California Mortgage Loans 101: A Beginner’s Guide

Welcome to the California mortgage guide! This page is the next step in your quest for home loan knowledge. Here, we have collected some of our most useful (and most popular) articles for California mortgage shoppers. You can use this resource center to learn about all aspects of the borrowing process, from start to finish.

Overview of the Mortgage Process

First-time home buyers in California tend to have a lot of questions about the mortgage process. Where do you begin? What steps do you need to take along the way? How long does it take, from start to finish? You have questions, and we have answers. The following articles will help you understand how the process flows and how to reach the finish line.

• Basic steps in the mortgage process
• What to do before applying
• Mortgage underwriting explained
• How much can I borrow?

Different Types of Home Loans

VA. FHA. Conventional. Fixed and adjustable. You have a lot of options when it comes to choosing a home loan in California. And most of those choices have certain pros and cons. The key is to choose the best type of mortgage product or program for your financial situation and long-term goals. The following articles will help you explore your financing options.

• Types of mortgage loans
• Fixed versus adjustable loans
• When to consider an ARM loan
• 15-year vs. 30-year mortgage
• The VA loan program
• The FHA loan program

Down Payments

Surveys have shown there are many myths and misconceptions regarding down payments for a mortgage loan. To help clear up the confusion, we’ve created a series of guides to educate California home buyers about down payment requirements and related topics. What you should know right now is that a 20% down payment is not always necessary, and that some borrowers can put down as little as 3% on a home purchase (or less).

• Requirements for FHA, VA and conventional
• Low down payment mortgage options
• Using money from a third party
• Why some people put 20% down

Applications and Other Documents

Documents have always been an important part of the mortgage lending process. Lenders need to review a wide variety of documents in order to evaluate a borrower’s financial situation. These days, much of this documentation can be submitted and processed electronically, which streamlines the process. Here are some articles relating to mortgage documents, applications, and related paperwork.

• List of mortgage documents
• How to submit an application

Closing Costs and Fees

California home buyers and homeowners who use mortgage loans typically have to pay closing costs. In a typical lending scenario, these costs can add up to thousands of dollars. So it’s important for you to understand what they are and how they work. Below, we’ve gathered some articles to help you make sense of closing costs in California.

• Average closing costs for buyers
• Who pays which costs?
• Mortgage origination fees
• Using discount points

Educating California Home Buyers and Homeowners

Here at Bridgepoint Funding, we take consumer education seriously. That’s why we work so hard to publish educational articles for home buyers and homeowners in California. We publish new articles ever week, many of which are geared toward the home buying process and mortgage loans.

We believe that borrowers should go into the mortgage process well informed and well prepared. Armed with the right information and knowledge, you can make smarter choices about your financing options. And that’s in everyone’s best interests.