All mortgage brokers within the state of California must meet state licensing requirements. These requirements include the successful completion of certain academic courses, a state licensing examination, and a specified amount of continuing education. Brokers who work within the state are regulated by the Department of Real Estate. This state department monitors all broker complaints, investigations, and accusations. When purchasing any property within the state of California, be aware that California is considered a “community property state,” which means that each person who resides in a household has a legal right to the home.
The federal Home Ownership and Equity Protection Act protects consumers who live in the state of California. However, there are no anti-predatory laws within the state itself. Therefore, consumers must research all lenders thoroughly. As with many other states, various mortgage programs exist within California such as unique programs for veterans, rural home buyers, and senior citizens. Some consumers may benefit from California’s Affordable Housing Partnership Program, the Interest Only Plus Program, or the 40-Year Fixed Program. Before choosing a California mortgage broker, ask to see a brokerage license and for referrals. To find a California mortgage broker, take a look at the licensed brokers listed on our site. |
