California Mortgages

The median price of home in California is $211,500. The rate at which property value in California is increasing is higher than that of the national average. As a result most of the residents of California have to go for loans to purchase a new home. If you are living in the state you may already have a loan. If the number of borrowers in the state is large, the number of lenders is no less. There is tough competition among the lenders to bag business and survive in the market. As a consequence the average interest rate in California is much lower than the national average interest rate.

If you are planning to own a home or wanting to have your previous loan refinanced at current lower rate it is the apt time to do so. In July of 2002, California law enacted a set of anti-predatory lending laws in order to help protect California homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.

One of the major problems that can make your decision making process regarding mortgage little confusing is the numerous advertisements placed everyday on Newspapers and Television. Almost every lender claim for low rate of interest and in such a situation it becomes difficult for borrowers to decide which loan plan will actually suit them the best. Remember one thing while buying the loan that interest rates are not only determinant of better loan plan. With interest rates, closing costs or points, APR, processing fees every thing is important. Since the amount normally borrowed for home loans are high its just 1 or 1.5 percent can cost you 1000s of extra dollars.

Today, there is wide variety of loan programs available in Arizona. Some of the options available are fixed rate mortgage for a period of 15 years, 20 years, 30 years. Adjustable rate mortgage that adjusts after 6 months, 1 year, 3 years, 5 years, 7 years or 2-step.

Ask us to call you and a loan officer will help you complete an application over the phone.