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California Mortgage Rates

California Mortgages and Mortgage Loan Rates

Navigating the mortgage market in California is about as challenging as navigating the freeway system criss-crossing the Golden State. But with a little patience and a lot of organization, reviewing and choosing from the many options is easier than you think. Before you dive right in, take a moment to think where you want to cut costs. Do you want to save money by getting a mortgage with the best rate of interest, or the lowest monthly payment, or the least amount of interest expense? Whether you need a mortgage for a new purchase or a home refinance, and regardless of your money-savings motivation, the ideal mortgage is out there. California lenders offer plenty of options including home equity loans and lines of credit, and fixed-rate and adjustable mortgages.

To help make sense of all these options, there’s MortgageSearchLive.com. Tools like mortgage calculators help you compare payments. Other tools help you evaluate rates offered on different types of mortgages. Its broker directory makes it easy to view a listing of lenders and brokers in California. You can even learn more about amortization tables.

Mortgage loan types in California

Three general types of mortgage products are offered in California. The interest rate and amount due month remain the same with fixed-rate mortgages (FRMs). Most borrowers choose FRMs that mature in 30 years. But other maturity dates are available including 10 and 15 years to borrowers that qualify. The primary difference with adjustable-rate mortgages is that interest rates change, and the change will affect the monthly payment. Payments typically are low for the first year or so, but usually increase after that. Second mortgages can have either a fixed or adjustable rate and are available as a home equity line of credit (HELOC) or home equity loan. The rates you’re offered on second mortgages very often are higher than rates on refinance mortgages.

Refinancing in California

Refinancing has many benefits. It can make monthly payments lower, leave you with a chunk of money, or help you eliminate debt by consolidating it. When lowering payment is your reason for refinancing, you’ll need a lower rate on the mortgage or a longer maturity period. Equity is needed if you plan to consolidate debt or get cash out of your home. Equity builds as you decrease the loan balance or the value of your home increases.

Compare California mortgages

If your plan is to get the best mortgage rate, you’ll have to compare offers. Start by understanding the California mortgage options so that you’ll know what to look for once you start gathering and comparing quotes from lenders. Unless you have excellent credit, don’t expect lenders to offer their lowest advertised rates. California rates are sorted by loan type and credit quality to facilitate review by anyone with less-than-excellent credit.

As you compare California mortgage quotes, pay attention to all the costs. One lender may charge points while another might not. If you’re confused, don’t be. The steps to finding the best California mortgage rates are:

  • Knowing market rates and how to compare them.
  • Determining monthly payments and amortization tables for different mortgage products.
  • Accessing MortgageSearchLive.com’s list of qualified brokers and lenders in California.
  • Requesting quotes from several of them.

Popular Areas in California

Anaheim
Arcadia
Arcata
Bakersfield
Berkeley
Bishop
Carlsbad
Carpinteria
Cedar Ridge
Chico
Clearlake
Contra Costa County
Corcoran
Costa Mesa
Crescent City North
Daly City
Danville
Downey
El Cajon
El Centro
Escondido
Eureka
Fairfield
Fortuna
Fremont
Fresno
Glendale
Grass Valley
Hanford
Hayward
Huntington Beach
Irvine
Laguna Hills
La Jolla
Lodi
Long Beach
Los Angeles
Madera
Marina Del Rey
Marin County
Mendocino County
Merced
Mission Viejo
Modesto
Monterey County
Napa
Newport Beach
Oakland
Ontario
Orange County
Oxnard
Palm Desert
Palm Springs
Palo Alto
Pasadena
Paso Robles
Petaluma
Phoenix Lake County
Placer County
Pleasant Hill
Pleasanton
Porterville
Rancho Santa Margarita
Red Bluff
Redding
Redondo Beach
Redwood City
Riverside
Roseville
Sacramento
Salinas
San Bernardino
San Bernardino County
San Diego
San Francisco
San Jose
San Luis Obispo
San Marcos
San Mateo
San Rafael
Santa Ana
Santa Barbara
Santa Clara
Santa Cruz
Santa Maria
Santa Monica
Santa Rosa
Sonoma County
South Lake Tahoe
Stockton
Sunnyvale
Thousand Oaks
Torrance
Truckee
Ukiah
Vacaville
Vallejo
Ventura
Visalia
Walnut Creek