California Mortgage Rates

California mortgage rates or mortgage rates in California are dependent on a number of factors. A large number of mortgage lenders are operating in the state of California who offer competitive mortgage rates. Borrowers are able to get the information from advertisements, as well as online quotes.
The various types of lenders who offer mortgage loans in California include savings and loan associations, banks, as well as mortgage brokers.

The various types of mortgages offered in the state of California include the following:
Home equity loans
Home mortgage loans
Fixed rate mortgage
Adjustable rate mortgage
Reverse mortgage
Commercial mortgage
Together, these mortgages are known as California Mortgage Loan Programs.

The fixed rate mortgages in California are available in different forms such as 15 year fixed rate mortgage, 30 year Fixed Rate Mortgage, and the Bi-Weekly Mortgage.

One example of commercial mortgage in California is the California First Mortgage Program.

The California Reverse Mortgage is a special type of mortgage available for senior citizens.

The mortgage rates in California vary from one lender to another. The American Enterprise Bank of Florida offers a rate of 6.25% and at the same time Global Mortgage is offering a rate of 6.125%.

For buying a California Home Mortgage, the borrowers have to undergo income verification because the lenders examine that the borrower is able to make monthly mortgage payments or not and if they have sufficient amount of cash for putting the down payment. Besides this, it is also essential that the property has satisfactory appraisal value.

The mortgage rates in California also differ depending upon the type of mortgage.

The various rates of mortgages in California are given below:

Conforming (Fixed) Rate
10 Year Fixed 5.72%
15 Year Fixed 5.72%
20 Year Fixed 5.90%
30 Year Fixed 5.90%
Adjustable Rate
1/1 Adjustable 4.07%
3/1 Adjustable 5.75%
5/1 Adjustable 5.95%
7/1 Adjustable 6.08%
10/1 Adjustable 6.19%

The mortgage rates for jumbo loans in California are higher compared to a conforming fixed rate mortgage. The jumbo mortgages are meant for investment in real estates.

For obtaining a mortgage in California, the formula of mortgage-qualifying ratio is implemented. The mortgage-qualifying ratio explains how much money should be spent for purchasing the mortgage.

The leading mortgage lending institutions in the state of California include the following:

Bank of America
Opulent Mortgage Incorporated
Aries Financial Services
Downey Savings and Loan Association, F.A.
California Mortgage Bankers Association
MortgageBase Incorporated
IndyMac Bank
Ellie Mae Incorporated
Lender Support Systems Incorporated

Some of the leading mortgage lenders in California are based in California itself, and the other companies are located in the other states of U.S.A.

The California Mortgage Association was established to provide legal assistance, legal counselling, as well as various types of programs for its members.

The prinicipal objective of California Mortgage Association is the following:
Improvement of the standard of mortgage business
Development of education among the people
Promotion of the activities of mortgage lenders who are involved in the business
Creating an atmosphere of cooperation
Contact Details:
California Mortgage Asssociation
2520 Venture Oaks Way
Suite 150
Sacramento, CA 95833
Tel: (916) 239-4080
Fax: (916) 924-7323

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Last Updated on : 24th August 2013