Today’s California Mortgage Rates for Great Credit Score Borrowers

Getting the Best Mortgage Rates in California

Today’s California Mortgage Rates & Loans for Fair, Good, and Great Credit Scores

Are you in the market to buy a home in California? Or are you looking to refinance an existing California mortgage loan?

Refinancing or buying a home in Los Angeles, San Diego, San Francisco, San Jose, Sacramento, Riverside, Fresno, San Bernardino, Modesto, or any other city in California will be one of the most important purchases you will ever make. Not surprisingly, it also tends to be one of the most expensive.

Taking the time to find the best California home mortgage rates, before you commit to a long-term mortgage loan, is key to saving money in the long-term. As such, conducting a mortgage comparison between mortgage rate providers and lenders in California, before you purchase your home, is critical because today’s California mortgage rates are constantly changing.

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Which California City Are You Located in?

Mortgage loans for California based residents with good, great, and excellent credit scores are based on the city in which they are located, as well as on the amount of their down payment, the total loan amount, location and condition of the house (appraisal), and a wide range of other factors.

Most mortgage lenders in Los Angeles, San Diego, San Francisco, San Jose, Long Beach, Sacramento, Riverside, Fresno, San Bernardino, Oakland, and Modesto require a down payment of around 20%. Below is a list of some of the largest cities in California. 

Top California Cities California Counties Land area
Los Angeles Los Angeles 468.67 sq mi (1,213.8 km2)
San Diego San Diego 325.19 sq mi (842.2 km2)
San Jose Santa Clara 176.53 sq mi (457.2 km2)
San Francisco San Francisco 46.87 sq mi (121.4 km2)
Fresno Fresno 111.96 sq mi (290.0 km2)
Sacramento Sacramento 97.92 sq mi (253.6 km2)
Long Beach Los Angeles 50.29 sq mi (130.3 km2)
Oakland Alameda 55.79 sq mi (144.5 km2)
Bakersfield Kern 142.16 sq mi (368.2 km2)
Anaheim Orange 49.84 sq mi (129.1 km2)
Santa Ana Orange 27.27 sq mi (70.6 km2)
Riverside Riverside 81.14 sq mi (210.2 km2)
Stockton San Joaquin 61.67 sq mi (159.7 km2)
Chula Vista San Diego 49.63 sq mi (128.5 km2)
Fremont Alameda 77.46 sq mi (200.6 km2)
Irvine Orange 66.11 sq mi (171.2 km2)
San Bernardino San Bernardino 59.20 sq mi (153.3 km2)
Modesto Stanislaus 36.87 sq mi (95.5 km2)
Oxnard Ventura 26.89 sq mi (69.6 km2)
Fontana San Bernardino 42.43 sq mi (109.9 km2)
Moreno Valley Riverside 51.27 sq mi (132.8 km2)
Glendale Los Angeles 30.45 sq mi (78.9 km2)
Huntington Beach Orange 26.75 sq mi (69.3 km2)
Santa Clarita Los Angeles 52.72 sq mi (136.5 km2)
Garden Grove Orange 17.94 sq mi (46.5 km2)
Santa Rosa Sonoma 41.29 sq mi (106.9 km2)
Oceanside San Diego 41.23 sq mi (106.8 km2)
Rancho Cucamonga San Bernardino 39.85 sq mi (103.2 km2)
Ontario San Bernardino 49.94 sq mi (129.3 km2)
Lancaster Los Angeles 94.28 sq mi (244.2 km2)
Elk Grove Sacramento 42.19 sq mi (109.3 km2)
Palmdale Los Angeles 105.96 sq mi (274.4 km2)
Corona Riverside 38.83 sq mi (100.6 km2)
Salinas Monterey 23.18 sq mi (60.0 km2)
Pomona Los Angeles 22.95 sq mi (59.4 km2)
Torrance Los Angeles 20.48 sq mi (53.0 km2)
Hayward Alameda 45.32 sq mi (117.4 km2)
Escondido San Diego 36.81 sq mi (95.3 km2)
Sunnyvale Santa Clara 21.99 sq mi (57.0 km2)
Pasadena Los Angeles 22.97 sq mi (59.5 km2)
Fullerton Orange 22.35 sq mi (57.9 km2)
Orange Orange 24.80 sq mi (64.2 km2)
Thousand Oaks Ventura 55.03 sq mi (142.5 km2)
Visalia Tulare 36.25 sq mi (93.9 km2)
Simi Valley Ventura 41.48 sq mi (107.4 km2)
Concord Contra Costa 30.55 sq mi (79.1 km2)
Roseville Placer 5.16 sq mi (13.4 km2)
Santa Clara Santa Clara 18.41 sq mi (47.7 km2)
Vallejo Solano 30.67 sq mi (79.4 km2)
Victorville San Bernardino 73.18 sq mi (189.5 km2)
El Monte Los Angeles 9.56 sq mi (24.8 km2)
Berkeley Alameda 10.47 sq mi (27.1 km2)
Downey Los Angeles 12.41 sq mi (32.1 km2)
Costa Mesa Orange 15.65 sq mi (40.5 km2)
Inglewood Los Angeles 9.07 sq mi (23.5 km2)
Ventura Ventura 21.65 sq mi (56.1 km2)
West Covina Los Angeles 16.04 sq mi (41.5 km2)
Norwalk Los Angeles 9.71 sq mi (25.1 km2)
Carlsbad San Diego 37.72 sq mi (97.7 km2)
Fairfield Solano 37.39 sq mi (96.8 km2)
Richmond Contra Costa 30.07 sq mi (77.9 km2)
Murrieta Riverside 33.58 sq mi (87.0 km2)
Burbank Los Angeles 17.34 sq mi (44.9 km2)
Antioch Contra Costa 28.35 sq mi (73.4 km2)
Daly City San Mateo 7.66 sq mi (19.8 km2)
Temecula Riverside 30.15 sq mi (78.1 km2)
Santa Maria Santa Barbara 22.76 sq mi (58.9 km2)
El Cajon San Diego 14.43 sq mi (37.4 km2)
Rialto San Bernardino 22.35 sq mi (57.9 km2)
San Mateo San Mateo 12.13 sq mi (31.4 km2)
Compton Los Angeles 10.01 sq mi (25.9 km2)
Clovis Fresno 23.28 sq mi (60.3 km2)
South Gate Los Angeles 7.24 sq mi (18.8 km2)
Vista San Diego 18.68 sq mi (48.4 km2)
Mission Viejo Orange 17.74 sq mi (45.9 km2)
Vacaville Solano 28.37 sq mi (73.5 km2)
Carson Los Angeles 18.72 sq mi (48.5 km2)
Hesperia San Bernardino 73.10 sq mi (189.3 km2)

