Finance Center
Shop for a loan

1. Getting Started	2. Shop for a loan	3. Know the score
4. Get Pre-Approved	5. Application & Processing	6. Getting Funding
7. Questions & Answers

Finding a Lender:  Though you can still find ads in the newspapers and real estate magazines, in today's internet world, you can not only find a lender on the internet but often you can apply directly online.  Another way you might not have thought of is a referral by your real estate agent.  Grisalin & Associates works with several lenders.  We would be happy to suggest lenders we have used successfully and who have proven themselves competitive and capable even with problem properties or low credit scores.

Choosing the Right Lender: Interview several lenders to evaluate the following:

• Their ability to explain things clearly and return your phone calls promptly
• Competitive numbers: interest rates, costs, and fees
• A variety of loan programs to suit your credit profile
• Access to local loan approval committee that understands the kind of property you are buying

Types of Loans: In today's tight market, especially in the bay area, there are just too many types of loans to list here.  Your best option is to ask your lender.  In the meantime, the three most common types of loans are:

1. Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 8 years.
2. ARMs (adjustable rate mortgages): ARM's may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate, and the downside risks of an ARM before making a final decision to use this type of loan.
3. Intermediate ARMs: Also called Hybrid Loans , these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or every year thereafter.