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California Mortgages (CA)

California is one of the most diverse places in the world.  It is home to gorgeous beaches, amazing mountain ranges, Lake Tahoe, and two of the world’s cultural hubs:  Los Angeles and San Francisco.  In addition, California has some of the best weather in the country, boasting a temperate climate year round.  All of these attractions make California one of the most coveted places to live in the world.  People of all nationalities flock to California by the thousands; the population is just rising.  Major population increases are predicted for virtually every city in the state of California, which is driving up the already outrageous cost of homes in this state.  While this news is bad for potential residents, it is great news for individuals who have owned their homes for long periods of time.  This is also great news for individuals who are looking to pull some equity from their homes and lower their monthly payments by refinancing.  Refinancing is the process of securing another loan, which will ideally have better terms and interest rates, in order to pay the remaining balance on your existing mortgage.

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Quick California Housing Facts:

  • Percent of homeowners in California: 56.9%
  • Percent of renters in California: 43.1%
  • Median annual income in California: $48,912
  • Average credit score in California: 672
  • Best California city to live in: Mill Valley, CA
  • Median California home value: $211,500

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When to Refinance in California

Refinancing can be a very precarious process if one does not engage in sufficient amount of research.  Too often, individuals are driven to refinance because they want access to their equity or because they want to lower their monthly payments; however, many of these people end up paying substantially more than they should have paid because they chose to refinance at the wrong time or because they did not engage in the right amount of research prior to refinancing.  When you consider refinancing your home, especially in the competitive California real estate market, it is important that you make sure that rates remain consistently below 1.5% or 2% of what you are currently paying.  Also be sure to check to see that you do not have any penalties associated with prepaying your mortgage; this is where many homeowners who are refinancing find surprising, unexpected charges that can make refinancing a very expensive process.  Refinancing is a process that should always save you money, so be sure to invest time and research before you commit to refinancing.

How much house can I afford in California

Because of the high cost of housing, one of the biggest problems facing California homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for California residences. We work with local and national lenders to make sure that you get the best rate possible.

For more specific information on mortgages in California cities, see the list below:

This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.