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Mortgages Explained

In San Francisco, California, a mortgage is a loan given to buy a specific piece of property - usually a house - with the property being purchased with the loan serving as collateral for that same loan.

Getting a mortgage is a big decision. However, if you have decided to buy a house, and determined that you can afford it, a mortgage is probably your best bet. Real estate is very, very expensive. So expensive, in fact, that it would be impossible for almost anyone to buy a home if they had to pay the full price up front. A mortgage allows the seller to get paid immediately (from the bank), with the buyer paying the bank back with interest, over a period of many years, in reasonable installments.

When you buy anything on credit, however, you are going to end up spending significantly more than the purchase price, because you have to pay interest. Obviously, a lender couldn't stay in business if it didn't charge interest on loans, this would cause it to (at best) break even on every loan it issued.

But several home buyers think that a mortgage is worth the extra cost it imposes. After all, it wouldn't be possible for most people to buy homes if they had to pay for the whole thing up front.

Getting a Mortgage in San Francisco, California

When trying to get a mortgage in San Francisco, California, it's critical that you have a good credit history dating back as far as possible. The better your past record of paying back loans, the more likely a bank is to assume the risk of loaning you hundreds of thousands (or more) dollars to buy a house.

The vast majority of lenders will require a down-payment before issuing a loan. This is some up-front payment that represents a percentage of the purchase price. You should ensure that you have enough money saved up to cover the down payment on a house, if you are considering buying one. This will prevent the down payment from straining your finances too much.

You should be mindful of your financial situation, and realistic about it, as well. It might be tempting to abuse credit, and buy a much more expensive home than you can afford. You should make every effort to resist this, and ensure that the price of the home you're buying is priced low enough that it won't result in prohibitive monthly payments on your mortgage. You need to determine how much it will cost per month to own your home, including taxes, maintenance, and mortgage payments. You should make sure that your monthly income exceeds these estimated expenses by a significant amount.

Once all of your affairs are in order, the time to sign the mortgage agreement comes. Once the agreement is signed, the loan is final, and there's no going back. Well before this day, you should make absolutely sure that you clearly understand every single provision of your mortgage agreement, and the obligations it imposes on you.

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Can a San Francisco, California Real Estate Attorney help?

Because of the gravity of the decision to buy a house, and the complexity of some of the issues involved, it is never a bad idea to seek the help of a San Francisco, California real estate attorney if you have any questions whatsoever.

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Life in San Francisco

San Francisco is one of the most exciting cities in California.  Known for its diverse population, liberal atmosphere, and gorgeous location, San Francisco is a small area that has a lot to check out!

One of the most famous attractions is the beautiful Golden Gate Bridge.  Gorgeous views of this attraction can be seen from the Lands End hike.  Of course, nothing beats actually driving on the bridge and experiencing its beauty. 

Other popular attractions include the San Francisco Museum of Art, Chinatown, Ghiradelli Square, Fisherman's Wharf at Pier 39, Golden Gate Park, the Metreon, Union Square, and the beautiful Embarcadero. 

Really a few paragraphs cannot encompass the diverse, fun, and exciting vibe of this hip metropolitan city.  San Francisco's downtown is known at the "Financial District," which has offices of many high-tech start-ups, Fortune 500 companies, as well as law firms!  Everyone from small, to mid-size, to large multi-national firms have an office location in San Francisco.  What is great is that Northern California residents can shop around and choose the attorney and/or firm that will suit their needs best.  Simply put, San Francisco has it all. 

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