California Mortgage Rates
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CALIFORNIA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.95% What does this mean?
About Mortgage Rates in California
Getting the best deal on a mortgage rate in California takes some time and effort. California has over 13 million housing units and the majority of them are owner occupied. The huge market means lots of competing lenders and plenty of borrowing options. Whether you live in Los Angeles, the Central Valley or San Francisco, you still must decide what mortgage loan features are most important for you: the lowest interest rate, lowest payment, lowest interest expenses, or lowest closing costs. This goes for second-mortgages, home refinancing, as well as first-time home purchases.
Mortgage101 is here to help. We have the access to some of California’s best mortgage deals and tools to help you discover the best mortgage for you. Here are some loan types to consider.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Fixed Rate Mortgages in California
This is your parent's mortgage loan. The mortgage interest rate will remain the same on these mortgages throughout the term of the mortgage for the original borrower.
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.