California is a great place to buy a home for people who would love to focus on their careers. It’s a state with plenty of job options and the wagers are pretty up too. California is on the fifth spot when it comes to the highest wages paid in the US. The average weekly wages in 2019’s first quarter was at 72,000 US dollars annual rate.
A high pay would mean that the cost of living in this state is generally higher than many states, and this is why many are hesitant about getting a house here due to the prices. Buying a house in this state can be expensive as the median home values are usually higher than the national median home values here.
In this state, the median housing value is 509,400 US dollars and this is more than double the national median value which is 217,600 US dollars. This could be why this state has a relatively lower homeownership rate compared to states like Florida. As of 2019, the homeownership rate in Cali is at 54.8 percent, which shows a decline compared to its prior year when it was at 55.2 percent.
There’s no bad reason to get a place in Cali. In fact, California mortgage rates are pretty competitive. You can get an interest rate that is as low as 2.50 percent for a 15-year fixed mortgage in this state. You just really need to shop around and find the best lending companies within Cali. If you don’t know which banks and financial institutions to check, here are some of the best places where you can get a mortgage in the Golden State.
- Bank of America
BofA is one of the world’s leading financial institutions and it has been around since 1956. Its headquarters are in North Carolina and it has offices or hubs in New York, London, Hong Kong, and Toronto. This bank deals with consumer and corporate banking, insurance, investment banking, mortgage loans, private banking, private equity, wealth management, and credit cards. It’s best to go to this bank as you could get up to 100 percent of the appraised value of the house.
JP Morgan Chase is more known as Chase Bank and it operates in the whole United States. It is situated in New York Manhattan and has been around since 1799. It offers financial services like mortgages, credit, and prepaid cards, savings accounts, vehicle loans, investments, and many more. You can get up to 3,000 US dollars at closing with its Chase Homebuyer grant and completion of a homebuyer education course.
- Flagstar Bank
Flagstar Bank was founded in 1987 and it is headquartered in Michigan. It is the primary subsidiary of Flagstar Bancorp, Inc which is a bank holding company. This bank offers banking services like checking and savings account, auto or vehicle loans, and mortgages. It’s the best option for home equity lines of credit that are as low as 10,000 US dollars.
- Guaranteed Rate
This place is a residential mortgage company and its headquartered in Chicago, Illinois. It has been around since 2000 and was founded by Victor Ciardelli. It is known to give low rates for their products and there is no minimum loan amount with them. You could work with them if you’re trying to buy a home or refinance your mortgage.
- Guild Mortgage
This independent mortgage company has been around since 1960. They specialize in residential home loans and is one of the leading companies when it comes to that. It is also known for its comprehensive mortgage services throughout the United States. However, they are unavailable for the residents of New York and New Jersey. Many would also choose them as it is the best lender form waived fees on future refinancing.
Those are the best places where you could get a mortgage if you’re planning to get a house in California. Whether it’s your first time buying a house or it’s your fifth, it’s always important to do your research on where it is best to buy a house and the rates that you could get. It’s also always best to work with a real estate agent and a mortgage broker when you’re purchasing a house.
A real estate agent could assist you when it comes to looking for the right house and even negotiating with the home seller. A mortgage broker could help you score the best deal when it comes to applying for the loan.