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Tips for Finding the Best Los Angeles Mortgage Rates

February 1, 2019 By ajwpaccess

Tips for Finding the Best Los Angeles Mortgage Rates

Los Angeles is a competitive housing market. Finding a good deal on a home can be a challenge, as can finding a mortgage with affordable interest rates and favorable terms.

If you are still in search of the lowest Los Angeles mortgage rates, the tips below can help you out.

1. Do your research.

The first mortgage rates you are quoted during your search probably will not be the most competitive ones. While it is possible to get lucky on your first try, the only way that you can verify that has happened is by doing your research.

So, hunt around and see what kind of rates different lenders are offering. It may take some effort to track down the most competitive rates, but the willingness to do that work may help you to save thousands of dollars over the years ahead.

2. See if you qualify for any special loan programs.

Another way you can potentially get access to lower interest rates is by applying for a loan program which is government-insured. A couple of examples are FHA loans, which are insured by the Federal Housing Administration, and VA loans, which are insured by the Department of Veterans Affairs.

What is really exciting about these special loan programs is that they are available even to customers whose credit scores are not perfect. So even if you do not qualify for excellent interest rates on a conventional loan, you may be eligible for fantastic rates on a FHA or VA loan.

3. Consider a higher down payment.

Another way you can potentially reduce your interest rates in Los Angeles is to put more money down on a home to begin with. When you make a higher down payment, the lender does not need to loan you as much money, which reduces the risk profile of the situation.

This in turn means interest rates tend to be lower. And since you have paid off more of your loan in advance, the monthly amount that you need to pay going forward should also be reduced.

One great thing about the previously mentioned FHA and VA loan programs is that they combine flexible credit qualification with low or zero down payment.

That means that even if you cannot afford to make a high down payment in order to reduce your interest rates, you may still qualify for low rates. Credit which is less than perfect will also not stand in your way.

4. Do what you can to improve your risk profile.

Finally, one more thing you can do to find the best interest rates in Los Angeles is to look into your own financial situation in more detail before you go out shopping for a home loan.

Could your credit score be higher? What about your debt-to-income ratio? Could that be improved? Would you qualify for better rates if you waited a while to build up a longer and steadier employment history?

So long as you’re not on a strict timetable for completing the home purchase process, you may be able to make some improvements in your financial life. This will make you a more attractive perspective customer, and lenders may be willing to offer you lower interest rates as a result.

We Can Help You Apply for an Affordable Los Angeles Mortgage

If you have been having a hard time finding competitive mortgage rates in Los Angeles, Pacshores Mortgage Inc. can help. Please call us today at (310) 478-5005, and we will schedule you for a consultation to discuss your needs.

Filed Under: Mortgage Rates Tagged With: California, Los Angeles, Tips

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Call us today (310) 478-5005 or fill in form below and we will get back to you as soon as possible.

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Client Testimonials

Thanks PacShores for coming through for me in the nick of time. After our Parents passed away and left the small apartment units that I was living in to me and my two siblings, they needed to get out their portion of the inheritance and were determined to force me to sell the units. I needed to keep the property for my family and avoid selling in such a down Market. My Income was low and the Banks refused to accepts the Rental Income from the other Tenants and to approve my loan. It wasn’t a problem when I contacted PacShores, they funded my loan in no time, paid off my siblings, hassle free, and I am very glad I found them.

Tony – Orange, California

 

I took over some Apartments that my Dad owned and had been renting out over the years. Some of the tenants had been there for 10 years and more, the Properties have gotten in disrepair, and the County had also filed substandard violation Liens on the Properties. All the Lenders that I had applied to for a Cash-Out Loan, turn down my application due to the condition of the Properties. With the help of the Loan Officers at PacShores, we were able to customize a loan for me that set aside funds to complete the needed repairs, and clear up all the Substandard Notices and Liens on the Properties, and the extra cash that I needed.

Tracy – Los Angeles, California

 

Hi, I am Real Estate Broker, and Short Sale specialist, and I had very well qualified Buyer with almost 50% cash down payment, under contract on a highly discounted Investment Property purchase. After 3 weeks of getting the runaround with their Bank including my regular Lenders that I normally use, I was convinced they would lose out on this great deal. Luckily an associate referred me to PacShores Mortgage, and within 24 hours they drove buy the property, and had Closing Documents in Escrow by the third day and funded the loan right after. They saved this deal for us. I couldn’t thank them enough and would use and recommend them to all my associates in the future.

Javier – West Covina

 

Hello, our Credit Scores had become so low after we went through a Loan Modification process and Short Sale on our previous house. Thereafter, we couldn’t find a Bank willing to consider us for a new Home Loan, even though we had substantial funds for a Down Payment. The folks at PacShores Mortgage were very understanding and glad to review and approve our loan application. Thanks to them, we are proud owners of a new, more affordable four Bedroom house again.

Susan – Fresno, California

 

My wife and I own a successful and profitable Business, and also own a number of Rental Units. Due to the Freeze in Bank Lending we decided to refinance one of the Rental Units we own outright, to access the credit we need to efficiently run our Business. Unfortunately due to the write-offs we show on our Tax Forms, the Banks we contacted were misreading our Income and cash flow and declined to approve our loan application. Our experience was different at PacShores, the easily identified our true Income and approved our loan promptly, and we didn’t even need to provide them any Tax Returns.

Cindy – San Diego, California

 

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What Kind of Loans
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Conventional Loans
Conventional Loans

These are loans which conform to the guidelines set by Fannie Mae and Freddie Mac.

VA Loans
VA Loans

These federally backed loans are available to veterans and spouses, and allow you to qualify for a loan with zero down payment.

FHA
FHA

If you are a first time homebuyer in Los Angeles, you may be able to qualify for a down payment as low as 3.5% with a government-backed FHA loan.

Reverse Mortgage
Reverse Mortgage

If you need to pull equity out of your home to convert to cash, a reverse mortgage makes it possible.

Jumbo
Jumbo

A jumbo loan is any home loan which does not fit within the conforming loan limits. In a high-cost city like Los Angeles, jumbo loans are common.

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