The average rate for a 30-year fixed mortgage loan in California and nationwide rose above 7% this week, for the first time in 20 years. That's based on a recent report by Freddie Mac, which we'll get to in a…
Five key highlights from this article: The Bay Area is an expensive real estate market. Home prices have risen even higher over the past two years. Many buyers want to minimize their monthly payments. A 30-year mortgage can help you…
Do you plan to use a mortgage loan to buy a home in California sometime in the near future? If so, there's a good chance you'll have to make a down payment of some kind. This guide explains the minimum…
A housing industry report published recently showed that home equity loans and home equity lines of credit (HELOCs) have become increasingly popular in California. In 2022, it seems that more and more homeowners have used equity loans and HELOCs as…
"I'm applying for a mortgage loan in California and want to know how much I can borrow. How do California banks and mortgage lenders decide how much to lend? Is it all just based on income?" These are some of…
A new report published this week estimated how much income Bay Area home buyers would need to cover their monthly mortgage payments. Researchers calculated the "minimum qualifying income" by using current mortgage rates and home prices, and assuming a 20%…
For many first-time home buyers in California, the mortgage qualification and approval process is one big mystery. Borrowers tend to have a lot of questions about this process. What does it take to qualify for a mortgage loan in California?…
Is the 5-year ARM loan a good mortgage option for California home buyers? Sometimes yes, other times no. The key is to understand how these mortgage loans work over the long term, and to make an informed decision based on…
In a previous blog post, we explained what private mortgage insurance is and how it affects you as a home buyer. Today, we'll explore the process of cancelling private mortgage insurance (PMI) in California. In short: Homeowners with a PMI…
Oh no, not mortgage insurance! California home buyers often react this way when they learn they have to pay for private mortgage insurance (PMI). And that's understandable. In California, PMI can increase the size of a homeowner's mortgage payment by…
