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Anyone who has ever pored over real estate listings in the Bay Area knows that San Francisco mortgages tend to come with a high price tag. For those with less-than-stellar credit, finding a San Francisco home loan that is both affordable and practical can seem nearly impossible. However, with online direct lenders specializing in San Francisco mortgages, both first-time buyers and those looking to refinance can find affordable loans in a matter of moments.
Selecting San Francisco Mortgage Terms
After making the choice to search for San Francisco mortgages online, prospective buyers can access current mortgage quotes quickly and easily via free mortgage calculators provided by lenders. San Francisco homebuyers can also apply for paperless loans online, receiving same-day pre-approval in a competitive market. Online direct lenders specializing in San Francisco mortgages oftentimes also have the lowest fees as opposed to the high costs of using mortgage brokers as intermediaries.
When seeking a San Francisco mortgage, potential buyers will need to decide whether or not they would prefer a fixed-rate or adjustable rate mortgage. While fixed-rate mortgages offer predictable payments each month, San Francisco's adjustable rate mortgages are recalculated periodically and oftentimes benefit from falling interest rates. Popular terms for fixed-rate mortgages include 15, 20, or 30-year loans, while other borrowers will opt for a 30/15 home loan and its inclusion of a balloon payment halfway through.
Of course, for those who are considered high-risk borrowers, acquiring an attractive San Francisco mortgage loan can pose problems. Many times, the best course of action is to locate an online direct lender who specializes in high-risk or bad-credit home mortgages. Such establishments will often offer the best rates to such borrowers, and direct lenders will also tend to charge lower fees than brokerages, alleviating even more of the ultimate financial burden.
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