Looking to get a mortgage in the City of Angels? You’re not alone.
With its world-class beaches, culture, and entertainment, LA is an attractive place to live – and a great place to buy a house, too.
But before you take the plunge into homeownership, it’s important to learn a little bit about finding the right mortgage that works for you. We’ll cover topics like who qualifies for a loan, what kinds of mortgages are available, and how to choose a mortgage lender in Los Angeles, CA. So if you’re in the market for a mortgage in LA, you’re in the right place. Let’s get started!
Check Today’s Rates
If you’re looking to get the best mortgage rate, you’ve come to the right place.
We’ll explain how interest rates are calculated, how to compare mortgage products and how to get the best rate depending on loan types.
We’ll make sure you understand exactly what you’re signing up for. With our help, you can get the mortgage that’s perfect for you!
About the City of Los Angeles, CA
Los Angeles, CA is a major metropolitan area located in the Greater Los Angeles Area in Southern California. It is the most populous city in California, the second largest city in the United States. Los Angeles’ climate is typically warm and sunny. The city’s urban sprawl has resulted in a lack of adequate public transportation systems; however, the Los Angeles County Metropolitan Transportation Authority (LACMTA) provides bus service and operates a light rail system.
Los Angeles County is bordered by the Pacific Ocean on the west and the San Gabriel Mountains on the north. To the east lies Orange County, which is home to Disneyland, while to the southeast is Ventura County. The Santa Monica Mountains separate Los Angeles County from Ventura County and lie along the southern edge of the city. The Los Angeles Basin is the region within which the city of Los Angeles is located.
Buying a Home in Los Angeles, CA
Buying a home in Los Angeles, California can be an excellent investment decision.
Not only is it one of the most desirable cities to live in on the West Coast, it’s also home to numerous opportunities for career growth and entertainment.
Here are some questions you’re probably thinking about already:
- What salary do you need to buy a house in Los Angeles?
- Is it smart to buy a home in Los Angeles?
- Is it hard to buy a house in Los Angeles?
- What is the average down payment on a house in Los Angeles?
Even though property prices in the area are usually high, the city has a strong economy and job market, making it easier for potential buyers to get pre-approved mortgages. As such, investing in Los Angeles real estate can lead to tremendous financial gain and a luxurious lifestyle within the beautiful settings of California.
Buying a home is an investment. Opting to rent means paying someone else’s mortgage, rather than investing your own money in an asset that will appreciate over time.
Not only that, but home ownership builds equity. Over time, your equity increases with the market value of your home, and becomes a nest egg that can help you build wealth for the future.
Overall, getting a mortgage can be a complex process, but it’s important to carefully consider your options, shop around for the best mortgage, and be prepared for the application and closing process.
What Are Mortgage Lenders in Los Angeles, CA Looking For?
The very first step in getting a mortgage is to consider your budget and how much you can afford. We can give you an idea of the monthly payments based on what you’re looking for – just keep in mind that we’ll need to verify a few things to put things in ink.
The next step is to learn about the different types of mortgages and their eligibility requirements.
What this allows you to do is :
- Compare your options based on their eligibility requirements and total cost to you
- Narrow down which programs are the best fit for you and your family
- Select the program that best suits your needs and apply with confidence
That’s all there is to it. We try to keep things simple.
What Documents Do I Need To Get A Mortgage in Los Angeles, CA?
A mortgage application typically requires:
- Verification of employment and income
- Confirmations of debts and assets
- An overview and review of your credit history
- Rental history if this is your first home
- Lease agreements for any properties you’re the landlord on
How to Get a Mortgage in Los Angeles, CA?
Here are the 5 steps to get approved for a mortgage:
- Check your credit score: Before applying for a mortgage, it’s important to check your credit score to ensure you’re in a good position.
- Decide how much house you can afford: Crunch the numbers to make sure you can comfortably afford the mortgage payment each month.
- Research different lenders: Shop around to find the best rates and fees from various lenders.
- Choose which type of mortgage is right for you: Consider adjustable-rate mortgages (ARMs) or fixed-rate mortgages based on your needs.
- Find out what documents are needed: Collect all of the necessary documents from your lender such as bank statements and tax returns.
- Prequalify for your loan: Many lenders will do a Pre-Qualification process to see if you’re eligible for a loan.
- Submit your application: Once you’ve put together all of the required paperwork, submit everything to your lender for review.
- Complete the underwriting process: After your application has been approved, your lender will go through a process to verify your information.
- Lock in the rate: If applicable, lock in the rate of your loan before it changes while in process.
- Go to closing: Attend the final closing with your attorney, sign all necessary documents, and submit the down payment.
Types of Loans Available in Los Angeles, CA
It’s easy to become overwhelmed by the variety of mortgage products available to you when searching for a home loan. Find out what works best for you based on the options below, but if you have any questions, don’t hesitate to get in touch with us.
The Federal Housing Administration (FHA) offers a loan program that can make the dream of owning a home a reality.
FHA loans are insured by the Federal Housing Administration. You can apply for an FHA loan with a credit score as low as 580 and a 3.5% down payment.
With an FHA loan, you’re eligible for a lower down payment and more flexible credit score requirements – making it easier than ever to purchase a home.
On top of attractive rates, FHA loans feature low closing costs and very low mortgage insurance.
Even if you have less-than-perfect credit, these loans can help open the door to homeownership.
So, what are you waiting for?
Check out the benefits of an FHA loan today – and take the first step toward a future in your own home.
Learn more about FHA loans in Los Angeles, CA.
A VA home loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The program was created to help veterans and service members purchase homes with little or no money down and at more favorable terms than most other loans available on the market.
