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San Diego downtown real estate broker

Bob Schwartz, CRS, GRI 

Certified Residential Specialist



San Diego, California 92101

Telephone - Cell:
(619) 300-8819

(619) 229-0048

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When You are Applying For a Loan...


Anyone thinking about applying for a loan needs to carry out a little research first; you will then be better equipped to find the best loan for your needs. There are some simple but basic rules to follow and provided this is carried out you will not apply for the wrong loan. Firstly, you would do well to locate finance companies that you can apply to; look for as many suitable lenders as you can, so that you can find the very best deal.

There are many online pages that allow you to compare loan rates from a variety of lenders; it is a relatively simple process finding a lender to meet your exact needs. However, remember that if you ask for a detailed quote when you apply for a loan, the lender will have to look at your credit report; each check carried out actually lowers your credit score so just ask for general information until you find the loan you want. When shopping for a loan, you should look past the promotional APR rates and terms, and ask the lender what the monthly repayments are; there may be other charges you need to be aware of that could increase the costs even though the annual percentage rate is low.

If you are in a work environment where sick payments are not very good then insurance protection against injury or sickness is the answer; look at the cost of taking out such cover, both with the lender and with other companies. Before you decide on a particular loan insurance protection plan, check how much is covered by your employment contract first. When you applying for a loan there is generally no requirement for it to be secured; if have good enough credit to borrow without collateral, then do so.

These loans appeal to some as they have lower rates but if something untoward were to happen and payments were missed, your home could be at risk. Make sure before you finalize the agreement by signing it that you have checked the small print; this is where all the potentially dangerous clauses are hidden that have financial penalties. The section to check carefully is the one that states the conditions should a payment be late or if there are penalties for early settlement.

The simple rule is, the longer the repayment term, the more you pay in interest so try and keep the repayment term a short as possible; you cannot be sure what your financial situation will be at a later time. When arranging a loan that is to be used for your home then this is not quite as important because the property will appreciate in value; a loan for a car for instance or a wedding will not warrant the additional repayments especially as it just means you are paying far more in interest. Ultimately though it is important you ensure that you can comfortably afford the repayments when you apply for a loan; it is also important to know the reason you are taking out the loan is to help with a genuine need.


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San Diego downtown real estate broker