Known as the “City of Angels,” Los Angeles is the world’s creative capital, home to Hollywood, the Los Angeles Music Center, and the USC School of Cinematic Arts. Living here, you can enjoy sunny weather, museums, and galleries, sensational shopping and world-class restaurants, all while cheering on the city’s professional sports teams. Surrounded by the glitz and glam of the rich and famous, you’ll soon come to feel like one of the stars yourself. With a competitive job market, a move to L.A. represents a world of opportunity.
Why Is It Hard to Find an Affordable Mortgage in Los Angeles?
L.A. may be an incredible place, but in terms of cost of living, Southern California is pretty much as bad as it gets. Everything costs an arm and a leg here. Goods are expensive to begin with, and when you tack on a hefty sales tax, you are looking at high bills for food, utilities, gasoline, and more.
As you might expect, this high cost of living is also reflected in high housing costs. As of 2017, the median value for a home in Los Angeles is an astonishing $626,800. That cost has risen steadily over the past year (8.5%), and is only continuing to climb. So, it is becoming more unaffordable to live in L.A., not less.
Indeed, here is the quandary for most Los Angeles residents. To afford the average L.A. home, you need to be making in excess of $90,000 per year. But the average income in Los Angeles is closer to $50,000 per year (that data comes from the census).
If it is your dream to live and work here in the City of Angels, you may wonder if doing so is even possible. It is—but to find a mortgage you can afford, you need to work with a qualified Los Angeles mortgage company.
Pacshores Mortgage Can Help You Move into Your Los Angeles Dream Home
Here at Pacshores Mortgage, we have helped turn numerous homebuyers in Los Angeles into homeowners. Our customers are diverse in terms of age, income, prospects and goals, but they all have thing in common, and that is a love for our beautiful city and a desire to make Los Angeles their home.
Here is how we can help:
- As your Los Angeles mortgage broker, we can help you find an affordable home loan in L.A. We have access to a vast network of lenders who offer loans with friendly terms to customers in a wide variety of financial situations. Our lenders even make exclusive discounts available to customers we refer.
- We can help you find the lowest mortgage rates in Los Angeles. Our network of lenders offers special low interest rates to our customers which are not publicly advertised. You are not going to find deals like these anywhere else.
- If you are a first time home buyer, we can help get you set up with an FHA loan or another affordable mortgage plan. We will introduce you to local programs for home-buyers and homeowners in L.A. which can reduce your down payment and help you to afford your premiums and insurance.
- Pacshores is your Los Angeles mortgage company, and provides you with the information and resources you need to understand the home buying process from top to bottom. We can help you save money on your mortgage in L.A. while streamlining the entire process. This cuts back on headaches and hassles.
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Right now, you may feel daunted looking at home values in neighborhoods throughout Los Angeles. But a home in L.A. may be more affordable than you think. Whatever your situation, get in touch with Pacshores Mortgage at 310-478-5005. We will help you find the perfect home loan to fit your needs. You could be moving into your Los Angeles home sooner than you think!