Source: Wikipedia

California Mortgage Loans Above $424,100 May Have Different Home Loan Terms

If you have a good, great, or excellent credit history and you are seeking a California home loan for more than $424,100, some home loan lenders may be able to provide more favorable rates and terms. As such, you should confirm your loan terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from the California Mortgage Terms

Something you should note is that the home loan terms (APR and payment info) often do not include amounts for Californian taxes or required insurance premiums in the state of California.

Your monthly home loan payment amount will be greater when Californian taxes and insurance premiums are included.

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Key Requirements for Buying a House in California

Before or after you apply for a California mortgage, you’ll want to ensure that you complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit score
  • Save some extra funds for your closing cost (there might be additional expenses that you’ll need to pay)
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal

Needed Documents for a Mortgage Loan Application

According to Chase bank, below are the most common California mortgage loan documentation that you should gather together when applying for a mortgage loan in CA.

Good or Excellent Credit Score

Most home lenders that provide loans in California use a type of credit score known as a FICO score to determine if a California based borrower is creditworthy or not. FICO scores range anywhere from 300 to 850, with the higher numbers being considered the most creditworthy and the lower numbers being considered the biggest financial risk.

The range of FICO scores used by California mortgage lenders generally falls into these categories:

  • 300 – 629 is considered a bad credit score
  • 630 – 689 is considered a fair credit score
  • 690 – 719 is considered a good credit score
  • 720 – 850 is considered an excellent credit score

In case you are wondering what the average credit score is, see the below table from Fico. It shows the average FICO score from 2005 – 2015.

According to CNBC, as of this year, the average score is 700.

Source: FICO

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Conclusion – Finding a Top Mortgage Loan for a Home in California

Buying a first home is not a quick shopping experience. Average processing (from start of application to closing) in Los Angeles, San Diego, San Francisco, San Jose, Sacramento, Riverside, Fresno, San Bernardino, Modesto, or any other city in California normally takes between 30-45 days.

As such, you need to have a plan set in place for buying your first house to avoid extra expenses and unnecessary delays.

If you are in the market to buy a home, a low down payment can be an option. It is a great way to get into a home and start building equity. If you apply for a fixed-rate California conventional loan (10-year, 15-year, 20-year, or a 30-year mortgage loan), the best home loan lenders in California will often allow you to remove the mortgage insurance. But that’s only if you deposit 20% or more of the home price in the form of a down payment.

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