- Low or no down payment: VA home loans do not require a down payment, so qualified borrowers can finance 100 percent of the purchase price. For buyers making a low down payment, private mortgage insurance (PMI) is not required with a VA loan.
- Competitive interest rates: Interest rates on VA loans are competitive and often lower than those found with conventional financing options, especially for first-time homebuyers who may have limited credit history to qualify for other types of mortgages.
- No prepayment penalty: Unlike some other types of loans, a VA loan allows borrowers to prepay their mortgage at any time without penalty. Refinancing is also possible without fees or penalties.
- No monthly mortgage insurance: The monthly cost of PMI is eliminated with a VA home loan, allowing borrowers to save thousands over the life of the loan.
Learn more about VA loans in Los Angeles, CA.
A USDA loan is a type of home mortgage insured by the United States Department of Agriculture (USDA). It enables low and moderate-income households to purchase homes in rural areas with zero down payment.
- 100% financing: USDA loans require no down payment, so homebuyers can finance 100% of the purchase price.
- Flexible credit requirements: USDA mortgages are available to borrowers with less-than-perfect credit and may be more forgiving of past credit issues than other loan types.
- Lower interest rates: USDA mortgage rates tend to be lower than those offered by conventional or FHA loan programs, making them an attractive option for many first time buyers and existing homeowners alike.
Learn more about USDA loans in Los Angeles, CA.
A jumbo loan might make sense for someone who is looking to purchase an expensive home, such as a luxury property or one in an area with high real estate prices. It may also be beneficial if the borrower has excellent credit and wants to take advantage of lower interest rates available on larger loans.
Jumbo loans will usually have higher down payment requirements since the lender is taking more risks by writing the loan. The interest rate on a jumbo loan may also be higher than the rates for other mortgage loans.
Learn more about Jumbo loans in Los Angeles, CA.
30 Yr Fixed Mortgage
Some of the benefits of a 30-year fixed-rate mortgage are:
- Lower rates: 30-year fixed mortgages typically come with lower interest rates than other types of home loans, making them a good choice for those looking to keep their monthly payments low.
- Predictable payments: With a 30-year fixed mortgage, your principal and interest payment remains the same throughout the life of the loan which makes budgeting easier since you know what your monthly payment will be each month.
- Build equity faster: Since you are paying down more principal each month on a longer term loan like this one, it allows homeowners to leverage the value of their home.
Learn more about 30-Year Fixed Rate mortgages in Los Angeles, CA.
15 Yr Fixed Mortgage
A 15-year fixed mortgage can be a good idea for several reasons. First, 15-year mortgages typically have lower interest rates than longer-term mortgages, which means you can save money on interest over the life of the loan. Additionally, because 15-year mortgages have a shorter term than longer-term loans, you’ll build equity in your home faster and be able to pay off your mortgage sooner.
On the other hand, 15-year mortgages also have higher monthly payments than longer-term loans, which can make them more difficult to afford for some borrowers. Additionally, because the monthly payments are higher, you’ll have less flexibility in your budget to save money or make other financial decisions.
Overall, whether a 15-year fixed mortgage is a good idea depends on your individual financial situation and goals. It’s a good idea to carefully consider your options and speak with us to determine the best choice for you.
Learn more about 15-Year Fixed Rate mortgages in Los Angeles, CA.
Adjustable Rate Mortgage
An ARM is a type of mortgage that has an interest rate that can fluctuate over time. The interest rate is typically tied to a financial index, such as the prime rate or the London Interbank Offered Rate (LIBOR), and it can go up or down depending on changes in the index.
As a top rated Los Angeles mortgage lender, we can tell you that adjustable-rate mortgages (ARMs) can go down.
This means that if the index the ARM is tied to goes down, the interest rate on the ARM will also go down. This can be beneficial for borrowers because it can lower their monthly mortgage payments. However, it’s important to keep in mind that the interest rate on an ARM can also go up, which can increase your monthly payments.
Overall, whether an adjustable-rate mortgage is a good idea depends on your individual financial situation and goals. It’s a good idea to carefully consider your options and give us a call to find out what makes sense for you.
Learn more about Adjustable Rate mortgages in Los Angeles, CA.
Frequently Asked Questions
How do I contact your mortgage company in Los Angeles, CA?
We’re always available.
You can contact us via phone by calling 888-670-7550.
If phones aren’t your thing, you can check rates and eligibility on our site for free.
Where is your Los Angeles, CA mortgage office located?
We service the area near the DoubleTree by Hilton Hotel Los Angeles Downtown, however we can also do Zoom or phone appointments if thats easier.
What is a mortgage?
Securing a mortgage is simply taking out a loan for the full purchase price of your home, with interest added over time as payback to the lender. With numerous loan options available, you can select one that best meets your unique needs.
What’s the difference between Pre-Approval and Pre-Qualification?
In simple terms, pre-qualification is your mortgage adviser’s assessment of your ability to purchase a home. It’s based on your credit score and some other self-reported information. Pre-qualification allows you to figure out what loan program is right for you, as well as how much mortgage you qualify for, but it’s nothing set in stone.
The pre-approval confirms how much you’re able to borrow. Your income and asset documents are reviewed in a more formal way. Once pre-approved, you can begin seriously looking for a house to purchase. A mortgage lender will be able to give you advice if you aren’t able to get pre-approved, such as how to improve your credit score, reduce your debt, or overcome any other financial obstacles preventing you from buying a home.
How can I manage a healthy credit score?
You can get the best personalized advice from your mortgage lender, but here are some basic tips:
- Make sure you never miss a payment
- Try to keep your credit utilization below 30%
- Keep old accounts open
- Avoid opening too many new accounts