a California Mortgage Loan that is well within your reach. Check with a licensed mortgage broker for more information.

Yes, buying a home is a big responsibility. Save money on your California Mortgage Loan by shopping around for the deal that is right for you.

Copyright 2006 – For additional information regarding Matt Keegan, The Article Writer, please visit his mortgage blog for real estate information.

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